Here are 10 things to keep in mind when your journeying through your first year in business:
1. Set Your Business Up Properly
Use the right set of tools to launch your business in today’s expanding and changing economy. That means the right app’s for procedures, the right software, registrations, licensing/permits, the right business bank account and cards, the right accounting system and support and a lot of patience. Just like a major painting of the whole house - preparation is key. It may seem to take longer than you think and at some points may seem not useful but trust me, your future self and your business will thank you.
2. Organize For Success
Begin your journey with the right information to move yourself forward with your business venture. The biggest mistake people make is spending all their time working in the business rather than on the business. Budget your time and money for a proper business plan, marketing, accounting, operating systems, management, IT and data security.
3. Cash Flow 101
Monies coming in; monies going out. Know how to evaluate your cash flow situation so that you too can be aware of your cash needs. check out our cash flow blog post for more info!
4. Your Best Business Partner – Your Accountant
The knowledge and expertise of an accountant will help you take those first successful steps in business. Contact us for a free consultation where we will discuss how we can help you set up and manage the accounting portion of your business.
5. Setting Up Payroll
Payroll is complex. It is more than just income tax calculations. Understanding how to pay your staff will save you time and money.
Are you billing or invoicing your customers? Expand your awareness of how invoicing affects you and your business. Invoicing seems simple enough but its actually a crucial step that needs to be done right the first time and every time. If you don’t do a good job invoicing, you could seriously damage your small business’s cash flow, which in turn could seriously damage your new small business’s chance of success.
7. Prepare for your Income Tax
Learn what is considered an acceptable tax deduction and leave the shoebox of receipts at home. We can help you set up a system that will leave you with nothing to do once income tax time comes!!
8. Prepare for Year-End Ahead of Time
Year end is stressful enough. Make the job easier on you and your staff by learning how to prepare for your year end. We can show you how!
9. Helping to Audit-Proof Your Business
Audits go wrong when you misrepresent your income or your expenses. Learn how to protect you and your business from a potential audit.
10. Dealing With the CRA
Revenue Canada is a vast conglomerate made up of many departments. Learn how to maneuver your way around the CRA today.
For a more in depth look at any of these points, visit the Quickbooks article!