Spring is finally among us, a time for rejuvenation, blooming flowers and warmer temperatures. The longer days also usher in Spring Cleaning time!
Continue reading below for tips on how to keep your bookkeeping and business accounting tidy:
Organize For Spic and Span Bookkeeping
Before diving into the deep cleaning of it all, reconcile your books and enter all of your expenses. Ensure opening balances and credit card reports are all lining up. Also, when spring cleaning your bookkeeping, it’s important that you separate your personal transactions from your business ones, so different bank accounts are best for tracking expenses. Don’t forget travel expenses, business lunches, office supplies, mileage, in essence, anything that can affect your taxes.
Go For Spotless Filings For Sparkling Books
Do you employ full time employees or work mostly with independent contractors? You may even have a mix of both, so signed W-9 and W-2 forms are crucial. You want to have the most current employee information including social security numbers and addresses. Do a little bit of research online to check for any regulatory changes or other factors that can impact your fillings. Federal law requires all employers for withholding purposes, to report all new hires to their state agency. So even if you just hired one employee, make sure all appropriate forms are signed, sealed and delivered as they say.
Record Deposits Accurately For Stainless Business Accounting
Keeping your financials regularly and correctly make for an easier spring cleaning. There are many, easy-to-use systems such as Excel spreadsheets or even Quickbooks. You want to make sure to include not only your direct business profits, but also bank loans, commissions or other cash infusions. Remember, some deposits aren’t income, and you don’t have to pay taxes on that money. That’s where properly recording and tracking your deposits come in handy.
Develop A Plan For Easier Spring Cleaning Next Year
Once you’ve found a bookkeeping system that works for you, stick to it for regular updates and tidier books in the future. You can set up a convenient schedule for yourself, just pick a specific day of the week and time slot that you can dedicate to your business accounting. Eventually, your system will turn into a routine and get easier.
You can also set up a specific features if you’re using an online bookkeeping software or app to make things more systematic. Try banking rules to automatically categorize reoccurring transactions like insurance bills, office rent, online subscriptions and those sorts of expenses. Ensure missing data is entered, accounts payables and receivables are balanced and equity accounts are accurate with recorded ownership.
Tidy Up With Virtual Bookkeeping
Outsource your small business accounting to a virtual bookkeeping company that’s reputable and experienced. Consider hiring the 30-year veteran Manal Olivier from a Miami Beach bookkeeping company to take care of it all on your behalf. With YourBookKeepingDept.com, everything from reconciliation accounting to payroll, financial oversight and even worker’s comp issues is handled at an affordable price. You can cut your office costs by nearly half with outsourced bookkeeping and focus more on how to grow your business.
Whether you’re an attorney, medical practitioner or own a retail business, expert remote bookkeeper Manal Olivier can help. The Miami Beach accountant has over three decades of experience and has been in business since 1996. Manal Olivier is active in various accounting organizations including the National Association of Tax Professionals, the American Institute of Professional Bookkeepers and the Miami Dade Gay/Lesbian Chambers of Commerce so you’ll definitely be in good hands.