Importance of Keeping Your Personal and Business Finances Separate


Owning and running your own small business necessitates that you take on a dual role. You will obviously have your personal finances, but now you are adding an additional role of commercial business owner. Each role has its own needs and when it comes to finances it is crucial that you keep them separate no matter what size of type of business entity you create. IRS is very strict about making sure that you don’t intermingle your personal and business finances, including bank accounts, expenses, taxes and so on. Failure to do so can put you in hot water with IRS and lead to hefty penalty.  So how do you ensure the separation of personal and business finances?

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4 Reasons Why Every Small Business Needs an Accountant


Entrepreneurs spend much of their time worrying about the financial health of their businesses. And who would blame them? They are looking to save a buck, plan their businesses, manage their investments, and adhere to tax regulations among others.

At the back of their minds, they know that a business in good financial health is, in fact, profitable. But even with this knowledge, some are still reluctant to take a financial professional, such as an accountant, on board. If you fall under this category, here are four reasons why your small business needs an accountant.

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Why You Should Consider Hiring an Accountant for your Taxes


It is once again tax season, and you may be struggling between whether you should use tax software or finally hire an accountant to do your busy work. As life goes on, taxes only get more complicated, and the penalties and costs can stack up if you are not critical of the details. What’s more, there are different tax preparers to choose from, and choosing the correct professional is vital. Enrolled agents are specialized in tax law and are given elite status by the IRS, while certified public accountants carry a wealth of qualifications to address a wide variety of accounting issues. There are certain situations that may call for the assistance of a tax or accounting professional, and if you’ve encountered any of the following in the past year, it’s a good idea to start researching a hire.

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Review of Accounting Software for Small Business Needs


Accounting is an integral aspect of every business. However, keeping track of all your billing, payroll, invoicing, and stock is not an easy task, especially if you’re not good at dealing with numbers. Moreover, having all that paperwork to keep track of makes it very easy to lose important information.

For these reasons, prudent business owners are investing in accounting software to handle things more efficiently. Here, we examine some of the best accounting software’s that you can rely upon to efficiently handle the financial aspects of your business.

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Ask These Finance Questions before Starting a Business

Small Business Finance
Starting a new business is complicated, and can be a minefield of financial decisions. Do you start as a sole trader or a limited company? Do you need business insurance? Should you hire an accountant? Many financial decisions require careful thought for avoiding the risk of financial penalties and mistakes. Making a wrong decision not only will cost you money now, but will continue to haunt you for a long time. To help you make the best start here are 3 questions you must ask yourself before launching a new business.

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Quickbooks vs. Xero – Perspective on Bank Reconciliations

Accounting
In what is becoming an interesting race for superior accounting software, two companies are leading the way. Most have heard of QuickBooks, an industry standard that has been around in some type of iteration for several years. The newcomer, Xero, is relying on cloud technology and a savvy design to win over a new generation of small business owners.

There are countless facets of both pieces of software that can be debated. Each likely does one thing better than the other, but here we will talk about some key features, beginning with bank reconciliations.

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