There are things which we tend to forget or that we don’t truly feel is important at the time until its too late. My next tip has to do with business administration:
HIRE AND RETAIN AN AWESOME ACCOUNTANT!
Don’t skimp and don’t wait. Set your business up right from the start and ensure that you keep track of taxes, expenses, income, and all the other things that have to do with money.
I totally suck at accounting – after all, I am a creative type. In the past, I did take great care to track business expenses and did the best I could with QuickBooks, but it wasn’t enough to keep me from soiling my britches at the end of a couple of those years when I discovered I was going to have to make a HUGE drawn out payment to our wonderful government. And at a hefty interest rate. BTW – they aren’t too hip on giving a bailout to honest, hardworking people who are ignorant about tax laws…go figure!
My advice is to find an accountant who knows your business and pay them what they are worth to keep you out of a nasty situation. You are going to pay now or pay later, but either way you will pay. Doing things right is less pain and believe it or not, a great accountant can actually save you money in the long haul.
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