How To Eliminate The Frustration From A Small Business Owner


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If you are the owner of the small business company you always have heaps of work, regarding your company finances. The fact is there and still do you need to go to the professional to take the stress off your shoulders?

Visiting with your personal accountant is similar to going to your dentist. Time is money; the longer you delay your visit the more it will cost you.

First you need to know how to set up your business and to consider advantages and disadvantages of every business entity (LLC, Partnership or C Corporation, etc).

You can spend many hours away from your business learning about entities on your own or you can hire a specialist who saves you time and gives you qualified advice on how to protect your hard-earned money.

But any way you are the specialist in your business, and to be competitive in your field you need to invest a lot of time. At the start, most of the entrepreneurs work in average of 12 hours a day.

In addition to your business can you learn everything about accounting and then handle it? Most likely the answer is no.

Your business’ finances are vital for your success, and your needs are unique. At the Me My Money and I, we take your individuality seriously, focusing on your business’ special situation and needs.

To make the right financial decisions for your company, you need Financial Statements; Balance Sheets, Income Statements and Statement of Cash Flow for every month of the business activity.

All of them are concerning to the company financial reports. What do you know from these financial reports are briefly described below.

From the Balance Sheet reports know what your company owns and what does it owe. Other words, you know your company resources and obligations of your company.

From the Income Statement reports you know the economic performance of a company for the given period. Other words, you know your gross and net income.

From the Statement of Cash Flows reports you know the amount of cash generated and consumed by a company through the following three types of activities: operating, investing and financing.

The statement of Cash Flows is the most objective of the financial statements because it is somewhat insulated from the accounting estimates and judgments needed to prepare a balance sheet and an income statement.

Real world and real understanding of your company finance goes beyond numbers on a page to show to a small business owner how accounting and bookkeeping come into play in your company.

Without good bookkeeping service you can not plan ahead (business planning), get organized, stay informed on the financial matters of your company, avoid costly mistakes, reduce costs and save time.

Why do small business firms fail? Not always because of competition but because of lack of financial information. You are making money, but where do they go to? What is the main outsourcing of your finance? The right answer gives you a huge benefit for your company.

Other benefits you are getting if you go to a professional accountant are the ability to focus on your core business, getting organized, staying informed, avoiding costly mistakes, reducing costs and saving time and improving your cash flow.

And one more great benefit is the good timing because all these benefits work only if performed in the right time. Timing is the key to your business’s success. With the help of a qualified bookkeeper and accountant you will have it under control and making the most profit.

Running a successful business takes more than just hard work but also making sure your hard work is profitable. Good record keeping provides you the solid foundation needed for excellent business growth.

Your company’s reliable financial information eliminates the frustration from your small business company and your financial reports become the powerful tools for surviving in today’s business world.

Delaware: A State Of firsts” In More Ways Than One

Every state has a nickname and every nickname has a story. As the first state to ratify the constitution following the revolutionary war, Delaware claimed its title as the first state” in the earliest stages of our nation’s history. Since then, Delaware has pioneered a number of other firsts as well. Thanks to a receptive business climate, Delaware is first” in the minds of businesspeople from Fortune 500 companies to entrepreneurs just starting their business. Delaware’s laws create an environment where forming a business entity is fast, convenient and affordable. The state’s judicial system is based on centuries-old principles of jurisprudence, allowing legal issues to be settled fairly and predictably. Among the many tax, asset protection, privacy and other benefits of incorporating in Delaware is a provision of Delaware law that says business owners do not have to live or ever set foot in the state in order to form a business. This is a convenient feature in some respects but unfortunate in others because Delaware offers much to see and do.

For a state small in geographical stature, Delaware boasts a surprising level of contrasts and wide-ranging diversity in cultures, scenery, and lifestyles. Wilmington, the state’s largest city, is in the far northeast corner of the state where the Delaware Bay becomes the Delaware River, a stone’s throw from Philadelphia. Wilmington is a major financial center, headquarters to one of America’s most venerable companies, DuPont, and features an important deep water port.

Traveling south or southwest from Wilmington unveils the contrast between the bustle and energy of Wilmington’s place along the Washington-New York corridor and the decidedly more relaxed ambiance of downstate Delaware. Southward along the banks of the Delaware Bay are a series a small towns where fishing is the focus of many conversations. Cape Henlopen at the mouth of the Bay marks the beginning of Delaware’s 28 miles of Atlantic Coast. Lewes, Rehobeth Beach, Bethany Beach and Fenwick Island are family-oriented beach resorts that draw thousands of visitors from throughout the region.

To the west and further inland, from north to south are the towns of Christiana, site of a well-regarded medical center and teaching hospital; Newark, home to the University of Delaware; Dover, the state capitol; and further south, Milford, Georgetown and Seaford.

Delaware boasts a variety of activities and venues across a wide spectrum of entertainment tastes and preferences. Take your chances with lady luck at the Midway Slots and Simulcast harness racing venue. Dover Downs is the site of a major NASCAR race each season. Cultural and Ethnic celebrations dot the calendar and the statefrom a yearly Jazz festival to lively and interesting Puerto Rican, Italian, Polish and Greek festivals. National and State Parks, environmental centers and nature preserves are located throughout Delaware.

So, yes, you can indeed form your business entity in Delaware without ever once visiting. The professionals at Harvard Business Services, Inc. can help you accomplish that by phone or online, and in person as well if you stopped by the office. With so many things to see and do in Delaware, maybe it’s worth the trip.

The Benefits Of Forming An Llc

A Limited Liabilities Company is a business structure formed loosely on a German style of business called GmbH (legal abbreviation) and literally means limited liability. The concept spread throughout Central Europe and in 1997 the first LLC was formed in Wyoming. The Internal Revenue Service ruled one way and then another, making regulations unclear until 1988 when they ruled to treat multi member LLCs as partnerships and single member LLCs as sole proprietorships for tax purposes. Nearly ten years later, all states had LLC statutes and the Uniform Limited Liability Company act was adopted. LLCs are currently the most popular form of business entity. Note that laws vary from state, therefore you need to be familiar with those in your state.

There are advantages to starting an LLC. For one thing members may be individuals, other partnerships; they may be non-resident aliens or a trust. This allows for more flexibility for the company formation. Distributions need not be equal. If one member invests more or contributes more to the business, that member may reap more of the profits. The agreements of disbursement are stipulated in the LLC operating agreement. Additionally, there need be no organized meetings and minutes, often an unnecessary formality for a small business. Taxes �pass-through� the company, and the individual members are taxed at an individual levels and not the company level according to their profits or losses. While LLCs file tax returns, the company does not pay federal income tax. Consequently, administrative paperwork and accounting are simpler for an LLC. Perhaps the most important advantage to LLCs is that it provides liability protection to the business owners, since owners are considered separate entities from the LLC. Personal assets are not connected to the company if the LLC is in litigation.

You might wonder, �Can anything be simple�? Well, yes, with the proper help some things, like forming an LLC, can be made quite simple. Knowing where to look may be the hardest task. You can hire a lawyer to guide you through the process of an LLC formation, but expect this to be costly. Using an online incorporation company is another option. Online incorporation companies will guide you through the process. Look, to incfile.com for help when filing for a LLC. With their help, the process can be made quite simple. An online incorporation company such as incfile.com will process the paperwork with the state of formation as well as file any necessary IRS forms.