When it comes to running your business smoothly, there are so many things to worry about, whether it’s ensuring you hire the right people, keeping your clients engaged, or deciding in which big expenses to invest. It’s still early in the year and with tax season right around the corner and it’s not too late to consider new resources you can take advantage of for your business this year.
As any small business owner knows, it is important to consider is the different kinds of accounting resources available to you. Whether you need to keep better track of payroll or ensure you’re deducting the right expenses to prepare for tax season, accounting resources are critical for small businesses success and can make a big difference in your business this year.
Even though the new year is a great time to reassess your business practices and think about ways your business can change and grow, it also means you’re just a few short months away from tax season. After all, April is quickly approaching.
Some of the best tax-related resources you should be using are available for free. Considering almost half of small businesses spend over $5,000 a year on legal fees and internal costs, you’re going to want to ensure that as many of your resources as possible are free.
One of these is TurboTax’s Expense Exterminator, which, according to the QuickBooks Resource Center, “makes it easy to understand how much you can deduct based on how much you’ve spent on things like travel, hardware, software, advertising, insurance and other expenses.”
Another challenge for any small business is knowing how much tax to withhold from employee salaries. Luckily, Intuit has a free calculator that completely simplifies this process, whether you’re paying your employees on an hourly basis or providing a salary.
According to Intuit, it works like this: “We crunch the numbers to give you a rundown of exactly how much to pay your employees and how much to deduct for taxes, too. We make sure that your calculations are accurate by always using the most up-to-date tax table.”
Additionally, you’ll want to make sure you determine the right tax deductions. As any small business owner knows, this is where you can really make a difference when it comes to saving money, especially if you’ve started your business recently. You should be able to deduct many of the expensive costs of getting your business off the ground.
The IRS has a sales tax deduction calculator, which can make a big difference. It’s available here, on their website. Keep in mind that if you’re using a program such as Quickbooks or TurboTax, your calculator will make these calculations for free, and it’s going to be easier than doing the calculations yourself.
Finally, you’ll want to make sure you stay informed, since the resources are only as good as their operators (in other words, you have to be using them correctly!). You can visit AccountingHelper.org, a small business accounting website, where you can learn about the biggest challenges facing your business when it comes to accounting.
Even though taxes are going to be the most confusing aspect of business accounting, you’ll also want to ensure you know everything you need to know about other aspects of your business accounting systems, such as tracking cash flow. After all, lack of cash is one of the main reasons small businesses fail.
Take a look at MyOwnBusiness.org, where you can learn all about accounting in free sessions using free resources and tools. They even have resources available in Spanish. Tutorials are accompanied by spreadsheets and videos, as well as tests to assess your understanding of the material, so you could even use the site as additional training for you and anyone on staff who wants (or needs) to learn.
Finally, there’s the classic Small Business Administration, which also offers its own small business accounting coursework online, which you can access here. Their website in general offers tons of resources, so be sure to check it out.
In the new year, it’s important to be aware of how you can improve your small business, because no matter how well it’s running, there’s always more you can do to improve. Here at Currency Capital, we’re passionate about helping small businesses succeed. They’re the backbone of the U.S. economy, providing more than half the jobs available to the working class. That’s why we think it’s important to provide you with the best accounting resources available.
Do you have any goals you’re setting for your small business in 2018?