Many entrepreneurs make the mistake of not monitoring their business finances regularly. They may delegate this responsibility to someone else and have little insight into how the company is doing.
Failing to monitor your finances can leave your business more vulnerable to cash flow issues and fraud. It'll also be harder to make informed decisions about hiring and long-term investments.
Adequate tax preparation will make tax season much less stressful and help you avoid unnecessary fines and penalties. If you underpay throughout the year, you may get hit with a penalty.
It's a good idea to work with an accountant who can let you know how much you owe quarterly.
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