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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Henrico Master Gardener training program accepting applications through Oct. 27


The Henrico County Office of Virginia Cooperative Extension is accepting applications for its next volunteer Master Gardener training program, which provides instruction in all aspects of horticulture.

Applications for the 2018 training program will be accepted through Friday, Oct. 27. Classes will be held from 9 a.m. to 12:30 p.m. Tuesdays and Thursdays from Jan. 16 through March 22. > Read more.

Henrico Schools to host Oct. 30 job fair


Henrico Schools will host a job fair Oct. 30.

The event, to be held from 10 a.m. to 2 p.m. at the Fairfield branch library, is designed to attract potential full-time and substitute registered nurses, instructional assistants, bus drivers and school nutrition workers. > Read more.

Henrico Police to participate in ‘Tip a Cop’ Oct. 21


Henrico County Police Division and the Virginia Division of Capitol Police are participating in “Tip-A-Cop” to Support the Special Olympics Saturday, Oct. 21.

From 11 a.m. to 2 p.m. and 5 p.m. to 9 p.m. that day at Red Robin, 11784 West Broad Street, members of the two agencies will be working for tips as a donation to the Special Olympics. > Read more.

Participants sought for ‘Walk to End Alzheimer’s’


The Richmond Walk to End Alzheimer’s will be held Saturday, Nov. 4, at Markel Plaza in Innsbrook, and the Alzheimer's Association of Greater Richmond is seeking participants.

The event, one of three walks the association will hold in its service area this year (the Middle Peninsula-Northern Neck walk was held Oct. 7 and the Fredericksburg walk Oct. 14) raises money to help the association fight the disease, which affects more than 26,000 people in the metro Richmond region. > Read more.

Fairfield meeting Oct. 25 to focus on cybersecurity


Henrico County Board of Supervisors Vice Chairman and Fairfield District Supervisor Frank J. Thornton will hold a constituent meeting Wednesday, Oct. 25 to discuss cybersecurity.

Thornton also has invited candidates who will be seeking election to local offices on Tuesday, Nov. 7 to introduce themselves. > Read more.

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October 2017
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The 2017 Central Virginia Kidney Walk will start at 9 a.m. in Innsbrook’s North Shore Commons, 4901 Lake Brook Dr. Kidney Walk, the nation's largest walk to fight kidney disease, raises awareness and funds lifesaving programs that educate and support patients, their families and those at risk. For details, visit http://tinyurl.com/2017KidneyWalk. Full text

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