Owning a business is never easy. Accordingly, taking the proper steps towards success entails knowing what not to do, which is exactly where Dianne M. Saunders, CPA and her skilled team come in. This small business accounting guru assists owners in Litchfield, CT, with a variety of vital processes and procedures, including how to avoid common mistakes that can imperil future success and potentially bring about serious ramifications.
5 Crucial Mistakes That Can Affect Small Business Accounting
1. Not Implementing the Right Business Structure
Each business structure, which includes limited liability corporations and partnerships, offers a unique set of benefits. Accordingly, it’s essential you are in tune with your company’s unique needs to make certain you choose wisely. Failure to do so could open you up to damaging liability issues.
2. Failing to Forge Solid Working Relationships
Creating a solid and confidential working partnership with associates is crucial. To this end, you can utilize non-disclosure agreements and other documents to keep sensitive information out of the wrong hands. When drafting documents, its best to work with a seasoned attorney to ensure they are legally sound.
3. Neglecting Business Tax Laws
Tax codes for businesses are highly complicated. As a result, it’s easy for owners to neglect important rules and regulations, which can easily lead to disaster. While you don’t have to be a tax expert, it helps to keep abreast of current taxes, as well as any changes within the laws.
4. Not Using Written Agreements
Written service agreements can pick up where contract law (which may not offer the most favorable terms) leaves off. A service agreement dictates how goods and services are paid for, and, as a result, you can rest assured all transactions are considered valid in the eyes of the law.
5. Leaving Copywritten Materials Vulnerable
While it might not be an immediate concern for most business owners, ensuring copywritten or trademarked material is well protected is extremely important. Each type of protection is vastly different, and a business owner should be apprised of each option to make the best possible choice.
Whether you have questions about small business accounting, need help with tax preparation, or have another pressing concern, Dianne M. Saunders, CPA is poised and ready to assist you. Schedule a consultation in Litchfield by calling (860) 567-3022 today. To learn more about the expansive range of services currently available from this firm, feel free to visit the website.