Image by plantoo47 via Flickr The hardest thing for many business owners is separating what your are spending on your business from your personal finances. It seems like the easiest thing to do is to keep them together. But when it comes to start figuring out your taxes, this bundling together can become a nightmare of receipts and ambiguous receipts that you don't remember what they are for. The whole process can be extremely frustrating. Ideally, you should start the day your start spending money on the business. Part of your business plan should contain a plan on keeping your … [Read more...]
Areas That Make Sense For A Business To Cut Back Expenses On
June 13, 2011 By Leave a Comment
Image via Wikipedia The bad economy often translates to bad sales. Saving money in this type of tight-fist consumerism is a smart move because you never know how long the dry spell will last. There are some areas where a business can cut back on finances and not feel that any aspect of the business will get lost. In order to succeed, a business has to survive the lean times to get to the good ones. The first major area that a business can cut down on is on advertising. In the age of social networking, forums, twitter, and other social sites, a business can often save money just by … [Read more...]
Separating A Business Need From A Business Want
June 2, 2011 By Leave a Comment
Image via Wikipedia Every business individual has this idea of a perfect business set-up. The problem is that this business set-up is usually created with the top of the line electronics and furniture. All of those top products can cost more than can be generated in sales for a year. Plus, the more money that gets spent on these items means less that can be invested in other parts of the business. Especially when starting out, it is crucial that the budget be spent on areas that generate money rather than on the top of the line items. The most important question a business has to ask … [Read more...]
Tips for Spending and Saving
May 23, 2011 By Leave a Comment
As the owners of your own business you must be clear about what you are doing with your money going forward. You have to strike the right balance of saving a lot of money and spending a lot of it as well. There is no exact science for how you are supposed to do this but you must be diligent about making it happen as best you can. Here are some general rules for making your business work with the way you spend your money. You should treat you income like it’s a home budget. You have to make sure that there is a portion of the money that is being put away for savings. Every company needs a … [Read more...]
Your Business Account: Not Just any Cash Money Pot
May 19, 2011 By Leave a Comment
Image courtesy:http://farm6.static.flickr.com/5251/5394616925_6f5dd9b5e2_m.jpg So you'll have to admit something: it's a heck of a lot of fun having a company credit card. Let's go through a detailed list here: one, you've got Christmas to think about, meaning a party with your colleagues and co-workers; two, what about recreational functions for the company, such as bowling or a movie night? Okay, so that's not a really detailed list; but what's lost in quantity of reasons behind how fun it is to have a separate checking/savings account under a company name can actually be made up by the … [Read more...]
To Save or Splurge
May 11, 2011 By Leave a Comment
In these challenging economic times, everyone is doing their best to save. This is a very smart way to live, as having a savings can provide comfort of mind in case anything happens and you need some cash fast. If you have spent a lot of time saving your hard-earned cash, you may want to reward yourself by splurging on something that you really want. Although some people get a kick out of saving money and seeing their bank account grow while never spending any of it, there are others who don't see it like that. Some people feel very constricted by even the thought of saving. Implementing a … [Read more...]
The Need to Spend on Business
May 4, 2011 By Leave a Comment
Image via Wikipedia As a business owner there are things that your business needs and then there are things that it doesn’t need. As the owner you know you need to spend money, but at the same time you don’t want to waste a dollar on things that you don’t need or that will end up being obsolete for your business. That’s what you have to be thoughtful and stick to buying things that are good for business no matter what position your business is in. The first thing you can buy is legal services. Having an attorney on retainer is always a good idea. Even if you don’t … [Read more...]
Why Import Duties? A Quick Look At The Rationale Behind Levy Of Tax On Imports
April 6, 2011 By Leave a Comment
Image via Wikipedia Why do governments place import duties on goods being brought in by businesses into the country? The rationale behind export duty is not very difficult to understand. After all, the resources of the country have been used in manufacturing the product or service. The additional duties will enhance value of the product or service and will help the government recover costs incurred by the nation as a whole. However, what about import duties? Why are these so important? Import duties are levied primarily to protect the domestic industry. Each and every country … [Read more...]