Now is the perfect time to sit down and organize your finances, receipts, and all other office work. We are happy to help you stay organized while practicing safe social distancing with over the phone consultations.
Don’t know where to start? We have a few helpful tips for you!
1. Separate Your Business and Personal Finances
Many businesses, especially those starting out intermingle their finances accidentally. Having your finances combined is a disaster waiting to happen! You want to make sure you have a clear picture of your business’s economic health and it will help you tremendously when it’s time to gather all your paperwork and locating deductible expenses for tax season.
2. Track all Transactions
Keeping a record of all transactions, whether it is cash or card, is essential to know your business’s financial status. The best way to keep track is to keep any and all receipts and to keep a log of every penny going in and out of your business. We suggest to make time maybe once a week to keep track and update your log so you are well aware of how your business is doing financially.
3. Review Your Books Often
Avoid organizing your books last minute at all cost! Successful businesses plan accordingly and have a clear picture of their financial health. Reviewing your finances frequently will help you avoid a massive headache during tax season and will enable you to develop plans for the upcoming future for your business.
Keep in mind the new date to file your taxes is now July 15th 2020. The Kael Company Inc. is happy to assist you in preparing and organizing your files for your upcoming filing with an accountant.
Sources: “7 Tips For Keeping Your Accounting Organized”, Daily Bookkeeping (blog), February 11, 2016
