How to Set Up and Maintain Organized Financial Systems

Owning a small business has its fair share of challenges. As a business owner, you’re pulled in a hundred different directions each day. One of the most cited difficulties – and yet one of the most vital – is keeping track of financials. The most successful methods all begin with implementing the right systems and tools and end with properly maintaining those processes. 

Our team at Watkins & Co supports small businesses every day and we’re here to share some of the most effective business finance organization techniques for small businesses.

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Understanding and Managing Cash Flow for Small Businesses

Cash flow is the heartbeat of a small business and it’s crucial that you, as a business owner, manage this essential element effectively. Proper cash flow management can help you track expenses and revenue, identify potential problems early, and help guide your decision-making process. Yet cash flow can potentially be one of the biggest challenges you face. A U.S. Bank study found that 82% of recent small business failures reported that cash flow factored into their failure. So the question remains, how do you effectively manage cash flow for your company? Watkins & Co CPA experts are here to weigh in on the best cash flow management strategies.

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Tax Planning And Compliance For Small Businesses

Owning a small business is potentially one of the most rewarding experiences in life but can also present a fair share of challenges. You have to learn to wear many different hats, one of which is tax and compliance planner. Proper tax planning and compliance have a significant impact on your business’s financial growth and the longevity of your company. Yet keeping up with ever-changing tax laws and regulations can be overwhelming, especially when you’re already juggling the day-to-day operations of your business. 

We have good news for you! Tax professionals at Watkins & Co are here to share everything you need to know about tax planning and compliance for small businesses, as well as how our team can assist you in this crucial aspect of your business. 

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What can the RIGHT accountant do for YOUR small business?

Choosing the right accountant can change the structure and the growth of a small business owner. They have great resource of having to interact with so many different industries. It is vital that small business owners position themselves to leverage this relationship to get the maximum impact of aligning with a firm that can provide resources in the form of referrals that can assist their clients with getting to another level. This can be done through networking, business planning, tax planning. It is integral to make relationships that will assist in getting to the next level of growth.

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Difference Between a CPA and a Tax Preparer

When filing taxes as an individual or a business you have options.  If you have a simple return, you may consider filing your taxes yourself.  However, if you have a more complex tax situation you may consider seeking a tax professional nearby.  There are several different options when it comes to hiring a tax professional to handle your sensitive information.  There should be several things you want to consider based on your specific tax circumstances.

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NEW SMALL BUSINESS SUCCESS ITINERARY

Itinerary for New Business Startup

The time it takes for a new business startup to get up and running is best described as a journey. The end of the trip may not be visible or even feasible at the start-ups beginning, and owners will surely experience difficulties along the way. Fortunately, developing a working relationship with a trusted accountant will supply guidance towards successfully reaching business owners’ goals.

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FORMING AN LLC (LIMITED LIABILITY COMPANIES)

Now that you have decided to start your new business venture or you are looking to form a business entity for an existing business, let’s discuss if forming an LLC (limited liability company) is right for you. (more…)

Want To Start a New Business?

So, you’ve been thinking about starting your own business and the day has finally come and you feel that you are emotionally and mentally prepared for this venture but the real question is are you financially prepared?

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