Hire A Bookkeeper If… You’re Afraid of Year End Accounting For Your Business
In a couple of weeks it will be November. We can’t believe it either! Don’t let year end accounting for your business fear you! One of the reasons business owners hire bookkeepers is because we aren’t emotionally attached to the money. We are able to enter the transactions, categorize the items and handle all of the year end accounting for your business without being afraid of it.
What We Need
For starters, we need to have all of your statements. For each of the bank accounts, credit card accounts, vendor accounts, etc. When you are looking at your bank statement, if you see a payment to another account, you guessed it! We need the statement. Gather all of your statements, make sure you have each month. We will need every statement for the year, or since the account opened, depending on how far back we are going. Receipts are preferred as well, but if you don’t have them, you don’t have them.
When We Will Need It
ASAP!!! We can’t stress this enough! It is already heading into November and we want you to have time to plan for taxes if it isn’t too late. Having an appointment with a tax planner can save you thousands of dollars. If you are a corporation, we still have time to convert some of your “Owner’s Draws” that should have been taken as payroll to payroll! We will also be able to look at how much you have paid out to vendors who should be 1099’d in January.
Speaking of 1099’s…
Get together your W-9 forms! As a rule of thumb, you shouldn’t pay a vendor until they have given you a W-9 Form. How do you get one from them? It is much easier when you have a check in your hand! From here forward, make it a policy to ONLY give them or mail the check once you have a signed W-9 form with all of the information on it.
Saving Money on Bookkeeping/Tax Preparation Fees
Everyone wants to save money. We want to save you money and billable fees! Make sure your documents are in order when you give them to us if you want to save time. We have clients who give us a big box of items that haven’t been sorted. This takes a lot of our time to get things in order before we can even start working on your year end accounting for your business. If you want to save money, make sure your documents are in order by month for your year end accounting for your business.
Keep Your Eye Out!
Items will start coming in the mail. It is important that you keep you eye out for any tax statements that you will be receiving. You will need these in order to get your taxes prepared. If you don’t save these items and set them apart from the rest of your papers, the tax professional will have to obtain a Power of Attorney in order to get them. Again, save yourself time by keeping an eye out for these important documents for your year end accounting for your business.
Stop Procrastinating. Seriously.
Do you know how to get out of a hole? Stop digging. Seriously! If you need help, ask for it. Procrastinating will only make the problem worse. We are here to help and are not emotionally attached to your situation. The time is now, pick up the phone and call us 916-480-1225. Depending on your situation, this could all be resolved in a matter of weeks. In other words, no more fears, you could be sleeping like a baby!
