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Start-Up Tips: Getting Your Paperwork Right the First Time

When you start a business, the last thing you’re probably thinking about is bookkeeping, payroll and filing taxes. In fact, you likely won’t think about taxes until the filing deadline approaches.

But if you want to minimize the time and emotional energy spent on bookkeeping and taxes, SourceOne recommends that you put a system in place to track your financial activities and use it from the day you start your business. Poor paperwork can be the downfall of an otherwise successful business.

Trying to accurately enter financial data into a bookkeeping system months after the activities have actually occurred is exponentially more difficult than updating as you go.  You risk forgetting critcal expenses that should absolutely be captured.

For an entrepreneur excited about a new venture, record keeping and filing may seem mundane. But don’t let it burden you down the road. Setting up the right business structure impacts what protections you’ll have as a business owner and what tax and legal liabilities you will assume later on. Speak with an expert about the differences between establishing an LLC vs a LP, S-Corp, etc… to understand which makes the most sense for you.

Take time to properly register and protect your business name. And obtain any licenses and tax identification numbers before you open your doors. Much of these tasks can be completed online, but consult a professional if you get confused. Any mistake can prove costly in the end. SourceOne works with business owners to manage many of these tasks and address such concerns so that they can focus on what they do best – launching and growing the business.

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