Keeping business and personal finances separate is critical to clear accounting and reporting. Yet, it can be a challenge, especially for owners and managers of small, family-run businesses. Here are some tips that can help you keep them apart.
Establish Business Accounts
If you haven’t already, set up savings, checking, and credit card accounts in your business name. Most banks will require an Employer Identification Number from the IRS before they will open a business account, so be sure to have that first. Put all receipts from the business into one of these accounts and pay all of the expenses from them.
Hire a Qualified CPA
Unless you are trained to work with them, business accounts can quickly become overwhelming. That can lead to lax accounting procedures and muddled accounts. Hire a CPA that is experienced with your type of business. The United CPA Association can help you find one to help keep your records in order.
Keep Detailed Records
No matter who is handling your accounting, you will want to have detailed records. Be sure to save them for the recommended length of time, which is usually listed as seven years.
While it may take a few extra steps, keeping your business and personal finances separate throughout the year will make it easier to sort through them at the end of the year. If you are unsure about where to start, consider reaching out to a representative from the Small Business Association for guidance. …
As you look for potential employees for your business, you are bound to find new candidates who stand out from the rest. They may display excellent communication skills during the interview, or you may have a positive gut feeling about them. However, making additions to your staff is an investment that can lead to greater gain or loss. You need to be careful about who you bring in. As you consider a new employee, consider the following hiring advice.
Look for Experience and Skills
When you go through employees, it is important to see the specific skillset they can bring to the organization. Consider what you are missing and detail every skill and task you will need from the employee. Make sure that the candidate not only possesses those abilities, but that they also have years of experience honing them. While you will spend some time training the employee, someone with expertise will adapt faster and leave less room for error, thus reducing loss.
Consider a Reasonable Salary Range
Each candidate brings potentially valuable skills to the table, and it is important to get the most out of them. The best method to hire and retain a valuable employee is through a reasonable and competitive salary range. Candidates can either have unrealistically high pay standards or sell themselves short. These employees can either reject the opportunity or discover how much they are worth and develop low morale. Research the market, create the best range and negotiate a deal.
Run a Background Check
The best employee should not only be experienced and valuable, but he or she should also be trustworthy. You will need resources beyond recommendations to ensure a dependable employee. Do not hesitate to look for background check services for employers, as they can find out several aspects regarding the candidate’s past, including credentials, criminal records and potential substance abuse.
Obtaining the best employee can require some detailed work and investigation. However, these suggestions can help you gain a productive, priceless addition to your crew. …
The rules and regulations pertaining to alcohol production, distribution and consumption can be complex and cumbersome. Further complicating matters is the fact that each state has their own separate and distinct alcohol related legislation. Here is a little more information about the laws and regulating agency that oversees alcohol in the great state of Texas.
The 21st Amendment to the United States Constitution was passed in 1933. This legislation ended the Prohibition and transferred the responsibility of regulating and monitoring alcohol use and manufacturing to each of states. The Texas Liquor Control Act was established in 1935 and was followed shortly thereafter by the creation of the Texas Liquor Control Board. It wasn’t until 1970 that the agency’s name was changed to the Texas Alcoholic Beverage Commission, or TABC, which is what remains today.
The Texas Alcoholic Beverage Commission Responsibilities
The Texas Alcoholic Beverage Commission (TABC) has a big job. It oversees regulations for alcoholic beverages that are produced, stored, distributed or sold within the state of Texas. This means they supervise restaurants, bars, storage facilities, manufacturing plants and transportation providers to ensure they possess the proper tabc license and follow all applicable laws. Some of their primary duties include the following: Award, refuse, revoke or cancel permits as needed. Supervise and inspect alcohol manufacturing, transportation, storage and distribution. Assess and collect taxes and any related program fees. Investigate violations. Adopt standards of quality as needed. Pass new rules as needed to ensure the agency can perform its job.
The TABC now regulates nearly 55,000 licensed businesses in Texas. They also over see approximately 100,000 producers and distributors who are located out of state, but conduct business in Texas. The commission collects more than $220 million annually in taxes and another $76 million in fees and fines.…