Tips to manage your business

Tips to manage your business
Written by mike hayden

What is it about these three letters that strikes a cord of fear in Americans' hearts? Learning the signs that could put your tax return at the top of the list for an audit, and avoiding them if possible, may put your mind at ease.

If you had not kept an orderly record of your work as you went along, you would be faced with a daunting task when you need to produce it. And if it is Number Five who suddenly wants those details, it could be a serious problem. The records you need to keep fall into three categories: Photographic, Ledger items, Business records.Because each category holds its own importance to you

Another concern: if you travel for business to so-called "hot spots" for tax purposes (Hawaii and Las Vegas come to mind, but you can expand this list to Atlantic City and other places of leisure and ill repute), you need to account for your business time HOURLY. That visit to the local masseuse just off the strip? No dice.

There are also different reporting requirements. When you hire an employee, you are required to have them complete Form W-4 for Federal withholdings, Form NJ-W4 for New Jersey withholdings, and Form I-9, "Employment Eligibility Verification." An independent contractor completes Form W-9, providing their name and address information

It's also time consuming to keep track of everything. If you need help, hire a bookkeeper or a bookkeeping service, a virtual assistant, or engage a Certified Public Accounting firm to assist you. You don't have to do it all yourself, but you should understand what's necessary. It's your business, so supervise the process and understand your financial information.

Tax collection on printing and publication has been increasing from 1999 to 2005. Records of Provincial Assessment and Treasury Office (PATO) of the Province of Bulacan showed that the amount of collection quadrupled during the first semester of 2005 to P121.1 T from its 1999 value of P15.4 T. The average collection from 1999 to 2001 is P16.9 T.

These service providers do work at the comfort of their homes so needless to say, capital expenditure plus operating costs are indeed lessened. Aside from their hourly rates, the virtual business assistant can really focus on the much more tedious jobs like encoding, writing correspondence, taking care of the small details for presentation slides

In the "human body-chiropractic office" analogy, the CNS is not just the software that facilitates such functions or the office staff that performs these functions using the software, and it's not just the procedures that the office staff follows when performing these functions using the software.

The results of your HR Audit will indicate strengths and weaknesses in your employee policies, procedures, documentation, systems and practices. The findings will identify issues needing resolution or potential change. Your VA will work with you to develop a work plan, a strategy for handling follow-up and correction. Because you have an ongoing work relationship established

Some firms are getting brave about this one; banning foam cups. The same goes for plastic cups. Try doing a count one day - how many times do you go to the water cooler, pick up a fresh cup and put it in the bin again? What about a disposable cup from the coffee machine?