Alltop.com

When starting a business, you want a solid accounting setup. Here are seven great accounting tips for beginning businesses.

1. K.I.S.S. Keep it simple starting out. Sole proprietorship requires no special communication to the IRS until you start paying employees.

2. As the sole proprietor, you might be required to obtain an occupational license if your country or municipality mandates one. You are also liable to remit all city/state taxes on retail or wholesale sales, but service businesses are exempt from state tax collections.

Be sure to check out all seven tips. It’s solid advice that will save you from many headaches.

All the latest stories on accounting in one place.