When running a business in California, workers compensation rates aren’t the only costs to consider. You’ll also want to track your telecommunications expenses, salaries and other expenditure. Doing so may mean the difference between a year in the black and a year in the red.
Here are some ways to help track and manage your expenses:
•Outsource it! Often hiring a professional to manage your books may be easier and less stressful than doing it yourself. They might notice anomalies which you wouldn’t pick up on. One of the keys to running a successful business is spending time on the things you are good at, and hiring others to do the tasks which aren’t your strengths.
•Find out which business expenses will be tax deductible. Once you know, ensure you keep accurate records of expenses which can be claimed back on tax. This may help reduce your tax bill.
•Have clear business processes for tracking employees’ expenses. Ensure they return claim forms promptly for processing and have attached the relevant receipt.
•Maintain separate bank accounts for your personal expenses and your business expenses. This can help keep bookkeeping simpler and avoid a panic at tax time.
These quick tips may help you manage your business better, and also help control your expenses. To find out how to minimize your California workers compensation rates, contact our team today to compare quotes.