Consider the following ideas for saving time and money and making your business more profitable. 1. Develop tight controls over billing and collections. To speed up cash flow, reduce the time between shipping your product and sending an invoice. Consider semimonthly instead of monthly billing, and send second notices more quickly. 2. Collect past-due receivables. […]
Archives for June 2019
Recordkeeping Requirements for Business
What records should your business keep, and how long should you keep them? There are several categories of records that are important to a business, some for internal purposes and some for tax returns and other government requirements. Let’s take a look at these by category. Tax records. First, consider the records you need to […]
Most Common Areas for Tax Beaks
Tax law changes so frequently that you must be concerned with tax planning year-round, or you’ll miss opportunities to lower your tax bill. Here are some common areas that can mean big money savings with proper planning. 1. Familiarize yourself with the income levels at which various tax breaks phase out. While it doesn’t make […]
Six Questions Every Family Business Should Answer
Tax and business planning is important for the success of any organization, but especially for the family-owned enterprise. Here are some important questions that owners of family businesses need to address. 1. Do you have a plan? Without a plan, your business has no direction and possibly no future. You can be sure your strong […]