Business is a lifestyle

Business is a lifestyle

Many people think you can turn business off. What I’ve learned is that business should always be in the fore front of your mind. Otherwise you will find yourself off guard. Cash flow is the number one thing most business owners lack, so I want to talk about a few things that can help your cash flow. I guess the most obvious thing to know is getting a loan or attracting investors. These are important factors that make many business grow. However one thing we loose focus on, is simply organically increasing our clientelle daily.

Since I am an accountant, my number one concern and interest is to see more money come in your business then the money that goes out. So I want to share a couple a things that will help your cash flow.

The number one thing that changed my business is understanding that I am a walking Brand.

How to do a quarterly review

How to do a quarterly review

Some people underestimate the significance of financial statements. I know many small business do not have a lot of activities, so they don’t care to invest in bookkeeping, but I know many “small business” that are doing big profits and absolutely need financial statements. So, if this is you. I am going to explained to you how to do a quick quarterly review to track your progress. To be honest, sometimes we don’t know how much we spend or how much we make until we see the numbers behind the results. Even myself, I can guess my progress but I am still shocked when I see the actual numbers or the percentage of growth. So there are a few number you should pay close attention to.

How to pay estimated taxes

How to pay estimated taxes

So every business and individual according to the IRS are required to pay taxes as we receive our income. I call this paying as you go. It is actually helpful in preparing for taxes at the beginning of year and for avoiding extra cost. The IRS says anyone who owe more than $1,000 in tax and has not paid taxes through out the year can be penalized and charged interest. Many of us forget, but it’s just like getting paid as an employee.

The employer negotiate your gross pay, you give permission to withholding tax, social security, medicare and you are paid the net amount. This is true for businesses as well. You are responsible to pay a 15.3% self employed tax