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Keeping your business records in tip-top shape not only helps you input the right amount of business revenue and expenses. It also helps you side-step and avoid MAJOR tax penalties, in addition to saving you time, energy and stress! It also helps to meet applicable quarterly sales tax, as well as federal and state payroll tax obligations. Besides, if the IRS or state tax authorities ever decide to audit your company, having accurate bookkeeping means you’ll not only be ready, but that you’ll also pass. Here are 10 bookkeeping tips to make tax time much easier to handle.\n\n \n\n

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top 10 book keeping tips
TOP 10 BOOK KEEPING TIPS

The Balance Sheet Inc

https://www.taxaccountingbookkeeping.com/

why you need excellent bookkeeping

Why You Need Excellent Bookkeeping

  • Avoid tax penalties
  • Save time, energy and stress
  • Meet all tax obligations
benefits of bookkeeping

Benefits of Bookkeeping

  • Cash Management Benefits
  • Business Decision Benefits
  • Compliance Benefits
business decision benefits of bookkeeping

Business Decision Benefits of Bookkeeping

  • Avoidance of cash flow problems
  • Identification of lucrative opportunities
  • Ways to decrease spending and increase savings/income
cash management benefits of bookkeeping

Cash Management Benefits of Bookkeeping

  • Creation of a business budget
  • Tracking profit or loss
  • Implementation of Financial Paper Trail
compliance benefits of bookkeeping

Compliance Benefits of Bookkeeping

  • Compliance with business tax laws
  • Ability to pay taxes and workers’ compensation
  • Precautionary measure in case of audits
additional benefits of bookkeeping

Additional Benefits of Bookkeeping

  • Fraud and embezzlement protection
  • Detection of suspicious transactions
planning is key

Planning is key!

  • Planning for upcoming business expenditures 
  • Planning for annual taxes 
  • Planning for growth
schedule your time

Schedule your time

  • Don’t leave it to the end of the year
  • Schedule some time on a weekly or monthly basis to update your books
  • Stick to a schedule to stay current with your finances 
let the balance sheet inc help you

Let

The Balance Sheet INC

help you!

keep business business and personal personal

Keep business business and personal personal! Comingling funds creates difficulties with deductions and audits.

  • Remember: Business expenses are tax-deductible
  • Keep each in separate bank accounts.
have a tracking system

Have a tracking system

  • Use a credit or debit card to track your expenses (or checks if you're old-school)
  • Ensure costs incurred are true business expenses
  • Avoid cash as it’s more complex to track
invest in great software

Invest in Great Software

  • Invest in reliable bookkeeping software 
  • Advantages: Significant time savings and accuracy of cash flow
  • Customized for your industry and business
  • Get a professional's help to set it up
check your invoices

Check your invoices!

  • Keep track of incoming invoices 
  • Continuously review outstanding payables
  • Follow up as necessary
invest in a professional

Invest in a Professional!

  • Invest in a pro! (Can't stress this enough!) 
  • Advantages: Time savings and tax/business planning and advice
go paperless

Go Paperless!

  • Use cloud-based accounting
  • Pick software tailored for small businesses
  • Access your business information from anywhere
reconcile bank accounts monthly

Reconcile bank accounts monthly

  • Double-check bank records
  • Reconcile withdrawals and deposits
  • Resolve discrepancies in timely manner
keep track of receivables

Keep track of receivables

  • Track business receivables monthly
  • Regularly run accounts receivable reports
  • Follow up on outstanding payments
set up a basic accounting system
Set Up A Basic Accounting System
  • Pick a cash or accrual-based system
  • Select a manual vs. electronic system
  • Electronic options: Software, Web-based, and Spreadsheets
  • Leverage the power of Cloud Accounting
should you invest in bookkeeping services

Should you invest in Bookkeeping Services

  • Consider the costs involved
  • Measure the potential impact on business
bookkeeping advantages

Bookkeeping Advantages

  • Bookkeeping helps your business run smoothly
  • Bookkeeping keeps business records accurate
  • Bookkeeping keeps your business in compliance
the balance sheet inc 5725 corporate way suite

The Balance Sheet, Inc.

5725 Corporate Way, Suite 205

West Palm Beach, FL 33407

Phone: (561) 501-3080

Fax: (855) 460-1629

  • https://www.taxaccountingbookkeeping.com/