With running a business, you know better than anyone how much responsibility falls on you.
One of the bigger tasks you have as an owner is making sure your business meets all its obligations.
From paying taxes to meeting the needs of employees and more, make sure you have your bases covered.
What Do You Need to Focus on?
In making sure your business is compliant with various needs, focus in on the following:
1. Paying your taxes – The last thing you want to have happen is running into trouble with the IRS. That is why it is important all your taxes are taken care of. If you do not have the time or expertise to do your taxes, find someone reliable enough to handle this for you. You want to be sure that the taxes are correct and no errors are creeping in. Also make it a point as a small business owner to get any deductions your company qualifies for. Those deductions can help you and your business save money at the end of the day. Last, make sure you hold on to tax records for some years. If you unfortunately have to deal with an audit, having those records handy will make it easier for you.
2. Documenting transactions – Are you documenting your transactions with customers on a daily basis? Make sure you have software in place to record such things. In ASC 606 revenue recognition, you meet the needs to document contracts with the public. Making sure your accounting pro or pros are handling revenue recognition is key. As such, make it one of your priorities in being business compliant. With rules on this matter changing over time, stay up to speed on them.
3. Healthcare needs – Depending on the size of your business, you may have to offer healthcare. Once again, having the right people in charge of the benefits proves critical. Whether you do healthcare benefits in-house or outsource them, make it a priority to get it right. If shopping for a healthcare benefit provider, take your time. There are countless providers in the marketplace. As such, you want to find the one best suited to provide your employees with coverage at costs you can afford.
4. Those with disabilities – Do you have workers or clients visiting you with disabilities? Even if the answer is no right now, this can always change as time goes by. Whether you own or rent your office space, be sure it is set up to meet the needs of those with disabilities. Not doing so could land you with a lawsuit if you are not careful. As an example, the sidewalks for your office space are accessible to those in wheelchairs.
5. Workplace injuries – Last, make sure you have a notice in your workplace on how to deal with injuries on the job. Although you hope notable injuries are not something you will have to deal with, they do happen.
Being a small business owner can be both exciting and challenging at the same time.
Making sure your business is compliant in today’s world is something you need to focus on.