Sometimes getting to April 15th seems like a journey. If you have filed your taxes and made your estimated tax deposits, good job! Your business is on a successful path but think about how you got to this place. Or maybe your taxes didn’t get filed because you couldn’t get the work done on time. Either way, now is the time to evaluate your processes and make changes to reach this place next year via a much better route.
Recognize the problem – Why was it a struggle or didn’t get done at all?
Did you spend hours during the day that you could have been working on your business. Worse still, did you spend hours after work that you could have been spending with your family, friends or on your self-care.
How do your transactions make it from cash register to bank register?
Are you constantly chasing receipts to manually enter them in your general ledger?
Are invoices, payments and deposits properly entered and recorded for accurate financial reports?
Is there now a pile of receipts and invoices from last year that need to be filed?
Are your financial records in real time or are they months behind rendering them virtually useless for your day-to-day business decisions.
Evaluate the need – Is this something you should be doing and/or are there better workflows?
First, you need a system that creates organizations through improved workflows and best practices. This will enable you to properly record, categorize, and store your financial information in a timely manner. Next, you need the knowledge and expertise to avoid oversights and mistakes. In addition, you need someone to help you put these in place and provide periodic reviews to verify accuracy. So why not have someone take care of this work so you can go back to working on your business instead of in your business.
Implement a solution – Use integrated applications and hire a bookkeeper!
Use applications to streamline your business practices in areas from receipt management, general ledger workflows, and data importing to secure document storage. These applications improve workflow, increase productivity, and reduce errors.
A better solution, however, would be to hire a bookkeeper. They have the knowledge to put these systems in place, oversee their uses, and verify the integrity of your financial records. Next year at this time you will be happy you took this new path to timely taxes and financial success.
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