Starting a business can be exciting, challenging, rewarding and stressful. Knowing how to protect your business in matters of accounting, tax and fraud can significantly contribute to your business success. Here are a few tips to consider:
- Invest in an accounting system such as QuickBooks to assist you with maintaining good records.
- Maintain receipts
- Track your business mileage either manually or using an App such as MileIQ.
- If you are using a home office ensure that it is an area used exclusively for business and IRS compliant. Your office space should not include a TV, bed, surf equipment or any other type of storage.
- Setup an IRS compliant accountable plan to save money on payroll taxes when reimbursing employees for qualified business expenses.
- Review your business bank statements, on a weekly basis, to promptly identify unusual or fraudulent transactions.
- Implement segregation of duties among financial processes
Join KLSM CPA Firm, as we partner with the Small Business Expo to offer a FREE webinar on November 7, 2019 entitled, Protecting Your Business: An Accounting, Tax and Fraud Perspective. During this webinar we will cover the topics above and much more to help you protect your business. Don't wait until, the webinar is sold out...Register Today.
KLSM CPA Firm PLLC empowers individuals and small businesses by providing accounting and tax solutions for financial success. We assist our clients with tax resolution matters such as Texas sales tax, payroll and income tax issues in Houston, TX, San Antonio TX, and elsewhere.