The Entrepreneur’s Corner

Taxes! Accounting! These words often don’t inspire excitement. In fact, they generally inspire angst and frustration. For a small business, they can have quite an impact. Many business owners generally try to handle these responsibilities on their own as a cost savings measure. Let’s examine this common misconception.

The reason these words inspire such angst is because they involve complex and confusing rules that are constantly changing. How can you stay on top of these rules and run a small business at the same time? Does it really matter? Yes! You could be missing out on valuable tax deductions for your business, such as the Sec. 179 depreciation deduction.

I’ve found that lots of small businesses will spend hours each month trying to get through the monthly accounting or worse yet, wait until year end. A good accountant will be able to give you an estimate of how much time they will spend each month so that you can spend that valuable time serving your clients and generating revenue for your business. Often you will find that you can make more money focusing on your core strengths and outsourcing the tasks that consume too much of your valuable time.

You can also gain valuable insight into your business on a monthly basis by having a profit and loss statement generated. Use your accountant’s expertise to help you understand the numbers and what picture they are painting of your success or how they can identify opportunities for improvement.

By focusing on your core business and outsourcing your accounting work, you will spend less time and money overall. When your tax professional is the same person who does your accounting, that person won’t have to spend as much time reviewing and correcting what’s been done because he or she already knows and understands your business. That time can be spent on helping you save money by applying the tax laws to your business monthly.

How do you select accounting and tax professionals? There are several factors you should consider as you go through the selection process. What qualifications do they have? Do they have other clients in your line of work? How long have they been accountants? Do they have any certifications? Are they members of any professional organizations that require continuing education in their fields of expertise? Are they keeping up with the technology (i.e. software, electronic document storage, etc.) in their fields? Do they complement your personality and goals?

Once you select a professional who meets your requirements, you can rest easy and focus on what you do best. No longer will angst and frustration be associated with taxes and accounting, because now you know how to relieve this stress from your business!

Eric Moore is an enrolled agent and president of Earl W Moore & Co., Accounting &Tax Service, specializing in accounting services for small businesses and taxation for individuals and businesses. Contact him by calling (804) 266-8846, visiting http://www.ewmooreaccounting.com or e-mailing .(JavaScript must be enabled to view this email address).
Bail Bonds Chesterfield VA

New utility services number for metro area

Richmond city, Henrico, Chesterfield and Hanover county natural gas customers have a new number to call for their utility services.

The City of Richmond Department of Public Utilities has replaced its old number, (804) 646-7000 as well as 311, with it's new number, (804) 646-4646 for all calls relating to utilities. Utilities include natural gas, water, sewer, storm-water and electric street-lighting. > Read more.

Henrico County property transactions, July 10-16


A sample of property transactions during this period appear below:

3714 Pemberton Ave.- $105,000, 720 SF (built in 1957), from William F. Patton Jr. to Jessica Garcia.

510 Besler Ln.- $121,000, 964 SF (built in 1986), from Joseph and Coral P. Bolden to Taneen Marlow.

3502 Westcliffe Ave.- $140,000, 1,564 SF (built in 1947), from Benny H. Wilson Jr. to Benjamin A. Nyannor. > Read more.

FirstComp Insurance Company, Markel Corp. named top insurance carriers


Two Glen Allen-based insurance carriers have been named among the top such companies in the nation.

Markel Corp. and FirstComp Insurance Company (now owned by Markel) are among 38 carriers recognized on the Insurance Business America list of the top insurance carriers in the country. > Read more.

Walmart honors Citizen’s ‘Top Teachers’ during grand opening


The much-anticipated new Walmart Supercenter in Eastern Henrico opened to busy crowds last week, and company officials welcomed a special group of shoppers, too. > Read more.

‘It’s such a blessing’


On Independence Day, a Brazilian-born Henrico resident took the Naturalization Oath of Allegiance on the steps of the Virginia Historical Society and felt peace finally settle around her.

Jeanette Hamlett’s journey to U.S. citizenship is a story of faith and love, which she told with her husband, John Hamlett, by her side. > Read more.

Henrico Business Bulletin Board

July 2017
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The Henrico County Community Author Showcase, a program that connects writers and readers in the community, will begin at 7 p.m. and continue on the second Monday and every Thursday of the month at various libraries. Brittany Garth will share her book “Dear Ping” at Libbie Mill Library. For details, visit http://www.henricolibrary.org/authors. Full text

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