Even with this team in place the business owner should still look at their bank statements once a month and be able to recognize any irregularities. Beware of individuals that pitch “too good to be true” scenarios and use your team as a sounding board for these ideas. They also suggest that any new business owner should have at least six months of reserves to float their personal finances to avoid being under capitalized in the first year of business.
Kim emphasized the need to keep in touch with your accountant throughout the year and not just once at tax time. Tax rates, deductions, and special life circumstances can change yearly and your accountant will know this information to keep your business and personal finances in the best position. Buying or selling a home or car, having a family, getting married, getting divorced, opening or closing a business, and receiving an inheritance affect your end of the year taxes and your accountant will know how to prepare for these changes.
Personally, having my own team has taken a lot of the guess work out of all the extra responsibilities that come with owning a business. I don’t have to be a professional accountant and tax preparer to know that my return is filed appropriately and I’ve taken all the deductions I am entitled. I don’t have to learn every letter to the law to know how to protect my business. I don’t have to know every detail of investing, retirement planning, and insurance to feel secure about my family’s long term financial future. Find people you trust and can talk to about these personal subjects. It’s their full time job to be experts in their fields to help their clients be successful.
Owner Cartridge World Olympia