BOOKKEEPING, DEADLINES, AND TAX TIME, OH MY!

Quick pop quiz!  Do you know how often you should be doing your small business bookkeeping? 

Is it:

(A) Every week?

(B) Every month?  Or

(C) Once a year in a panic when your accountant asks about it at tax time?

Now, hopefully, you already know it’s not C (even if that’s the way it may happen for you most years!)

The answer is (B), every month! (At the bare minimum) 

But … do you know exactly which bookkeeping tasks need to be done … and when?  

For example, some bookkeeping tasks only need to be done every quarter – and others should be done every week or every day!

In case you’re curious, here’s a quick checklist summary of what you should be doing and when:

  DAILY – Check your bank account

  WEEKLY – File receipts, review and pay vendors, prepare and send invoices to clients

  MONTHLY – Reconcile your bank accounts, review past due invoices, review financial reports

  QUARTERLY – Review quarterly payroll reports, make quarterly sales tax payments

  ANNUALLY – Fill out IRS forms W-2 and 1099-MISC, review + file annual federal tax return

So – what about you?  How often do you sit down and take care of your bookkeeping for your small business?

It looks like a lot all laid out like this!  But once you get into a rhythm and schedule your bookkeeping time + tasks, I promise, it will take less time than you think.

But, of course, if bookkeeping to-do lists just aren’t your jam, and you don’t want to worry about tracking all of the weekly, monthly + quarterly things to do …!  

Then just reach out

Every bit of this is exactly what we handle for our clients on a daily (weekly, monthly + quarterly!) basis – and of course, we’d love to help you, too!

Just schedule a free consultation call today to get started!

#abacus #growth