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Tips for Small Business – Ready for Uncle SAM?

Written By: thinkeventsplanning - Apr• 26•13

Business Tip of the day….Ready for an “Uncle Sam’s Audit”?  4/26/2013

Lydia Short- President & CEO

So you get that dreaded letter…”It’s TIME…an Audit from the IRS”….what do you do? Panic… pull your hair out…nibble on your nails? 🙂

When there is slow/down time in your business….its time for you to work on your business infrastructure.  How do you sure-up your infrastructure?
i) Maintain your records,
ii) Do due-diligence on your company (after all you do it for everyone else including your clients)…
ii) Keep good records, (file regularly and record expenses daily if not weekly)
You shouldn’t be in business if you don’t know what your accounts/bookkeeping looks like…(even if you hired a great bookkeeping/accounting firm to manage your book) Please know what’s going on in your business.  Always get things in writing.

How you get ready for an audit?

Personally coming from my years on Wall Street (which has made me Compliance OCD) I run my business like a Compliance Boot-camp…lol…so when “Uncle Sam” come knocking/calling for an audit it takes me a few hours gathering up supporting documentation.

~Always Optimistic

Lydia

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