Starting A Business

Call the Business Accounting Experts at Murphy & Co when starting a business. Just think of all the money you could save if you were working with a qualified accountant.

Business accounting is time consuming and can all-too-often cause serious frustration. If you're considering the launch of a small business, it's important to take the time to plan your business accounting approach.

Here are just a few helpful tips to keep in mind when starting a small business:

1. Is your business for profit or pleasure? There is a limit to how much you can deduct from your business if are not in business to make a profit. Various business structures carry with them various deduction limitations. Learn more here.

2. When should you start your "tax year"? There are two options, calendar year and fiscal year. A calendar year is 12 consecutive months beginning January 1st and ending December 3rd. A fiscal year is 12 consecutive months ending on the last day of any month except December.

3. Do you have a retirement plan? As a small-business owner, you may wish to implement a retirement plan. You can arrange a fund for the plan�s assets and adopt a written plan; then notify eligible employees, and develop a record-keeping system.

4. How will you handle business accounting records? Keeping organized records will help you file your tax returns, keep track of expenses, and monitor the success of your business. If you're going to be your own accountant, it's best to use simple accounting software such as Quickbooks to ensure accuracy.

Remember to keep all records including payroll, expenses, sales and other business transactions to support your books in the event of a tax audit. For more information about business accounting services, contact us today at 508-238-5357.

 

Call Murphy & Co. tax accountants today. Do what you do best run your business. Let a Boston Accountant handle your small business accounting details.