Planning for Success: Essential Financial Strategies for Small Business Owners
Padgett Business Services | Accounting Blogs
by Gerald Hunt
4M ago
Running a small business comes with its unique challenges and opportunities. One crucial aspect that can determine the success or failure of your business is effective money management. By implementing essential financial strategies, small business owners can not only stay afloat but also thrive in a competitive market. In this article, we will explore key financial practices and provide practical tips to help you plan for success. Define Your Budget A well-defined budget serves as a roadmap, allowing you to allocate resources efficiently and to make informed decisions.  It allows you to ..read more
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What To Do If You Miss the Tax Filing Deadline
Padgett Business Services | Accounting Blogs
by Gerald Hunt
4M ago
There are many deadlines in life, but none are as frightening or consequential as April 30th. The April 30th tax filing deadline is the bane of taxpayers everywhere. Missing it can cause you both penalties and angst.  Hopefully, you will never miss the tax filing deadline, but if you do, here are the steps that you need to follow. Gather Up Your Documents When you are under the gun and rushing to finish your taxes, it is all too easy to forget about a form or omit important information. The rush to file has ensnared many a taxpayer and triggered more than a few audits along the way. Leavi ..read more
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5 Deal Breakers That Will Keep You From Selling Your Business for a Good Price
Padgett Business Services | Accounting Blogs
by Gerald Hunt
4M ago
For some entrepreneurs, the end goal is to sell the business. Some merely want to achieve financial security, while others will use the cash as capital for another venture. Whatever your reason, you will need to be careful. You need to make sure that your business has no deal breakers that can prevent would-be buyers from choosing your company. Here are five of those deal breakers and how to fix them: 1. Unprotected Intellectual Property When people buy a business, they expect to own everything in that business, from its products to its client list. However, some entrepreneurs forget to protec ..read more
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Planning for Success: Essential Financial Strategies for Small Business Owners
Padgett Business Services | Accounting Blogs
by Gerald Hunt
5M ago
Running a small business comes with its unique challenges and opportunities. One crucial aspect that can determine the success or failure of your business is effective money management. By implementing essential financial strategies, small business owners can not only stay afloat but also thrive in a competitive market. In this article, we will explore key financial practices and provide practical tips to help you plan for success. Define Your Budget A well-defined budget serves as a roadmap, allowing you to allocate resources efficiently and to make informed decisions.  It allows you to ..read more
Visit website
What To Do If You Miss the Tax Filing Deadline
Padgett Business Services | Accounting Blogs
by Gerald Hunt
5M ago
There are many deadlines in life, but none are as frightening or consequential as April 30th. The April 30th tax filing deadline is the bane of taxpayers everywhere. Missing it can cause you both penalties and angst.  Hopefully, you will never miss the tax filing deadline, but if you do, here are the steps that you need to follow. Gather Up Your Documents When you are under the gun and rushing to finish your taxes, it is all too easy to forget about a form or omit important information. The rush to file has ensnared many a taxpayer and triggered more than a few audits along the way. Leavi ..read more
Visit website
5 Deal Breakers That Will Keep You From Selling Your Business for a Good Price
Padgett Business Services | Accounting Blogs
by Gerald Hunt
5M ago
For some entrepreneurs, the end goal is to sell the business. Some merely want to achieve financial security, while others will use the cash as capital for another venture. Whatever your reason, you will need to be careful. You need to make sure that your business has no deal breakers that can prevent would-be buyers from choosing your company. Here are five of those deal breakers and how to fix them: 1. Unprotected Intellectual Property When people buy a business, they expect to own everything in that business, from its products to its client list. However, some entrepreneurs forget to protec ..read more
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Should You Pass on the Family Business? Key Factors to Consider in Your Succession Planning
Padgett Business Services | Accounting Blogs
by Gerald Hunt
5M ago
You have spent a lifetime building your business.  You have spent an equal amount of time building a healthy and happy family. Now you are thinking about retirement.  The big question is whether it is time to turn over the reins to your kids. When the business you started is in the family, it can seem like a no-brainer to pass it on, but how do you know if that is really the right choice? Succession planning is a tricky thing for every business owner.  Passing on a family business can be especially fraught. If you are thinking about passing the family business down to the next g ..read more
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5 Ways an Accountant Can Benefit Your Small Business
Padgett Business Services | Accounting Blogs
by Gerald Hunt
5M ago
Working with an experienced accountant is a great option for managing the financial details of your small business. An accountant doesn’t only handle the tasks of managing your finances, they can also offer valuable insights. When you use an accountant, you can spend more of your time focusing on other areas of your company. Here are the biggest advantages of hiring an accountant for your small business. 1) Financial Expertise Hiring an experienced accountant gives you access to a professional that is well-versed in all of the different regulations for your industry. An accountant can help you ..read more
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What is “Quiet Quitting” and How Is It Impacting Businesses?
Padgett Business Services | Accounting Blogs
by Gerald Hunt
5M ago
Many business articles in recent months have focused on “Quiet Quitting.”  This article will review what “Quiet Quitting” is, and how it is impacting your business. “Quiet Quitting”: A Definition Although it seems like the phrase “Quiet Quitting” came out of nowhere to become the most-discussed business topic of recent months, it has actually been around for more than a decade. The consensus is that the term was first created and used at a 2009 economics symposium by economist Mark Boldger. There is not yet an accepted, formal definition of ‘Quiet Quitting”, but the phrase is commonly und ..read more
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Why Your Micro-Sized Business Needs a Dedicated Bank Account
Padgett Business Services | Accounting Blogs
by Gerald Hunt
5M ago
Key Advantages You May Have Overlooked Micro-Sized businesses have become more commonplace in recent years, driven in part by the move toward gig work and changes in the economy overall. Many owners of these businesses do not think they are big enough, or important enough, to need a separate bank account. That perception is mistaken. No matter what your reason for starting a business is, you want to open a dedicated bank account as soon as possible. Here are some of the advantages of having a bank account for your super-small business. Easier Accounting Micro-small business accounting can be a ..read more
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