Kansas Sole Proprietorships – Ensuring You Keep Accurate Financial and Tax Records

Sole proprietorships could theoretically be as large as one wants.  However, most Kansas sole proprietorships are small businesses.  As a sole proprietor, keeping business financial records separate from personal financial records is extremely important.  Even though sole proprietors include both personal and business financial income and debt on their tax returns, it is still essential to document what income and expenses are business-related, and what income and/or expenses that are not business-related.  This may not seem like a difficult task from the outside looking in.

However, this task can become quite difficult if business owners and professionals do not keep up to date on records.  It is hard to go back in time and ensure the accuracy of financial documents, and documents that slip through the cracks and do not get recorded have the potential to place your professional license at risk if the mistake(s) somehow harms a client, patient, or other party.  If mistakes can be remedied, no long-term issue is likely to result.  In situations where accounting mistakes are very costly, it is crucial that you have the strongest professional license defense attorney possible standing by your side and advocating for your rights and interests.

How Sole Proprietorships Can Avoid Accounting Mistakes

While it is difficult for busy sole proprietors to stay on top of accounting and tax matters on their own, it is imperative that there is one staff member or third-party agency dedicated to only handling the business’s financial matters.  Many sole proprietors try to juggle everything in order to cut down on costs and keep everything in house.  This is something that does not work when existing staff members are multi-tasking.  Working with numbers in addition to other tasks can result in confusion and honest mistakes that have the potential to substantially alter the business’s financial information.

The best thing to do if it is not possible for an in-house employee to handle financial matters is to work with a third-party agency that is dedicated specifically for this purpose.  This relieves you, as the sole proprietor, of the burden of worrying whether or not someone is staying on top of the business’s financial matters.  If you feel you do have a good handle on your business’s financial situation, and that all records are in order, it is important to keep in mind that a time may come when you will need assistance to continue accurate record-keeping.  It is sometimes surprising for people to learn that inadequate record-keeping is a common cause of problems that can lead to the loss of a professional license in the state of Kansas as well as most other states.

Contact Danielle Sanger of the Sanger Law Office Today to Schedule Your Free Consultation

If you are a sole proprietor and you are facing disciplinary action or the potential loss of your Kansas professional license, contacting a Kansas Professional License Defense Attorney is the best decision you can make.  Whether you simply have questions or you need an attorney to represent you, speaking with a skilled legal professional will help you have a better understanding of what you are facing.  It isn’t always easy to keep track of your financial records, and mistakes are bound to happen from time to time.  As a Kansas professional and sole proprietor facing the potential suspension or revocation of your professional license, you have a right to present your side of the facts and prove why you should be able to keep your license.  Kansas Professional License Defense Attorney Danielle Sanger of the Sanger Law Office has spent her career helping other professionals keep their licenses.  Danielle Sanger is a former Assistant Attorney General of Kansas, and this prosecutorial experience helps her provide her clients with unique legal representation.  If you would like to schedule a free consultation with Danielle Sanger, contact the Sanger Law Office today by calling (785) 979-4353.