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Interview Patty

Houston Advice for Women-Owned Businesses

Business: Tax-Time Worries 

Whether an entrepreneur prepares and files his or her own taxes or works with an accountant, the first step to less time-consuming and stressful tax preparation is getting organized. New technologies make it easy for small business owners to gather all their important documents in a single location.

1. - 'I’m not 100 percent sure that all my data has been entered correctly.' - Accountants and bookkeepers enjoy a reputation for fine-tuned attention to detail, but even the most meticulous number-crunchers still make the occasional typo. By eliminating manual-data entry and automatically extracting important data from documents, smart organizational software eliminates the opportunity for human error.

2. -  'I don’t know if I’m getting all the deductions I deserve.' - Entrepreneurs invest in their businesses and count on recouping some of those investments as tax deductions. Not only does a habit of scanning bills into smart organizational software help ensure that all deductible expenses are tracked and accounted for, but technology can also enable easy itemization of costs by tagging them with the same tax categories that the IRS uses.

3. - 'I don’t know how I’ll handle an audit.' - Being forced to justify each and every deductible expense may be a headache, but having all information available in one place can make the nightmare of being audited a little less painful. Technology enables entrepreneurs to search a cloud-based system by amount, vendor, date or other keyword instead of searching through papers by hand.

Source: Entreprenur

 

Patty Block, President and Founder of The Block Group, established her company to advocate for women-owned businesses, helping them position their companies for strategic growth. Charting the course for impactful, sustainable, profitable businesses, the beacon is control: of your strategic direction, your money, your time, your staffing, and your ability to bring in business. The Block Group brings together the people, resources and ideas that build results.

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Financial strategies for small business.

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