Most banks provide electronic statements that list all of your transactions Telephone Number List made with your account every month. These statements are very helpful in preparing your financial statements at the end of the business year. Organized records will help you avoid Telephone Number List paying extra taxes and help you take advantage of business tax deductions.
Failure to Budget Properly This is one of the most common mistakes new business owners make. Despite the simplicity of keeping a simple budget, most business owners refuse to keep track of their business' revenues and expenses. Take Telephone Number List some time to write out a list of all your expenses and sources of income.
Keep track of all your fixed expenses (fixed expenses are expenses Telephone Number List that are the same every month, for example your rent) and your variable expenses (variable expenses are expenses that change with the amount of usage or output, for example your electricity bill). Compare Telephone Number List these expenses with your income sources to see if you're turning a profit every month.