A while ago, a colleague made a statement to me about taxes that just had that sticking quality. She said,” Be happy to pay taxes, that means your company had revenue.”
And it’s oh so true. Rather than letting the idea of taxes choke you up, celebrate the fact that your business did well enough to have taxes to pay. That’s a good thing!
And on another note…Don’t forget that Friday is tax day. Don’t do it on your own. If you’ve been around for a while, you know how strongly I feel that there are two professionals every business owner should have on board — a CPA and an attorney. Don’t wait until you need one to hire.
If you need some pointers, Kaleil Isaza Tuzman, the author of The Entrepreneur’s Success Kit – A 5-Step Guide to Create and Grow Your Own Business has a few suggestions.
Pick your accountant early – Picking an accountant is not exactly the first thing that goes through most entrepreneur’s heads, but perhaps it should be. How a small business person manages their accounting can be a critical ingredient of success — or failure.
Avoid Inertia – Although it does make things smoother if a small business person continues working with an accountant used in the past, sticking with the accountant that did your personal taxes might not be the right person to do your corporate tax work.
Be practical – Don’t hire an accountant that lives a thousand miles away. Although we live in the digital age, there are times when a small business person needs face-to-face contact with their accountant to go over documents personally. Make sure your accountant is your partner and can visit you in your office when needed.
Follow your gut – Just because accounting involves numbers and requires precision does not mean that you should abandon your gut feel when choosing the right accountant. To the contrary: The small business person must have complete trust in their gut when choosing an accountant as in running their business day-to-day.