#taxations

Rather, taxation is the only mechanism society has to bill people for their use of the commons.

If you don’t bill for the use of the commons, then the commons is depleted with no way to replenish it.

The people who gain most from the use of the commons are precisely those who drain it the most, and therefore must be billed the most. Taxation is not an exact form of accounting, but it is a roughly equitable way to adjust gross income for repayment to and replenishment of the commons.

What is the commons? It is the cumulative assets of society. It is exactly everything in excess of what one person can create with her own hands — that is, everything above a cave, animal skins, foraged berries and stone tools.

All the rest of an individual’s wealth depends on the collective work of society.

The commons includes the obvious, like roads and bridges, armies and police forces, a system of currency, dams, waterworks, electrical grids, the internet.

And the commons includes the less obvious, like the accumulation and preservation of knowledge, the commercial networks that allow one to buy a plow or a car or a computer, the glue of language, the freedoms of religion and speech, the ability to draw on the work force, the use of communication avenues for advertising, the maintenance of a health system to keep the work force going and keep the population sane, the systems established to provide for the aged-out portion of the population until death. It also includes all the raw resources that exist below and above a nation: the minerals, the earth, the air, the water, and the animals that dwell therein.

When someone draws upon the assets of a society, she owes the society compensation for that draw. We call that 'taxation.' The more one draws upon social assets — the more 'money' that one 'makes' — the more one owes society in compensation. This is obviously and fundamentally fair, not a burden the weak impose on the strong. Society allows those who produce 'more' to be richer, but society has no obligation to permit anyone to use the commons without paying for it commensurately, and even progressively."

Economics are the guiding principles of organizations and startups a like. A business is the transaction of goods or services in return for money or financial gains. However, as much as we all love money, keeping track of it is probably the most time consuming and excruciating task for business owners. For startups, it is the most crucial function, as every single dollar has to be accounted for and reflected to make ends meet. Accountancy at its core is an essential business process, which is many a times disregarded by business owners. Making time for bookkeeping and account management reduces the time spent on other essential business processes. Here are some helpful steps that can guide you towards the right way of accounting for small businesses.

Consult with professionals early on

Getting it right the first time is especially important for startups and their accounting processes. As they are highly dependent on financiers and investors, which means that, their accounts and books need to be pristine. Along with showing the returns to investors, small businesses need to understand the divisions of company shares and be able to thoroughly articulate the worth of the business along with the correct proportionate amount of shares to be owned by each share holder. That is why small businesses need to consult with professional bookkeeping and tax consultants.

However, hiring services of accountants is highly expensive, and thus making it one of the major reasons why small businesses opt out of getting them onboard. Technology has however made major reductions on these expenses, by the creation of virtual accountancy services such as Monily.

Don’t do it yourself

Managing and keeping control over everything is the ambition of all businesses owners. However, the ground realities make it next to impossible for business owners to have eyes and a portion of their brains being used in every aspect of the business. Especially one such as bookkeeping and taxations for the business should be left in the hands of the experts. Bringing a small business accountant on board helps, you focus on the business’s core functions that are essential for its well-being. As much as the need to track your small business’s financials might be, it is best if you let expert bookkeepers for small businesses to manage your books and your taxes.

The best way of how to do small business accounting is to let experts such as Monily handle them.

Organize and keep track

The only way to successfully manage anything, from inventory to customer base to businesses financials is being organized. When you have everything, you need in a single platform for bookkeeping and taxations, by outsourcing this business function you are able to keep track of things in a more visual and understandable manner. Keeping important documents essential for taxations in an orderly manner can save you from a world of trouble and hard work. By having Monily, a small businessfinancials and accountancy firm helps you maintain all-important documents such as receipts and proofs of expenses as well as your books.

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