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Have You Followed These Accounting Basics for Your Small Business?

Toongabbie tax accountant

Maintaining books and managing accounts is crucial for business growth. When done right, it gives you a clear picture of your business finances. With proper analysis, you can find profit- and loss-making segments and focus your resources accordingly for rewarding growth in the future.

However, before jumping to the analysis part, you need to make sure that all the basics are followed.

  • Get a Bank Account: Of course, this comes after getting your business registered but this is the first step in the financial setup. You need a bank account for your business that you will be using to accept cash, pay for expenses, and other transactions. A separate bank account also protects your personal finances and assets in case of any lawsuit, audit, or bankruptcy.
  • Expense Tracking: When you are tracking expenses accurately, you are laying a strong business foundation. It helps you in a lot of matters including preparing tax returns, keeping track of the money, understanding the financial health, and legitimizing the filings.
  • Import Tax Investigation: If you are importing goods for your business, you will need to keep a track of the import tax. Calculating the duty tax and other expenses for importing helps you calculate your costs and put the selling price that makes you a profit.

While these are important, a tax accountant from Toongabbie can help you in a lot more than this. You will need a professional to establish sales tax processes, determine obligations, calculate gross margin, apply for funding, and evaluate financial health over time.