Do you run your own business? I have owned my own business since 2014. It hasn't always been easy. From time to time, I needed help getting all of my ducks in a row. I knew it was time to venture off on my own and work for myself instead of someone else. I have to give it to my sister, she has been my sounding board since day one! There have been very few things that she couldn't talk me through.
One topic that I know I need professional help on is the financial end. There are so many questions. So many rules and guidelines. Do you know how many tax rules there are out there? For me, filing my taxes took a few days to complete even though I keep great records. I didn't know there were so many things to do this year. If you are wondering why I am so cautious is because I had to amend my taxes one year because I filed them wrong. It was no fun! It took my months to fix one simple mistake.
It is so easy to get into a bind when you are trying to start your business. Especially if you are using that as your only source of income. Trying to balance personal finances while juggling business expenses is a tough path to create. It is a constant balancing act and one that many people fail at. Polk Partners can help you get back on track and
Getting professional help to run a business doesn't mean you are admitting defeat. It just means you know you are doing a great job but there are people that specialize in things for a reason and business is a great one to know.
Areas in business that need professional know-how or guidance:
Accounting
Streamlining accounting processes to make your monthly close painless.
Business Consulting
From budgeting to business licenses and M&A, we can help your business grow.
R&D Tax Credits
Deep expertise in R&D Tax Credit Studies for startups and large businesses.
HR Consulting
Setting up or upgrading your payroll systems with automated solutions.
Tax Compliance & Planning
Federal, State, & Local business and income tax compliance and planning.
Tax Audit Assitance
Assist in responding to IRS or state/local tax audits.
Helping Yourself along the way
When you are seeking a service to help with business matters it's a good idea to make sure you are being a great record keeper. I have found there are several methods for keeping good records. In my opinion, it's ok to have more than one method as long as they all balance out. Having a backup file is a great idea. Also, keeping good habits for record-keeping is important.
Filing Cabinet
I have a filing cabinet. I have used the same filing cabinet for the past five years. I use it for important things like contracts, receipts, business contacts, and more. It's a simple 3 drawers filing cabinet you can find at any office supply store.
The top drawer is a 1/4 drawer/tray. That is pretty much a desk overflow drawer. All of my desk supplies like paperclips, writing tools, staples, stamps and envelopes, snacks, and all of the little things that aren't paper.
The top locking drawer has a hanging file stand so I can make sure all of my records are safe and my personal information along with my clients and contacts information is safe. The metal filing cabinet is also fire-safe so that will not only keep them protected from privacy violations it will keep them safe from any disasters.
The bottom drawer is a nonlocking drawer that I keep bulkier office items like printer paper and ink for my printer.
Digital Filing
It is so easy to scan in copies of receipts, storing contracts, and business contact information.
Good Record Keeping
Good habits include not stockpiling receipts and task lists. That will work for a small-time but the bigger that task pile gets the easier it will be to avoid. Just a little personal story to explain that.
When I first started working for myself it came with a whole new set of challenges. I didn't really know what I was doing I just knew what I wanted to accomplish. I started in November and it was easy to keep up with those first two months of records for taxes that year.
I was so proud of all of it that I kept up with it really well until June the next year. The kids got out of school for the summer and we started traveling more. My stuff that needed filed piled up at first for a few days at a time, then a week at a time, eventually I told myself I would pull it all together by the time school went back in. Well, by the end of summer we had band camp, marching band practice, cheerleading practice, and so much more that my record keeping turned into a pile of papers, starred emails, and google docs that I just avoided it until the next tax season and I truly regretted it. I had to do so much research digging for old receipts to file my taxes I didn't think it would ever get done.
I do my best to keep a better record of everything now. If you keep a good record of what you have coming in and going out you will be able to forecast so much better.
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