With all that is going on with your business, you probably have been focusing on growing. Right? Now, the end of the year is fast approaching and you haven’t found the time to catch up with your books. You have piles of receipts stored in various places.
Do you have a plan to speed up the process to record those records?
No…
Yeah, we thought you’d say that. Let MD Bookkeeping & Internet Services LLC help you come up with a plan to get those records caught up and ready for tax time.
Let’s get organized!
- Stack the receipts by category.
- Either clip or bag those receipts so they stay together.
- Turn on your computer and open up your accounting system (QuickBooks, Excel, etc)
- Go to your vendor center and start putting them in. (If they are credit card charges, use the bank menu and select credit card).
- As you go through each stack, put a check mark on the back of the receipt so you know it is in the system.
- Re-clip or re-bag the finished items and put a post-it note in with them saying “in system.”
- Repeat processes 1 through 6 until they are all done.
- Pull out your Paypal, Stripe, Square and other financial statements and start recording any income that has not been previously recorded.
- Reconcile the financial statements.
- Review your financial reports- Profit and Loss and Balance Sheet.
Once you have put all your information together, look at those financial reports- does the Net Profit match on both reports? Did you find any expenses that you were not sure how to record them? This is where most business owners and entrepreneurs get confused- the Net Profit doesn’t match or something doesn’t look right.
This process can be frustrating and downright traumatizing for some small business owners. This is where we come in. Our professionals specialize in getting your records caught up and ready for tax time. With MD Bookkeeping & Internet Services LLC on your side, you can focus on your business and avoid taking care of that horrendous task that you’ve put off for the whole year. After all, you have better things to do with your time. Right? You need to grow your business and help that client who had an issue. There are a million other things you would rather do, than handle all that paperwork.
What matters most is that you have your records ready for tax time. Tax time is fast approaching and you have deadlines that cannot be missed. The best plan for you is to utilize our bookkeeping services. We will handle your books year round. Having MD Bookkeeping & Internet Services LLC handle your books year round will come in handy, not just for tax time, but you will also have reports ready for lenders and for management purposes.
Give us a call today or fill out this form for a free consultation to see how we can solve your accounting, bookkeeping and tax preparation problems!
Hi there, thanks for the great tips by the way.
However, I do have a question that I think you could answer for me.
I was wondering what major accounting, finance, and/or bookkeeping challenges do small businesses face?
If you could give me some insight I would greatly appreciate it!
The best way to answer your question is to ask a question. Have you taken the time to talk to businesses and bankers in your area to get a feel of what is going on in your community? Taking the time to talk to others is how you will find the answer to your question. Get out there and talk to your community because they want to know you and that you care about them. Each community is a little different than the next. Some communities have an abundance of Mom and Pop shops, while others have a lot of commercial businesses with very few Mom and Pop shops. If you are unsure about how to go to your talk to your community, then look for some networking opportunities and go visit with them. The people in the networking groups are wonderful people and want to help their business grow and in turn want to help your business grow.
You got yourself a new rader.
We are happy to have you as a reader.