If you’re looking to grow your business, you need to up your marketing and online presence game. However, you can’t really do that without money. I sat down with my CPA, Bruce Newman with Newman & Company PA in Maitland, FL to talk about what business owners should do to prepare their businesses for financial success. (And in turn, maybe they can invest some of that newfound cash into marketing which will help them put more money into their business.)
This interview is part of a new program we are starting at Imphasis called Imphasis Community College. Imphasis Community College provides bite-sized business education to business owners so they can build and grow a better business. We bring on a new expert each week to help our clients and community learn what they need to do to be successful. Best of all it is free and our experts are so great for giving us some free consulting that we can pass on to you!
In my conversation with Bruce, I asked many questions about what records business owners should be keeping, what business expenses business owners can deduct on their taxes, what a business owner can do to manage their cash flow, how a business should be structured, and what a business owner can do to prepare for financial success.
Bruce provided great answers. He says a business owner should keep a record of all invoices, sales documents, contracts with vendors, their bank statements, loan and lease agreements, and receipts from meetings.
Business expenses that business owners can deduct on their yearly taxes include office rent, business phone use, use of a personal vehicle for business purposes, office expenses, and client meals. Marketing and advertising is also a great investment to right off on your taxes.
If you’re looking to better manage your cash flow, be sure you meet with your CPA and tax professional on a regular basis so they can advise what you should do moving forward. There are many ways you can structure your business and Bruce touched on a few in our conversation. Be sure you consult with your CPA before making any true decision. They will help you find the best option for your business. The one thing every business owner can do to prepare for financial success is meet regularly with their accountant. Bruce believes that will helps business owners manage their finances and business best.
It was great talking with Bruce about all this. Visit his website or give his office a call at 407-960-4331 if you’re interested in learning more about his business.
Thank you, Bruce, for talking with me to help business owners build and grow their businesses.
Imphasis is a marketing company that serves Orlando, Winter Park, Apopka, Windermere, Winter Garden, and surrounding Central Florida areas to help them stand out from the noise and grow their business with quality leads from their website and other marketing activities.
To schedule a call with one of our marketing experts, visit imphasis.com/call or call us directly at 407-663-0011.
