The Critical Role of Accounting in Business
If you don’t know much about the numbers behind your business, you’re not alone. According to Wasp Barcode Technologies’ Small Business Report–Accounting, only 40% of small business owners surveyed said that they feel “extremely” or “very” knowledgeable about accounting. However, this lack of accounting knowledge could put you at a severe disadvantage.
Running a business without a proper accounting background feels like driving a car while blindfolded–you won’t know where you’re going. Accounting provides you with the answers to several key questions, including the following:
- Are we making a profit?
- Can we afford these expenses?
- If we need to move money around, how can we do that?
- How much is our business worth?
Therefore, whether you run a tech startup or a cannabis dispensary, for instance, you’re going to need an accountant.
September 6, 2021
If you don’t know much about the numbers behind your business, you’re not alone. According to Wasp Barcode Technologies’ Small Business Report–Accounting, only 40% of small business owners surveyed said that they feel “extremely” or “very” knowledgeable about accounting.
September 6, 2021
Whether you’re a small business filing as a sole proprietor, an s-corporation or a partnership, you can write off business loan interest on your annual federal income tax return. You can use Form 8990 to determine how much interest can be deducted and how much you can carry over to another tax year.
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