Unless you are an accountant, the last thing on your mind is probably bookkeeping. However, whether you like bookkeeping or not, it is important to the health of your business. This is especially true if you are looking for a business loan, as you will need to ensure that the following 5 items are balanced before you can receive a capital raise. So if you are thinking about how to get a working capital loan, then you need to read this article.
1. Taxes Payable
We must pay our fair share, but the tax laws exist for the benefit of small business owners. I realize some of you are doing a double take after reading the previous sentence, but it is true. The tax code helps small business owners to offset the investments they have made in their business in the form of tax credits.