Category: Froehling Anderson
Cybersecurity: Shielding Your Business from Digital Threats
At Froehling Anderson, we are committed to safeguarding client data. We know firsthand the value of proactive cybersecurity measures for protecting your business, your clients, and your hard-earned reputation.
Maximizing Deductions: Lesser-Known Tax Savings
Discover often-overlooked deductions to maximize your tax savings! From depreciation and cell phone expenses to bank fees, unlock hidden opportunities with our expert guidance.
Understanding Financial Statements
Financial statements are like the heartbeat of any business. They reveal essential information about its financial health and performance.
Navigating Tax Season: Tips to Reduce Stress for Closely Held Business Owners
Tax season – two words that can strike some angst into the hearts of even the most seasoned business owners. But fear not; with a few savvy strategies throughout the year and preparation, you can breeze through tax season with the right accounting and tax partner.
Stay Organized
The key to reducing stress during tax season is staying organized. To streamline the tax preparation process, keep all your financial records in one place throughout the year. Consider using accounting software or apps to categorize expenses and track income. While it sounds complex to get started, owners report that recordkeeping gets easier with each year, and you’ll save yourself countless headaches when tax time rolls around.
Know Your Deductions
Did you know numerous tax deductions are available specifically for small business owners and there have been changes over the past months? Take the time to familiarize yourself with these deductions and ensure you’re taking advantage of every opportunity to lower your tax bill. From home office expenses to business travel and professional development, every deduction counts. Working with an accounting professional can ensure you keep up-to-date on the changing rules and regulations. Ask about the 2023 and potential 2024 deductions for federal and state taxes.
Plan Ahead
Are you familiar with the last-minute rush to get things done? We recommend spreading out the workload over the course of a year through regular financial checkups. By spreading out the workload, you’ll minimize stress and ensure a smoother tax season. (The same principle applies to your holiday shopping, but unfortunately, we can’t help you with the wrapping!)
Consider Hiring a Professional
If the thought of doing your taxes fills you with dread, consider hiring a qualified tax professional to help you navigate the process. A skilled accountant or tax advisor understands your situation and will ensure that both the business and personal aspects of your taxes are filed accurately. They will also ensure you maximize your deductions. While it may require an upfront investment, the peace of mind and potential tax savings are well worth it.
Take Breaks and Practice Self-care
Remember to take care of yourself during tax season. We know better than anyone that deadlines and paperwork can cause stress for business owners. As we tell our accounting and tax team members, take breaks, get plenty of rest, and engage in activities that help you relax and recharge.
Keep Your Cool This Tax Season
Implementing these strategies and approaching tax season with a more calm and confident mindset will also help you and your tax accountant. So take a deep breath—together, we’ve got this!
The Importance of Financial Health Checkups for Your Business
Financial health checkups–What is the purpose, and who will do that for my business and for me? Whether you’re a proactive planner or the wait-and-see type, scheduling a regular financial checkup for your business is crucial.
Identify Areas of Improvement
Regular financial checkups allow you to assess your business’s overall health and pinpoint areas for improvement. Whether this means running the numbers on your staffing ratios, analyzing your pricing strategies, or comparing insurance options, your business can benefit from data-driven expert insights.
Stay On Track With Goals
Whether you’re aiming to increase revenue, expand your customer base, or launch a new product line, regular financial checkups help you stay accountable to your business goals.
Financial advice shouldn’t be one-size-fits-all. Where one business may aim to provide cutting-edge technology to clients, another may prioritize sustainability. Stay true to your own mission by aligning your financial goals with your business values.
Prepare for the Unexpected
Financial checkups allow you to assess your business’s financial resilience and preparedness for unexpected challenges. Your business and finance or tax advisor can help you identify risks and plan for the unexpected.
Make Informed Decisions
Armed with up-to-date financial insights, you can make more informed business decisions. Regularly review your expenses and identify areas where you can trim costs. Are you paying for subscriptions or services that you no longer use? Could you negotiate better rates with your vendors? By optimizing your expenses, you can improve your bottom line without sacrificing quality.
How does your financial health checkup compare to similar businesses in your industry?
Comparing your P&L, Balance Sheet, EBITDA, and ratios to industry standards is often very beneficial. Ask your Froehling Anderson connection to find out more about comparing your business’s financial health to industry standards.
By scheduling regular financial health checkups for your business, you can proactively manage your finances and set yourself up for sustainable growth.
Embracing Community: A Reflection On Networking
It’s not every day that the stars align, offering the opportunity to network with amazing professionals across various sectors—each an essential pillar in assisting clients of all sizes.
