The idea behind allowing employees to have their own company credit cards tends to be focused on security and convenience. There is simply too much that can go wrong by handing an employee cash— there is no protection against it getting lost or stolen, and it can’t be canceled and reissued. When it’s gone, it’s gone.
Checks are an alternative, but then you have to write out a check to every single vendor your employee does business with— not to mention many businesses aren’t thrilled about accepting checks, even business checks. Hotels are a perfect example: if your employee is traveling and needs to stay the night out, it’s unlikely a hotel or motel will accept a secondhand check as a form of payment.
If you’re still giving your employees cash or checks to conduct business regularly with, it’s time to consider the convenience of a business credit card. Before you hand one over, however, here are a few things to keep in mind.
File management may be one of the most mundane tasks when it comes to administrative duties, but properly organizing and storing documents and files will save a lot of time and manpower in the workplace. Occasionally you may need to retrieve a large number of files to check back on records if problems come up or to file a tax return, and being able to locate those files as soon as possible will help you to complete the task quickly and easily. The following tips will help you to effectively manage your files.
1) Keep Personal Expense Accounts Separate from Business Accounts
Personal expenses are not currently tax deductible, so you can save yourself time in the future if you keep all personal expense records separate. What exactly constitutes as a personal expense can sometimes fall into a grey zone, but an accountant should be able to help you out with extra advice.
By Greg Lindberg, 1800Accountant Writer
In the eyes of most small business owners, bookkeeping is likely one of their least favorite things to do. When you sit down and think about it, who truly enjoys pouring over lengthy spreadsheets and calculating financial figures that will often make your head spin? Even though bookkeeping is not a highly popular task it is still one of the most important priorities on any business owner’s to-do list.
Bookkeeping is a practice that involves maintaining all of the financial records of a business. It is vital to keep a keen eye on the profits a small business generates, the money it pays in the form of expenses, and the taxes it incurs on a regular basis. When you can see a clear snapshot of this information in front of you, the financial side of your small business will immediately become very important to you.
Although many had believed the digital age would bring a dramatic decrease in the usage of paper as a medium, it is evident that this is not yet the case. The average company still prints around a hundred documents a day, which proves that paper is still irreplaceable in the business world. However, computers did bring us an unwelcomed change – increasing complexity in managing and controlling a company’s paper output.
Under the new laws, affordable healthcare is right around the corner.
Is it me, or do you feel like all of your business expenses are going up? Rent is higher, payroll fees are up, taxes in California, healthcare costs. These are all fixed costs, meaning that they don’t go down. They stay where they are and that means less money flows to your bottom line.
Check this out. I’ve got a fixed cost for you that could go lower! Like 10-30% lower — now that’s a ballpark.
Your healthcare costs. Yep! Whether you are self employed, a small business with employees, or an individual, you need to know what is coming down the pike on Jan 1, 2014.
You want to pay down your debt, but your income has been about the same amount for the past two years. Ideally, you’d like to redesign your website, hire an employee to assist you at your business, buy a MacBook Pro, and begin establishing a social media presence. But your credit cards and any other outside debt are killin’ you. Much of this may be linked back to the fact that you could be spending around $200 a month in additional interest which could be going towards trademarking a logo design or buying some software you really need.
You feel stuck because you are not sure what to do – pay down the debt or invest in your biz? If you rack up more debt, you will just dig a bigger hole for yourself. If you make the minimum payment on your debt, you won’t chip away at reducing it. Total deer in the headlights moment. Continue reading
This article was originally printed on LearnVest.com.
You’re free! Free to sleep in until 11 a.m., free to work while your adorable toddler plays at your feet, free to … keep really good records of all your expenses for your taxes.
We know. Not so fun. The reality is, being self-employed can be awesome for 11 months out of the year, and then come crashing down on your head in the form of lost receipts and unpaid estimated taxes in April. We want to save you from that sinking feeling. Read on for what every freelancer needs to know for your taxes.
2013 started with a bit of a bang – with the looming fiscal cliff threatening tax hikes and benefit cuts, Washington scrambled to pass a budget that would allow the USA to continue trying to climb out of the recession. However, many small business owners are wondering what this means for tax laws in 2013. Is anything going to change? Do they have to do anything special? To help sort through the chaos, MyCorporation has prepared a list of important items and small business tax advice for owners to be aware of when filling out their 2012 returns.
2012 Returns and Deductions
One of the biggest concerns that business owners have is how the fiscal cliff discussions will affect their 2012 returns. The American Taxpayer Relief Act of 2012, which was passed on January 1st 2013, was the piece of legislation that averted the fiscal cliff. And for many businesses, its contents will not affect their 2012 return. However, it did retroactively affect a few things, most importantly Section 179 and the Research and Experimentation Tax Credit. Continue reading
While Americans have argued for years over whether or not multi-national banks require more government intervention, little time in mass media has been utilized to argue for the small businesses that make up the vast majority of our economy. Despite small businesses representing 99.7% of all private-sector employers, many continue to face government regulations that limit their ability to achieve healthy, sustainable growth. In order to allow for small businesses and start-up companies to build lasting momentum in our troubled economy, US legislators must be willing to create policies that support small business creation and management.
An Overabundance of Licenses