Starting a Washington business and feeling a little lost?
There are many steps needed to get your business all setup, and it is easy for something to slip through the cracks. Write down a list of steps to take and make sure you include the 6 easily missed items below.
- Start tracking expenses as soon as you start researching your business. Keep a notebook to attach receipts with dates and journal business ideas. Some expenses can be capitalized as Start-Up Costs and decrease your tax liability later on.
- Create a business plan and refer to it as often as needed, tweaking it as necessary.
- When ready, register your business with the Washington State Department of Revenue, Washington State Department of Licensing, and your local city department of licensing.
- Open a checking account devoted just to your business. Keep personal and business monies separate.
- If you collect sales or payroll taxes, keep it in a separate savings accounts and do not mix it under any circumstance. It is not your property and can easily get spent by accident if not kept away from your spending accounts. The fees associated with spending tax money in error can be debilitating for small businesses
- Don’t put off your record keeping. Too often business owners leave this last, and unnecessary stress builds up around it. Either find a bookkeeper to help out with ongoing services, or get them to help set up and train you. Doing the books wrong can cost just as much as not doing them at all.
Lighthouse Ledgers specializes in helping Washington business owners get their books on track. Set-Up services start at $199, ongoing services start at $55 per month. Give us a call at 206-890-3246 for your free consultation! Stay tuned for more business tips and tricks.
About the Author
Christina Young is a professional bookkeeper based out of Seattle, WA. Her business, Lighthouse Ledgers, is focused on helping small business owners spend less time on bookkeeping so they can spend more time on the things that matter in their lives.
Lighthouse Ledgers – Balanced Books, Balanced Life
Disclaimer: Articles are educational only and based on opinion, experience, and research. This is not to be interpreted as legal, tax, or financial advice. Please consult with the services of a professional tax advisor, financial advisor, or legal advisor before making important business decisions