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To Keep Your Finances on Track
Welcome to your go-to resource page for building a financially strong and compliant business. Whether you’re just starting out or looking to streamline your operations, we’ve got you covered with expert-backed quick tips, downloadable tools, and essential links to help you stay organized and informed.
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Quick Financial Tips Every Business Owner Should Know
Get Your Free Credit Report Annually
Did you know you’re entitled to a free credit report once a year from all three major credit bureaus—Experian, Equifax, and TransUnion?
Why it matters: Credit reports impact your purchasing power and loan approvals. Checking them annually helps protect against identity theft and costly reporting errors. Visit FreeCreditReport.com
Separate Personal & Business Funds
Keeping your business and personal finances separate is crucial.
Why it matters: Mixed funds can lead to lost tax deductions and weaken your personal legal protections if business liabilities arise.
Organize Your Financial Records
How many times have you searched for a missing document at tax time?
Why it matters: Well-kept financial records help you stay compliant with tax regulations, reduce your accountant’s bill, and prepare you for potential audits or loan applications.
Download Your Free Budget Worksheet
Stay on top of your finances with our easy-to-use budget worksheet, designed for small businesses and entrepreneurs.
Starting a Business? Start Smart.
Before you launch, make sure you’ve covered these essential steps:
- 1. Choose a business structure (LLC, Corp, Sole Proprietor) — consult a tax pro
- 2. Apply for your EIN (Employer Identification Number) at IRS.gov
- 3. Open a dedicated business bank account
- 4. Apply for your NV State Business License at NVSOS.gov
- 5. Check local licensing requirements at ClarkCountyNV.gov
- 6. Register for a Sales/Use Tax Permit at TaxNV.gov
- 7. Get any industry-specific licenses
- 8. Set up a filing system — the paperwork and logins will pile up quickly
- 9. Build your team — Accountant, Tax Pro, Insurance Agent, and Legal Advisor
- 10. Free Business Coaching — With ScoreLV.org
Financial Record-Keeping Timelines
Wondering what to keep and for how long? Here’s a quick guide:
Keep Permanently:
- Annual & interim financial statements
- Tax returns with supporting documentation
- Audit reports and work products
- General ledgers and trial balances
- Contracts, leases, mortgages, and deeds
Keep for 7 Years:
- Client invoices and billing reports
- Accounts payable and receivable ledgers
- Payroll records and summaries
- Expense reports and reimbursement logs
Keep for 4 Years:
- Bank statements and deposit slips
- Sales commission reports
- Employee timecards, benefits, and attendance records
- Petty cash receipts and reconciliations
Let’s Build Your Financial Game Plan
Need help getting your accounting systems set up or cleaned up? Let Gina Webb Accounting help.
