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Top 3 tips for SMBs this tax season
Less than a month until business owners are pulling all-nighters to finish off 2013 tax forms. A new survey from Xero, however, indicates the cloud may be helping some ward off some of the tax season stress. Here are their top 3 tips for SMBs to flourish through tax season.
"Tax time is stressful for most of my clients. Keeping tabs on existing rules and regulations is complicated enough, and new legislation like the Affordable Care Act and changes in the tax code further muddies the waters," said Tom Compere, Xero XPAC Member and manager, RBZ Accounting. "In this time of ever-changing market conditions, it is imperative that financial data is up-to-date, easily accessible and comprehensive in order to be prepared for anything."
First, keep the communication lines open. Most business owners talk to their accountants only when it is necessary. But Xero's experts insist it is important to have an on-going conversation - about spending, goals and employee plans.
Second, don't mix business with home. Yes, you can run a small business out of your home, but be very careful about how you spend business money versus 'home' money - Xero's experts suggest having credit cards that are specifically for the business, not using cash for business lunches or other small expenditures and keeping receipts throughout the year.
Finally, let the cloud be your umbrella.
"The biggest mistakes small business owners make include not keeping their financial records up to date, not budgeting & forecasting financials annually and not meeting with an accounting professional regularly," writes the company.
Image via Shutterstock
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