Bookkeeping Tip #1- Plan for major expenses. Why its helpful: Youre less likely to miss business opportunities or have to scramble for a loan when the expenses become unavoidable. What to do: Put events like a major computer upgrade on the calendar a year in advance or, ideally, three to five years ahead. Acknowledge the seasonal ups and downs, something many entrepreneurs are reluctant to do. This helps you to be honest about the fact that its coming and plan for it, says James LeMay, a director with the accounting firm Daigle & Associates in Boston. Youll avoid taking money out of the company during the flush periods only to find yourself short in the slower months, when costly projects like upgrading computers or replacing factory components usually happen.
Posted on: Sun, 19 Jan 2014 19:06:25 +0000