As a Business Owner or Executive, your time is allocated whether you like it or not and you do NOT want the IRS coming after you.
Running a business or a company takes a lot of time – a lot of your time. And falling behind on your books can spell disaster for your financials and operation-including tax penalties, missed deductions and so many more pitfalls just waiting to engulf your business.
Has this happened? Your books are already behind because you’re simply too busy to review your books or keep them current.
Or, maybe you’ve thrown your hands up at it all and need help right now.
Let me rescue your books and your business, today. I’m your 15+ year Master Bookkeeper and Outsourced Accounting Department for a third of the cost.
I deliver spot-on, accurate reports weekly, monthly, quarterly, or whenever you like.
Know exactly where your financials stand.
Here are 6 tips on how to keep your books current so you don’t end up in the ring with the IRS, a fight you’re sure to lose on your own.
6 Bookkeeping Tips for Owners & Executives
Your time is limited just like everyone else, but you’re running a business or a company. Whether you do your own books (which you shouldn’t), or you have an in-house team that’s getting behind on your books, here are some bookkeeping tips to keep your books current (and keep the IRS off your doorstep).
#1. Set Up a Bookkeeping Schedule
This can be weekly, monthly, or quarterly, but you want it to be consistent and never missed. You must know where your financials stand so you can make sound business decisions. Your company’s growth depends on your ability to make accurate financial decisions. With your books a mess, those decisions become less reliable because you don’t know your money.
#2. Keep Copies of All Paperwork
Yes, even that receipt from the gas station for a candy bar. Every single transaction ought to have a receipt come along with it. The same goes for invoices and bills. Get a receipt every single time money comes in or goes out of your accounts. Without these receipts, you expose your operation to IRS scrutiny and potential fraud (internally and externally). A “paper trail” is your saving grace if the IRS decides to ask for a receipt from a purchase two years ago.
#3. Prioritize Vendor Payouts
Do not rely on your vendors to manage your account for you. Make sure you keep track of what you owe, what you’ve paid, the payout schedule, and the terms of your agreements. Pay on time at the very least. Ask if paying early will get you a discount. At the very least, pay on time. Never “trust” other people to manage your money for you. That’s on you.
This may sound obvious, but you’d be surprised at how many businesses and companies do not file on time. In most cases, a late filing comes down to not having the time, people, or energy to get it done. There are more important things in a business or company like cash flow, partnerships, and growth. But, the IRS will get their cut, whether you voluntarily offer it or not. File your taxes on time to avoid penalties and the headache of the IRS combing through your books.
#5. Move Toward Digital
While pen and paper are tried and true, digital is a boon to your business. Instead of waiting a few days to get a financial report, you can have it near instant. How? Digital accounting software. As your business or company gets more complex, it’s imperative you keep your books current, transactions in line, and cash flow positive. Digital bookkeeping services and an outsourced accounting department for a third of the cost will help you out a ton.
#6. Outsource Bookkeeping Services & Accounting Department
Whether you run a $500k per year business or a $75M+ per year company, a Master bookkeeper and outsourced accounting department for a third of the cost will save you money, give you back more time, and give clear sight into your financials without the hassle.
If you’re serious about growing your business or company, then let me bring your books current.
How Do I Hire Virtual, Outsourced Bookkeeping & Accounting Services?
Hire me, your Local, Master Outsourced Bookkeeper & Expert Virtual Accountant, today.
I bring your books current the very first time.
I deliver accurate, spot-on reports weekly, monthly, quarterly, or whenever you like without fail.
And, I help you forecast your financial future so you can know exactly where your business stands financially.
Don’t let behind books and inaccurate accounting get in the way of growing your business.