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Donna Genie says organization beats every other strategy for family-owned businesses. Keep accurate records, separate business and personal money, know what's deductible, plan taxes ahead, and work with an advisor who reads your financials.
Donna Genie says organization beats every other strategy for family-owned businesses. Keep accurate records, separate business and personal money, know what's deductible, plan taxes ahead, and work with an advisor who reads your financials.
Foreign Are you tired of feeling overwhelmed and stressed about your business finances, your bookkeeping, your taxes, keeping up with it all? What if I told you there was one secret strategy I would give to all business owners to teach them how to manage that and take advantage of operating their business effectively? Let's dive in and let's talk about that secret strategy. Today's video, we're going to talk about one powerful principle. Organization. Organization is the most powerful business strategy you can implement to help your life, whether it be through work or your home life, be better. So let's take five top things you can do to organize your business life and make your world more effective. And make sure that you have time for things outside your business too, like friends, family, and having some fun. The first suggestion we'll have is to maintain accurate and up to date records at all times. So find a system, whether it's you doing it or having someone else do it. An accountant such as me can help you accomplish that. One simple goal that is really the underlying foundation of how your business operates is to have good, solid, accurate records and that they be up to date. It's not good enough to just do it once a month, once a quarter, once a year. You need information as you make decisions each and every day. Number two, separate your business and personal life. When it comes to money, you cannot combine those two things. There's one thing the IRS loves to see when they're auditing, and that is commingling of funds in your business and personal life. By separating these, not only will you make the IRS happy, you'll make your record keeping easier, far easier. And you'll decrease the amount of time it takes to gather that financial information and get your taxes ready and just be able to make good decisions based on pure financial information for your business. Number three, understand what's deductible for your business. Do you understand fully what you can deduct and what you can't? These are conversations you need to have. The IRS goes by a standard of ordinary and necessary expenses to be deductible. There, of course, are exclusions to that and exceptions to those rules. But that's the major guideline we can use to make sure that that you are deducting everything you possibly can to minimize the impact of taxes. Number four, plan for taxes. Don't just let them happen. I can't tell you how many people I hear every year and it amazes me that say it's April 14th. I'm waiting. My accountant should have some numbers for me tomorrow. I hope I don't owe or I have no idea if I'm getting a refund or if I owe. You should know that. You must know that nowhere else in your life would you allow your mortgage payment to arrive in the mailbox and you not have a clue how much it was. Why don't you know how much you owe for your taxes? It's probably due to lack of organization and lack of having a qualified person to help you. And that comes to our number five. Work with somebody you trust, somebody you like and somebody that you feel comfortable with to ask questions and to get answers. It's not enough just to be happy with your preparer or your bookkeeper because they're nice. They have to be able to answer your questions. They should be as vested in your business's success success as you are. So make sure that you solve that issue if that is one of your issues. All of those things will lead to organization which will help you grow your business faster and achieve the goals that you want to achieve. Last item I'll mention, and this goes hand in hand with having that person you trust use your financial statements to plan for your business. Again, don't let business just happen. Guide it. Direct your business. To do that, you need to be able to understand your financial position, what's possible, and what you need to aim for going forward. So if you are in a situation where you need some help with that organization, don't be afraid to reach out. I'd be happy to help and see how we can help you move your business forward and get your life back. Please follow us on Facebook and Instagram. Please make sure to check out our blog and our website linked below. Subscribe to our YouTube channel and hit the bell to be notified when we post. Email me@donnaalculatedmoves.com.
