Is Your Small Business Following the Rules?

You know as well as anyone else running a small business how much time and effort goes into such an operation.

With that in mind, one of the keys to success is to be sure you are following all the rules along the way.

The failure to do so can result in you losing money and even being shut down at some point if things get out of hand.

So, is your small business playing things by the book?

Make Sure You Do Not Commit a Major Mistake

In running your company by the book, here are some areas to make sure you do not mess up:

  1. Paying your taxes – It goes without saying that paying your taxes is something you can’t miss. So, have you been up to speed on paying taxes? It can be easier than you may think to make a key error when it comes to taxes. For instance, you filed late and got hit with a penalty. While the penalty may not seem all that bad, it is still money you would not have had to pay if you were on time. Another problem is when you incorrectly file your taxes. Whether the error was something you did or your tax preparer, it can lead to a possible audit. Worst of all is if you do not file for one reason or another. This can lead to a sizable fine if you are not careful. Last, be cognizant of the small business tax deductions you are eligible for. Not getting them all can mean less money in your pocket at the end of the day and more that the government gets to enjoy. Always do your best to get your small business taxes filed on time and correctly. 
  2. Track commissions – When you have a sales team, you more than likely offer commissions. That would be for their selling efforts. Be sure to properly track such commissions. By making sure the commissions are tracked and recorded, you can meet ASC 606 compliance. If you are not up to speed on this important piece of business law, now is the time to get on it. You do not want to end up behind the eight ball and playing catch up with compliance. 
  3. Workplace health – Finally, also make it a point to stay on top of health in the workplace. This is specifically for you and your employees’ healthcare needs. Do you offer health insurance? If so, make sure you have someone with the experience to oversee all the documentation and so on. The last thing you want would be billing errors and more. Also be sure to document any injuries on the job. Yes, workplace accidents are not uncommon. They can include slips and falls, auto accidents driving for the company, being hit by an object and more. While the main concern is the care the employee needs, you also want to be sure you are not opening up for a lawsuit.

As you review the rules of being a small business owner, are you confident you are meeting them?

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