It's 2022 and it's been awhile since we did a blog! Now that we have completed Quarter 1 of 2022 we thought this was a great way to get in to the year.
The IRS has been understaffed and busier than ever with all the new filings and forms that have come with the stimilus packages. While they are distracted, let's focus on getting your books caught up and ready!
As a small business owner you should be reviewing your profit and loss monthly, which means you should be categorizing all of your transactions and running this report at the end of each month. In order to get good reports you have to run a tight ship and make sure you are keeping your books clean.
Tip #1 - Have a system.
Whether it's a simple handwritten ledger or an online accounting system like Quickbooks or Xero, you need to have a system.
Tip #2 - Have a routine
Set aside dedicated time, once a week, once every two weeks, or once a month to categorize your income and expenses in your system. If you need accountability, have a friend or colleague hold you accountable. If you need to schedule a paid one-on-one session to ensure you show up, head over to our "services" section and book time with Allie or Ian.
“Life is like accounting, everything must be balanced.” – Unknown
Tip #3 - Have another set of eyes
It is always to have another person looking over your work and ensuring quality and accuracy. Here at the Business Shoppe we offer consulting and advising by the hour! Click the link below to book some time to have us review your accounts and ask tax questions!
Tip #4 - Listen to the Pros!
The advice your professionals are giving you is valid and important. We have been doing this for awhile we know a thing or two. Investing in good tax advising, bookkeeping, or consulting services. Take their advice, make a plan to implement their recommendations. Follow accounting, consulting, bookkeeping accounts on social media and get tips!
Tip #5 - If you don't know, let it go.
FInally, if your books feel too overwhelming, if you get too busy, or if you just plain don't want to do them, delegate this task to someone you trust or to a bookkeeping agency. Your books are the lifeblood of your business. They are not optional to running a successful business. Have a plan for what you are or are not willing to do. We have full service packages as low as $275 a month!