Most people don't relish the task of keeping books up to date and crunching the numbers, but doing so is essential for your long-term survival. Once you get started, you'll probably realize it's not as hard as you thought. When you're new to the business world, it can seem as if those around you are speaking in tongues. This quick glossary of common business accounting terms will get you up to speed. While keeping track of your business's finances may seem overwhelming, it's not that hard when you know the basics.
Many failures stem from ignoring the financial and tax side of the operation.
But on the brighter side, tax knowledge has powerful profit potential. Knowing some tax law can give you a fatter bottom line than your competitors who don't bother to learn. There are many different kinds of business income, and almost all of them are taxable. Thankfully, you can reduce your tax burden by deducting most of what you spend in the course of business. Your Small Business Shouldn't Miss Keep an eye out for these often-overlooked ways to cut your tax bill.