Review your financial reports for the year before and make sure that your bookkeeping is organized for the year ahead.
Financial Reports and Statements come into play when you least expect it. It’s important to stay on top of your reports because investors, creditors, and banks look at these to analyze a company’s performance and overall standing. It’s a good rule of thumb to review your statements to ensure accuracy and thoroughness.
Stay organized! We’re still early on in the year and starting off on the right foot can make this your easiest year of bookkeeping yet. Here are some tips we’d thought might help:
- Get a separate bank and credit card accounts for personal and business.
- Dedicate a small amount of your time per week to organize your finances.
- Ditch the paper & declutter- the IRS accepts electronic copies of your receipts.
- Store it in the cloud - you can’t do a quick word search through your physical folder of files!
- Sign up for Quickbooks Online to keep your finances organized and ready for taxes.
- Don’t know what you’re doing? Simply, ask for help from a professional.
I’m Behind on Bookkeeping
Is, “I can’t even right now,” your first reaction when you hear, “bookkeeping?” It’s a heavy chore, we get it. If you’re at a loss of where to even start when you need a Profit & Loss Statement, hire a local bookkeeper for a few hundred dollars per month. They can help keep you organized and prepared for taxes. You can also outsource your bookkeeping to a company like Bench.co who provide bookkeeping experts you can depend on.
Staying on top of paperwork is one of the many keys to success when owning your own business. Double checking, or even triple checking your numbers and financial reports safeguards you and your business from future mishaps when those reports have to come into play again. If you have any suggestions or ideas on what works for you when dealing with reports and statements - we’d love to hear them! Feel free to drop us a line in the Contacts section.