Taking Time to Organize Your Books
The pace of running a business is intense. There is always something coming at you, and the last thing you want to deal with is billing, payments, reconciling bank accounts, etc. Believe me, I completely understand. The problem is that I have seen businesses end up paying more in the end to clean up a mess than it would cost, both in time and money, to keep on top of it to begin with.
A successful business sets time for monthly bookkeeping. A basic rule is that EACH MONTH needs a bank reconciliation. This can be time consuming depending on your activity, but it is an absolute necessity to make sure your books match the actuals. Even it you are not sure where the revenue or expense needs to be categorized, you need to get it into your system. QuickBooks is the system of choice for us and our clients. You can create an account that is called “Uncategorized Income” or “Uncategorized Expenses”, and then get back to it when you can. But, generally, by the 15th of each month, the previous month should be “closed”, and your accounts should all be reconciled. Contact our office if you need assistance to understand how to reconcile your bank accounts. We can provide a one time tutorial to get you on track or we can provide limited monthly attention to keep you on track.
The new tax law has many changes, and there are many strategies that you can take advantage of using TAX PLANNING. September is a prime time to look at your year-to-date to determine where you are at in terms of TAXES for 2018. There are four more months to make adjustments to your business to save money. Please contact me if you’d like to set up an appointment.
And, remember to reconcile those accounts! December will be here before you know it.