Recordkeeping
Good recordkeeping is the foundation of good financial management.
It probably pays to have some sort of computer-based bookkeeping system, even if you use an outside bookkeeper or accountant to oversee your financial records and prepare and file your tax returns. That’s because the accountant or bookkeeper will depend upon the records you provide, and a software package can help you keep and organize the information you need.
While an accountant may seem like a luxury if your business has limited cash available, remember that a professional can often help you save money by identifying specific tax breaks you may qualify for. An accountant can also provide an outside, objective perspective that can guide you in making key financial decisions, such as whether you should lease or buy a piece of equipment.
