The five best money management tips for your small business

Certified Public Accountant in Houston

1. Optimize profitability

Businesses are intended to create profit, and as a small business owner who owns their business 100 percent, you get to keep profit after taxes. The profit increases the worth of your business and ultimately increases your net worth.

2. Take advantage of tax-saving strategies

As business owners, there are many tax savings opportunities available to you. It is worth investing in the guidance and advice from a tax professional to ensure you are optimizing your tax-saving strategy. It is worth the investment to get personal advice from a tax expert, as every business owner has a unique situation, and what your neighbor or friend’s tax strategy is good for them may not be the same for you.

3. Think of the saleability of your business

When business owners start seeing that the business they are building generates an income for them now and is possible to sell at a profit when they are ready to exit the company, it is often overlooked. When you create a business that you can sell in future years now, it will increase the price you’d be able to get for it down the road.

4. Stay on top of your finances

Knowing the financial health of your business will help you make profitable decisions every day. Business owners who don’t know their business numbers do a disservice to their business due to a lack of understanding of how it generates profit. Every business activity affects the profit line, whether directly or indirectly. When you know your business numbers, you increase the profitability of your business.

5. Consult finance professionals as needed

Finance professionals, from accountants and financial advisors to tax experts, provide much value in increasing the profitability of a business. Please do not shy away from investing in their services because that investment will likely pay off for years to follow. Traditional business owners see the value in hiring professionals to help them understand what they don’t know.

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Source: forbes

Alfredo Gaxiola has worked on numerous IRS problem cases and has successfully settled with the IRS to release liens on houses, bank accounts and wages and, if needed, setting a payment installment plan that is not burdensome for the client. He has conducted appeals before the U.S. Tax Court and obtained favorable resolutions in reducing the tax debt of his clients. Mr. Gaxiola served as Treasurer of Camara de Empresarios Latinos, one of the largest and strongest Hispanic organizations in the city of Houston. He has conducted financial and accounting seminars for the Houston Small Business Development Corporation, as well.

Certified Public Accountant in Houston

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