Entrepreneurs Break
No Result
View All Result
Sunday, February 5, 2023
  • Home
  • News
  • Business
  • Entertainment
  • Tech
  • Health
  • Opinion
Entrepreneurs Break
  • Home
  • News
  • Business
  • Entertainment
  • Tech
  • Health
  • Opinion
No Result
View All Result
Entrepreneurs Break
No Result
View All Result
Home Business

Vince Iannello Says Small Business Owners Overlook These Important Financial Considerations

by James Vince
August 20, 2022
in Business
0
Vince Iannello Says Small Business Owners Overlook These Important Financial Considerations
160
SHARES
2k
VIEWS
Share on FacebookShare on Twitter

Table of Contents

    • Managing or starting a small business and looking for financial advice? Vince Iannello fills you in.
  • Vince Iannello Discusses Taxes and Audit Triggers

Managing or starting a small business and looking for financial advice? Vince Iannello fills you in.

Running a small business is hard work. Many entrepreneurs focus on making sales and marketing. That’s often a smart move, but you need to make sure that you don’t overlook your finances, as they can have a big impact on your business. Fortunately, financial expert Vince Iannello can offer advice. Let’s get started.

“Liquidity is one of the biggest pitfalls for many small businesses. You’ll see situations where the business is generating sales and overall doing well. However, they failed to build up enough liquidity and quickly find themselves in a crunch.”

Of course, the simplest solution to increase liquidity is to bring in more money, something most businesses strive to accomplish day in and day out. Building up revenue is important. In the meantime, you can help improve liquidity by keeping tight control on your inventory, payroll, and other costs.

One common problem is hiring too many “overhead” workers. These workers are people who aren’t directly involved in making or selling products. Think human resources staff, accounting, and the like. If your overhead staff grows too big, it could sink your business. Still, the right overhead staffers can help you save money and build a more efficient company overall.

“Your overhead staff is definitely important, but it’s smart for businesses, and especially smaller businesses, to focus on quality over quantity,” Vince Iannello says. “The right overhead staff can save you from a lot of headaches, but you don’t want to be weighed down by a big staff generating high costs.”

Another major problem suffered by many businesses, big and small, is not saving up enough to pay taxes. Not only can this result in financial problems, but it could get you in trouble with the Canadian Revenue Agency (CRA). It’s smart to plan well ahead and to ensure that you have enough to pay your obligations.

“Tax season is especially stressful for small businesses. If you’re caught unprepared, it could result in a lot of financial and legal troubles.”

If you don’t have an accountant on staff, it’s smart to hire one to prepare your taxes. This way, you can reduce the risk of mistakes and the chances of getting audited. And you don’t want to cram for tax season. This could result in a variety of complications.

Vince Iannello Discusses Taxes and Audit Triggers

Preparing taxes can be a difficult undertaking for businesses big and small. The Canadian Revenue Agency often targets small businesses for audits, and certain red flags can greatly raise the risk of getting audited. Common reasons businesses and entrepreneurs get audited include revenue discrepancies, deducting large business expenses, and claiming your home office for a deduction.

“Business owners should always take advantage of deductions they qualify for,” Vince Iannello explained. “But make sure you don’t fudge the numbers. The CRA is very good at finding discrepancies, and they’re quick to question you when they do.”

So if you’re running a business, make sure you keep taxes and finances in mind. A bit of effort now could save you from headaches later on.

  • Trending
  • Comments
  • Latest
Potential High Return Cryptocurrencies in 2021

Potential High Return Cryptocurrencies in 2021

January 22, 2023
How to Search, Share and Download Video TikTok

How to Search, Share and Download Video TikTok

April 25, 2022
Diamond Painting: The Ideal Craft Trending On Social Media

Diamond Painting: The Ideal Craft Trending On Social Media

September 13, 2022
5 Tips to Becoming a Good Actor- The Best Guide by Julian Brand

5 Tips to Becoming a Good Actor- The Best Guide by Julian Brand

January 9, 2022
Top 5 Safety Tips for your Family Road Trip

Top 5 Safety Tips for your Family Road Trip

2
Discover How to Get More Facebook Fans in 3 Weeks

Discover How to Get More Facebook Fans in 3 Weeks

1
Blockchain for Social Good

Blockchain for Social Good: Transparency and Accountability is Key

1
What is TikTok? Lets find out more about the app of the moment

What is TikTok? Lets find out more about the app of the moment

0
Moffettnathanson Apple Q4spanglervariety

All About Moffettnathanson Apple Q4spanglervariety

February 5, 2023
Learn How a Mouthguard Can Put a Stop to Teeth Grinding

Learn How a Mouthguard Can Put a Stop to Teeth Grinding

February 5, 2023
5 reasons why women are more attracted towards jewellery

Tips for Online Shopping of engagement rings

February 5, 2023
10 Impactful Tips for Creating Construction Business Names

Other Hazards: Injuries That Can Occur On A Chicago Construction Site

February 5, 2023
Entrepreneurs Break

Entrepreneurs Break is mostly focus on Business, Entertainment, Lifestyle, Health, News, and many more articles.

Contact: [email protected]

Note: We are not related or affiliated with entrepreneur.com or any Entrepreneur media.

© 2022 - Entrepreneurs Break

No Result
View All Result
  • Home
  • News
  • Business
  • Entertainment
  • Tech
  • Health
  • Opinion

© 2022 - Entrepreneurs Break

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In