Vehicle Operating Costs

We have collaborated with many individuals to provide guidance in establishing their own small business. The most prevalent issue we see with the failure of small business is usually the lack of good record keeping. While many individuals are very good at the work portion requirement of running a small business, many lack the expertise or time to properly keep up with expenditures, revenues and other recordable transactions.

One of the most over-looked expenses is vehicle operating costs. Keep records of all vehicle expenses and mileage. If you want to make sure your business is on the right track, it is imperative that your records are correct and up-to-date.

We realize many new business start-ups are hesitant to commit to a monthly expense for bookkeeping; however, we have discovered that businesses which have their own bookkeeper generally save more money on their taxes then businesses which do not have a bookkeeper. Waiting until the end of the year and trying to calculate all your expenses and other financial transactions usually are not accurate; therefore, possibly causing you to pay more taxes then necessary.

Of course, we would like for you to hire us to perform your bookkeeping services on a monthly basis. If that is not an option for you, we still recommend you have a plan in place to record all of your business transactions; this is extremely important to the success of your small business.