It's unbelievable to hear that People forget to claim the expenses incurred on their Credit Card during their Tax Filing; We have noticed that many Business Owners neglect to include their Credit Card Activities, which qualify for Business Deductions. This is due to Ignorance and lack of knowledge in knowing how to input this in their Accounting Software.
Don't be left out. Do the Right Thing. Don't leave out money on the Table. Claim your Deductions and you will be better off for it.
Every Year, Business Owners across
the Nation sit down with their Tax Accountants to come up with as many Legal
Tax Deductions as possible. As a Business Owner, knowing which Business Tax
Deductions that you qualify for can help:
- Reduce Your Income Tax Liability.
- Enhance the efficiency of your Business Operation.
- Improve your Overall Financial Well Being
- Prevent Overstating your Income/Profit.
- Eliminate you from being a Target of an IRS Audit.
Have you reconciled
your Bank Statements lately? Just a Reminder, We have only a few days left to
the end of the Year. Very Soon, It will be Tax Season and you will need to
submit your Financial Statements for Tax Filing. Can you confidently say that
your Company Accounts are updated and reconciled?
It is very important to reconcile your Bank and Credit Card Statements at the
end of every MONTH. A Bank Reconciliation is the balancing of a Company's Cash
Account Balance to its Bank Account Balance.
Weather has finally arrived; soon it will be summer. Most Business Owners let
down their guard, let go on Vacations and have Fun. Coincidentally, it's
also a time that Online Scammers and Hackers get active and keep their
eyes looking for Accounts to hack and tamper the unfortunate company Account
Our Discussion today focuses on an area that is passionate to my heart. As a
matter of fact, I look forward to a day, that every company will be devoid of
fraud. Technology has given fraudsters an edge in recent years, and we see a
lot of fraudulent activities and online attacks on most Business Account.
The Holidays are here and it's time to ensure that we have some cash tucked
somewhere for the Holiday Shopping, Gifts, Christmas Parties, as well as
In our last Newsletter, we uncovered the myth of profits, and learnt that,
understanding how transactions occur in our business and its effect on our
financial statement is key to managing our profits. Please feel free to
refer to our last newsletter for the full details. This Month, We will be
looking at 5 strategies of turning our Profits
-Understanding the Myth of Profits.
As a Business Owner, Have you ever wondered why you cannot seem to get hold of your profit? Most Business Owners ask the question....." I see that I made a Net Profit of $XXX, but where is it? ".We have been looking at the topic of profit making, and this topic is a great mystery in Businesses.
We agree that making Profit is a good thing and a negative profit (Loss) is not a good one; however, the mind game begins when there is profit, but no money in the Checking account.
Profitability is a key driver of financial success in business. The goal of every Business owner should be to make profit and improve their business to make it better.
If you were having a discussion, one year from today, and looking over your financials, Will you be happy with your financial progress? This question should propel you to take action, about what you expect your profit to be for the year.
Profit is like a car,that must be driven; it does not drive itself; for you to get a projected profit, you have to be on top of your profit expectations.
Setting up the Right Accounting System for your Business.
Business needs a good Business Accounting System to increase their
Business' chance for success. When Starting a Business, the first focus should
be on building systems and processes, that allow us to accurately capture
as much data as possible, from the setup process; It is important to remember
that this process helps us to learn about our businesses and enhances our
decision making, as well as giving us a better idea, of what is going on in our
the eighth month of the Year, We are gradually getting to the end of the year,
and soon it will be time for Year End Reports. In our last Newsletter, We
discussed the concept of Cash Flow and how it affects our Business Operations;
this month, we will be looking at tips to manage our Business Cash Flow.
Being in Business for yourself is like being an Air traffic controller,
especially in the area of cash flow management ; You can imagine trying to
control 100 Airplanes landing simultaneously on two runways; this can be
an upheaval task, but we regularly see clients line up their monthly bills,
their projected income, business projects and business expenses and try to
combine all these activities, at the same time, trying to ensure a
steady cash flow into the business; you can imagine, the projected
outcome, if all these activities are not properly coordinated.
Welcome to the
month of July. We are done with the first half of the year and started the countdown to the remaining half of the year.
Our Newsletter for
this month is on an integral part of every business; an area that is generally
misunderstood by most business owners, but interestingly plays an important
role in every organization. Have you taken time to look at your Cash flow
Statement? Can you tell where Funds are disbursed in your Business? Do you
understand the effect of your Spendings?