If your business is experiencing rapid growth then you likely have been considering buying new accounting software. But where do you start? What are the best applications in the market for your business? Should you go cloud-based or on-premise? How can you get the best deal on the price? How long does it take to implement a new system? How can you make sure you don’t select the wrong application? What do you need to do after the new system is implemented to ensure it is used effectively?
Don’t you love the idea of being able to go to a single document to quickly see where your money is going? I know you are probably thinking, “There’s no way I want to see how much money I’m spending, let alone see that my income does not cover my expenses!” But trust me, preparing and analyzing your personal income statement at least once a month will give you visibility into expenses that are more wants than needs. It will also open your eyes to the fact that maybe this is not the right time to lease that nice car on your wish-list.
I began preparing my personal income statement when I was 19. Since then, I have played with multiple versions and although I’m not sure I have mastered the skill of staying within my personal budget, I sure know where my money goes and where it should not.
Here are my 5 quick and easy steps to preparing a personal income statement and use it effectively.
As another tax season has come and gone, I thought it would be a good opportunity to pass along some general takeaways which may make next year’s tax experience more seamless, informative and less taxing (pardon the pun). Well, here it goes …
Most entrepreneurs clinch at the sound of the word “taxes.” And it’s not simply out of a fear of paying large sums of money to Uncle Sam. It’s more because of the complexity – the multiple layers and branches of compliance associated with taxes. This is not true for everyone, but there might be some who would rather pay a little more in taxes in exchange for some relief from the burden of the paperwork, research, and unknown final results of filing tax reports.
But entrepreneurs need to come to grips with the fact that taxes are an inevitable part of being in business. The best antidote for the fear and dread associated with taxes is preparation. Planning, knowledge, and information help to reduce the anxiety about dealing with the mean IRS.
Of course, no one will ever know everything about taxes – industry trends, compliance issues, and even simple changes in government all lead to regular changes in the tax code. But knowing some basics about your tax situation and knowing where to turn to when your situation changes can help you confront the fear of what will happen if you receive bad news from the IRS.
Entrepreneurs can confront their fears and address their tax obligations through planning and preparation. Here are the basic steps every entrepreneur should consider:
Is Networking Dead?! – How to Hack the Process of Building Meaningful Connections
“I hate networking… It’s so exhausting and generates no results.”
“I feel awkward talking to people I don’t even know how they can help me.”
“I can’t stand being at networking events where everyone is trying to sell me something.”
“I can’t help but think how fake & unauthentic the world of networking is.”
Have you ever felt like this before about networking? Do you want to steal the secrets from insanely successful master networkers? Then you are at the right place. Come & join us for our FREE panel discussion event at WeWork Grand Central location, focusing on the topics around effectively building a strong & meaningful network.
After working with several startups and speaking with many small business owners, we have noticed that the implementation of accounting processes is not always a top priority. To help you avoid making the same mistake, we want to share with you some basic tools and services all new companies should implement before opening for business.
If you switched employment in 2016, you may not have received an email notification that your W-2 is available online. This may not mean that your prior employer did not send you notification, but rather that the employer does not have your correct email address.