Managing Your Small Business Finances: Tips 13-18

May 22, 2022
Published by Gonzales Group CPA

This month we finish up our series of small business financial tips. Hopefully, as you’ve followed along, you’ve learned some things and seen improvements already. Of course, hiring a San Antonio CPA like the Gonzalez Group is always a great way to ensure your business is being run efficiently, keeping you out of accidental trouble and helping you be more successful.

13. Paying Taxes on Time. This is vital to avoid penalties, which can be expensive. Depending on the type of business you have, your tax payments will have different due dates. It’s important to be aware of exactly what taxes you have to pay and when, based on your specific business.
14. Update Your Books. With success comes less free time to focus on keeping your books up to date, but the longer you leave it, the less accurate they’ll be. Also make sure to stay up to date on current bookkeeping terminology.
15. Determine Your ROI. To calculate your return on investment (ROI), divide your net benefits from an investment by the total cost invested. The ROI shows as a percentage or ratio. Doing this not only lets you see if you are getting a return on your initial investment, but helps you determine the amount of profit vs the time invested.
16. Track Invoices. It’s important to keep track of your invoices to ensure your bookkeeping is accurate. Choose software or an accountant to ensure that your invoices are clearly organized and being paid.
17. Lower Costs. If money is tight, you’ll need to examine your business and see where you can eliminate some costs. Maybe you don’t need as much space as you’re currently paying for, or you could limit your supply costs, or use company vehicles less. It comes down to your specific business, but you’ll need to look at areas where you can cut back.
18. Hire an Accountant. Obviously, we’re biased, but we do see the difference our work makes in the success of small businesses. People who have a passion for their business, but may not have the accounting knowledge needed to run a successful business, benefit from having someone working with them to keep track of billing, invoices, legal requirements, and more. What you spend on working with an accountant you make up for in avoiding fees, finding loopholes, cutting unnecessary costs, and allowing you to spend more time on your actual business, helping it grow and develop.

You may be able to manage some of the work that an accountant does, but there are other areas where you’re better off working with a San Antonio CPA like the Gonzales Group. We’re experienced in working with a variety of small businesses and can help you grow faster and with fewer headaches along the way. Contact us today to see how we can help your small business.

Categorised in: Business Tips, Finance Info, Managing Your Small Business Finances: Tips 13-18, Uncategorized, What Are Business Expenses?

This post was written by Gonzales Group CPA