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).
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Richmond Montessori School earns VAIS reaccreditation


Richmond Montessori School, an independent Montessori school for children ages 2 to 14, recently earned reaccreditation from the Virginia Association of Independent Schools. The VAIS accreditation program is one of only a few recognized at the national level through the National Association of Independent School's Commission on Accreditation and is also recognized and approved by the Virginia Board of Education through the Virginia Council for Private Education. > Read more.

Business in brief


Neil Burton, the founder of Strangeways Brewing in Henrico, will serve on the 2017-18 Leadership Council of The Virginia Craft Brewers Guild (VCBG). Burton will share the chairmanship of the Marketing & Tourism Committee with Kevin Erskine of Coelacanth Brewing. Other local brewers in leadership positions include Eric McKay of Hardywood Park Craft Brewery (VCBG chair), Hunter Smith of Champion Brewing Company (co-chair of the Government Affairs Committee) and Kate Lee of Hardywood (co-chair of the Quality Committee). > Read more.

James River Juvenile Detention Center to graduate its largest class

James River Juvenile Detention Center will celebrate its largest class of high school graduates June 27, as 13 residents receive their high school diploma or GED certificate.

The ceremony will be held at 10 a.m. at the detention center, 3650 Beaumont Road in Powhatan County. The graduates will mark their academic milestone by walking across a stage in a cap and gown before an audience of family members. A reception will follow. > Read more.

Henrico School Board selects redistricting Option E


JUNE 23, 10:30 A.M. – The Henrico County School Board Thursday concluded its latest redistricting process by selecting a plan for middle school redistricting that will impact a number of students in the western and northern parts of the county, as well as a few in Eastern Henrico.

The process sought to reduce overcrowding at Hungary Creek Middle School, create room at Wilder Middle School for a gifted academy and address the poverty level disparity among some middle schools. It will impact about 775 students, according to school system officials. > Read more.

‘Senior Cool Care’ program to help older adults in Metro Richmond


For the 27th year, Senior Connections, The Capital Area Agency on Aging is helping older adults combat summer heat through a program now called "Senior Cool Care" (formerly the Fan Care program) that provides fan and air conditioning units for eligible senior citizens.

The program is available to low-income older adults age 60 and older who reside in the City of Richmond and the counties of Charles City, Chesterfield, Goochland, Hanover, Henrico, New Kent and Powhatan. > Read more.

Henrico Business Bulletin Board

June 2017
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Regency Square’s Kids Club meets on the third Thursday of every month from 10 a.m. to 11:30 a.m. Enjoy entertainment and crafts for kids eight and under. Admission is free. For details, call 740-7467 or visit http://www.shopregencysqmall.com. Full text

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