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Top Ten Bookkeeping Tips

Keeping your business records in tip-top shape not only helps you input the right amount of business revenue and expenses. It also helps you side-step and avoid MAJOR tax penalties, in addition to saving you time, energy and stress! It also helps to meet applicable quarterly sales tax, as well as federal and state payroll tax obligations. Besides, if the IRS or state tax authorities ever decide to audit your company, having accurate bookkeeping means you’ll not only be ready, but that you’ll also pass. Here are 10 bookkeeping tips to make tax time much easier to handle.<br><br> <br><br>

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Top Ten Bookkeeping Tips

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  1. TOP 10 BOOK KEEPING TIPS The Balance Sheet Inc https://www.taxaccountingbookkeeping.com/

  2. Why You Need Excellent Bookkeeping • Avoid tax penalties • Save time, energy and stress • Meet all tax obligations

  3. Benefits of Bookkeeping • Cash Management Benefits • Business Decision Benefits • Compliance Benefits

  4. Business Decision Benefits of Bookkeeping • Avoidance of cash flow problems • Identification of lucrative opportunities • Ways to decrease spending and increase savings/income

  5. Cash Management Benefits of Bookkeeping • Creation of a business budget • Tracking profit or loss • Implementation of Financial Paper Trail

  6. Compliance Benefits of Bookkeeping • Compliance with business tax laws • Ability to pay taxes and workers’ compensation • Precautionary measure in case of audits

  7. Additional Benefits of Bookkeeping • Fraud and embezzlement protection • Detection of suspicious transactions

  8. Planning is key! • Planning for upcoming business expenditures  • Planning for annual taxes  • Planning for growth

  9. Schedule your time • Don’t leave it to the end of the year • Schedule some time on a weekly or monthly basis to update your books • Stick to a schedule to stay current with your finances 

  10. Got Bookkeeping?

  11. Is your bookkeeping helping or hurting your business?

  12. Let The Balance Sheet INC help you!

  13. Separate business and personal expenses

  14. Keep business business and personal personal! Comingling funds creates difficulties with deductions and audits. • Remember: Business expenses are tax-deductible • Keep each in separate bank accounts.

  15. Have a tracking system • Use a credit or debit card to track your expenses (or checks if you're old-school) • Ensure costs incurred are true business expenses • Avoid cash as it’s more complex to track

  16. Invest in Great Software • Invest in reliable bookkeeping software  • Advantages: Significant time savings and accuracy of cash flow • Customized for your industry and business • Get a professional's help to set it up

  17. Check your invoices! • Keep track of incoming invoices  • Continuously review outstanding payables • Follow up as necessary

  18. Invest in a Professional! • Invest in a pro! (Can't stress this enough!)  • Advantages: Time savings and tax/business planning and advice

  19. Go Paperless! • Use cloud-based accounting • Pick software tailored for small businesses • Access your business information from anywhere

  20. Reconcile bank accounts monthly • Double-check bank records • Reconcile withdrawals and deposits • Resolve discrepancies in timely manner

  21. Keep track of receivables • Track business receivables monthly • Regularly run accounts receivable reports • Follow up on outstanding payments

  22. Set Up A Basic Accounting System • Pick a cash or accrual-based system • Select a manual vs. electronic system • Electronic options: Software, Web-based, and Spreadsheets • Leverage the power of Cloud Accounting

  23. Should you invest in Bookkeeping Services • Consider the costs involved • Measure the potential impact on business

  24. Bookkeeping Advantages • Bookkeeping helps your business run smoothly • Bookkeeping keeps business records accurate • Bookkeeping keeps your business in compliance

  25. The Balance Sheet INC

  26. The Balance Sheet, Inc. 5725 Corporate Way, Suite 205 West Palm Beach, FL 33407 Phone: (561) 501-3080 Fax: (855) 460-1629 • https://www.taxaccountingbookkeeping.com/

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