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Blog: Business Finances
 A fresh start for business finances
A majority of businesses run their financial year, aka fiscal year, based on a calendar year (I think it's a lot easier). The start of a new year is a good time to look at (take responsibility for) your financial situation:
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Do you maintain financial statements? There are three basic statements: Income Statement, Balance Sheet and Cash Flow Statement
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Have you prepared a budget (income statement) for 2008? If so, you need a way to compare the budgeted numbers against what actually happens
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As a decision maker, do you review these statements on a monthly basis?
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Are the books kept on an accrual basis or cash basis? Accrual basis means you record expenses as they are incurred not necessarily as the cash is spe
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What accounting software package do you use? Is it appropriate for your company's size? Do you get the results you want?
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Are you prepared to deal with your federal, state and local taxes for 2007? Will you make estimated payments in 2008?
Many of us feel overwhelmed by these questions. Acknowledge your fears and move on. Pick a question and start working on an answer. Commit to a resolution as quickly as possible. Remember, these are tools you should use to make decisions about the future of your company. Over the coming months, I will make suggestions and propose solutions for each question. As you can imagine, it's all about getting organized!
posted on: 1/5/2008 11:30:00 AM by Tracie Utter
category: Finances
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Business Finances
by Tracie Utter
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About Tracie:
I am a Professional Organizer that focuses on financial information although I organize homes as well. Prior to organizing, I worked as a CPA for public and private companies as an auditor, controller, project manager and more. Now, I organize full-time with a focus on office organizing (both home and corporate), managing paperwork, managing Quicken/Quick Books and banking. I help people understand what type of paperwork/computer files to keep, how long to keep it and how to store it.
Tracie's Website:
utterlyorganized.net
My Favorite Websites for Small Businesses
- KY Society of CPA's
There is a section "For the Public" that has information related to starting a business. There's also a calendar which indicates when certain financial information is due, such as, taxes.
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