To run a business correctly you will want to make sure your bookkeeping is kept up to date and you are filing taxes regularly. You can definitely do this type of work yourself and that might be a great option if you have the time and expertise, but you will want to make sure you are doing it correctly no matter what. One thing we have seen is that paying someone a small monthly fee to keep your books up to date, file quarterlies, and end of year taxes is more than worth it to you and the business. Some people may say, "I can't afford it". That may be the case, but in our experience most business owners can't afford NOT to do it.
One of the most important aspects of running a business is, know your numbers! If you are not serious about bookkeeping and accounting then hire someone to help. We see businesses time and time again that neglect this part of the business. This is a critical part to making your business a lasting success. One thing that is often overlooked is how valuable good bookkeeping and accounting is when you go to sell your storage facility. It can make a huge difference in what someone might be willing to pay you if they know and can see that your books are clean and up to date. One of the other things that is often overlooked is setting up the right entity for your business and using the tax laws to your advantage. This is crucial to making sure you don’t overpay on your tax bill and nobody likes to overpay on their taxes. We feel so strongly about this topic that we again started a division of our company called Truview Advisors ran by CPA’s that can help provide these services to you and your facility..
For a free consultation or if you just need advice on the accounting needs for your self storage business, give us a call at (888) 958-5967.