According to an article from CPA Practice Advisor, there are 10 major signs that must be addressed for a small business to survive.
Although it may seem like a business is well-managed and efficient, it could actually be facing serious unknown financial issues. According to an article from CPA Practice Advisor, there are 10 major signs that must be addressed for a small business to survive.
One major sign stated in the article is finding difficulty paying taxes. As businesses come to learn, numerous taxes must be paid throughout the year, including federal and state income taxes. Most retail businesses must collect and pay sales tax, and they are also responsible for withholding and paying payroll taxes for employees.
Inaccurately collecting and paying taxes can lead to a variety of major financial issues, and it is imperative for businesses to limit their risk and feel protected when it comes to taxes.
Vertex Cloud understands the burden of tax complexity and offers a variety of tax automation solutions for any type of business.
Other signs include: cash flow problems, customer complaints, and delays, deteriorating assets, poor bookkeeping, overdrafts, disappearing owners, bad relationships with creditors and vendors, failing to pay employees, and facing legal action.