Category: Tax accountant in Chandler AZ

Tax accountant Chandler AZ | 6 Tips for Managing Your Small Business Finances

I don’t know much about you but if you’re like me – managing finances isn’t your cup of tea. We’re entrepreneurs: We love observing problems what problems exist and how we can alleviate them – making a buck in the process. We don’t enjoy spending extended hours in front of the computer screen looking at spreadsheets – this is why wave hired that Tax accountant in Chandler, AZ. In a small business, finances are tight and we have to manage them well. Here are a few quick rules of thumb I follow.

1. Make the most of technology

Would getting the right accounting software make a difference? Let technology track your finances and you will not only save on time but also minimize on unforeseen human errors. With an automated system, tracking your expenses is infinitely easier. They’re good apps that will give your daily reports (and even forecasts)

2. Hire professional

Time is one commodity we can never get enough of. In these two scenarios, where is your time best utilized? Filing tax complaints or devising new marketing strategies? Well, your accounting software may be giving you a bang for your buck but it’s not a replacement for the classic accountant Chandler AZ. Know when to pay them a visit. You don’t want to be at loggerheads with the taxman.

 

3. Never mix business and pleasure

How many bank accounts do you have? If you answered one, you need to reevaluate your life choices. Setup a bank account specifically for your business needs. Ensure that it never overlaps with your personal accountant. Well, unless you don’t mind giving your small business a sudden death. You will be able to track your finances well and know how to utilize them best. Besides, it’s one of the unwritten rules of professionalism. Perhaps it will help sway a few clients in your favor.

4. Pay your dues

Keep tabs on who you owe and when the payment is due. You do not want to accumulate preventable fines. Take time growing healthy relationships with your business partners. It makes a big difference in the long run.

5. Negotiation: Know When to do it

I know this is pretty obvious but you’ll be shocked at the number of times we’re shortchanged. Is there an opportunity to pay less? Go for it. Often, the marked price isn’t usually the best price. (Wholesalers are businessmen too). Do your due diligence. Ensure that you have leverage over the seller. Your business will thank you for saving a few bucks.

6. Who’s your role model?

Don’t have one? Get a mentor today. Never walk alone. Find someone who’s been there done that. It’s true that experience is the best teacher but we don’t have to learn everything from our mistakes. They have vast experience in your field and you can learn a thing or two from. Besides, you can “steal” their previous clients if ethics isn’t your thing. It’s a tough jungle in the business world. We have to adapt, innovate and survive to stay relevant. In life, they’re tough decisions, and someone has to make them. In the business world, that person is you – the manager. Good luck ensuring that your ship stays afloat.

 

LBS Tax

3277 W. Stephens Pl.
Chandler AZ  85226

(480) 664-1249

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For more information aboutTax accountant in Chandler, AZ visit http://www.lbstax.com

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