Reduce Your Small Business Stress with These Five Tips

Reduce Your Small Business Stress with These Five Tips

The life of a small business owner, especially in competitive markets like Orange County and Southern California, is stressful. You don’t just have to worry about keeping your boss happy and paying your bills, you are the boss and have to keep your employees motivated and pay them as well as your own expenses. Throw in plans for expansion and exceeding client expectations, and your plate is already overflowing.

Check out these 5 easy tips for reducing your stress so you can stay focused on running a successful business.

Get organized
Set aside time every day to identify your tasks. You can do this at any time but consider starting your day with this exercise. Not only will it help you focus on what needs to be done, but will help you plan your day, week, and month.

Prioritize
Most of your projects will have multiple tasks that need to be completed at different times, so identify what needs to be done urgently, what can wait until later, and what you can delegate to someone else — keep reading for more information on this critical tip. Once you prioritize your workload, you can get started and enjoy the satisfaction of checking things off your list.

Find a mentor
As a business leader, you spend a lot of time supporting and celebrating the success of your team, which is great for morale, but who’s your cheerleader? Finding a mentor who can offer you support and celebrate your successes as well as help you find your way through challenges can improve your motivation and give you positive reinforcement.

Take care of your health
It’s also critical that you take care of your physical and emotional health. For example, leave yourself time for lunch and make sure to eat nutritious meals, at least most of the time. You should also make time for 30 minutes of moderate exercise every day. It might sound like a lot, but a quick walk after dinner can help you maintain a healthy body weight and protect your cardiovascular health.

Delegate
And finally, learn to delegate. Whether it’s a task for a member of your team or outsourcing business administration responsibilities like payroll and accounting, find the person with the expertise to make your life easier.

The experts at Alvarez Tax Services, a leading business and tax firm located in Orange County Ca provide the support you need to run your business efficiently, so you can focus on what you do best. Contact Alvarez Tax Services today for the expert bookkeeping service your business needs.

4 Tips for Better Recordkeeping

4 Tips for Better Recordkeeping

HERE ARE 4 TIPS TO GET YOUR BUSINESS RECORD KEEPING ON TRACK.

1) Separate Business & Personal Bank Accounts

The law varies depending on your type of business entity, but the reality is you should keep your business and personal finances separate. Most banks offer low cost checking accounts you can open and use solely for business. Just having all your business transactions run through their own account will help you keep your business and personal finances separate, which is important. It will also give you the most basic look at what money is coming in and out of your business.

2) Use Accounting Software

There are some great options out there that range in cost from Free up to $100’s per month depending on the size and complexity of your business transactions. Most have a free trial. Try testing a few to see what works for you, or talk to a bookkeeper to see what software they would recommend for business size and type. A few options you might consider are Quickbooks, Freshbooks, or Xero. Even if you are using a simple spreadsheet, that is a step in the right direction.

3) Scan Your Receipts

Receipts are the proof that your expense was indeed business related. In our world of technology and smartphones, there is really no excuse to not having record of your receipts. Many accounting softwares now have receipt scanning built-in, so you can snap the receipt on your smartphone and it auto loads into the software. You can also use Evernote to snap pictures of receipts to save in your digital filing cabinet. I strongly recommend storing your receipts in digital form. This way they won’t fade, degrade, or get lost as easily (We all know how tricky they can be!) Plus with all of the things we buy online, most of our receipts are already digital.

4) Hire a Professional Tax Preparer

Do it yourself Software is great for many people, but if you aren’t sure how to answer the automated questionnaire then you’re out of luck and it won’t think the ask the questions a tax professional will. As much as we all want to be able to save money and do it ourselves, you’re not a tax expert. How do you know what is and isn’t deductible; how to properly depreciate vs deduct; whether or not you need to file 1099’s for those you have paid but weren’t employees; or how much to pay in estimated taxes? If any of those terms confused you, that is good sign you want to work with a professional, and save the frustrations of trying to do it yourself. If you need help, please consider Alvarez Tax Services, you can contact us by calling us at 714-400-9201.

Professional Tax & Bookkeeping Services in OC. Call now for a FREE consultation at: (714) 400-9201, Don’t do this!

Professional Tax & Bookkeeping Services in OC. Call now for a FREE consultation at: (714) 400-9201, Don’t do this!

3 Bookkeeping Mistakes, Don’t do this!

Running your own business? Even tiny bookkeeping mistakes can end up being a huge pain. Here are 3 mistakes to avoid.

#1 Completing your own tax return – Running your own business is complicated enough, and it’s always better to have a professional do your taxes. If you end up doing it yourself and you make a mistake, you might draw attention of the IRS.

#2 Combining business and your own personal expenses – When you just start running your usiness, you might get into the bad habit of using your personal account or credit card for the occasional business purchases, or you end up making a personal purchase with business funds. Don’t do this, this makes for very messy bookkeeping because you will have to sort this out later, and you might miss out on some really good tax write offs.

#3 Throwing away reciepts – As you know, most of us throw away our everyday personal reciepts, but it’s a must to save business receipts. When doing taxes, your accountant will have an easier time to include all your expenses. And if the IRS decides to look into your return, you’ll have the peace of mind to proved that your write offs are accurate and true.

Need more tips or help, we are just a phone call away.
Contact us at: 714-400-9201

Top 5 Bookkeeping Tips

Top 5 Bookkeeping Tips

Top 5 Bookkeeping Tips

  1. Keep all your receipts
  2. Reconcile bank account regularly
  3. Follow up unpaid invoices
  4. Put money aside for tax
  5. Keep books up to date