The key points covered in the meeting will be listed below:
- Emphasize accurate recordkeeping and documenting everything for tax purposes, using tools like MileIQ, Hurdlr, and QuickBooks.
- Budget extra for payroll taxes and understand the additional costs associated with hiring employees.
- Carefully manage cash flow by prioritizing essential business expenses and building cash reserves.
- Leverage financial data from P&L and balance sheets to make informed operational decisions and reduce costs.
- Seek expert advice from accountants to minimize taxes legally and address bookkeeping and healthcare cost challenges.