Are you tired of the mad rush to get your bookkeeping in order to file your taxes?
Happy holidays everyone! It is that time of year again and you know what that means, tax season is just around the corner.
Tax season can be relatively easy and painless or it can be a hectic and stressful time of the year. How was last years tax season for you? If last year was stressful and time consuming than I’ve got some advice for you.
Keep your bookkeeping in order and up to date year round. That’s right, when you stay on top of your bookkeeping you will not only be ready for tax season but you will also have complete, accurate, and up-to-date financial statements that you can use to make informed financial decisions.
Now that you have valuable accurate data, use it! Take the time every month to go over your financial statements, look for trends, look for outliers, look for opportunities to save money by reducing expenses, increase revenue by increasing your billable hours, look to outsource tasks that you do that are not creating revenue, be sure to track your jobs, know which jobs are profitable and which jobs are not profitable, learn from your mistakes and grow.
You should be personally involved in analyzing the data from your bookkeeping but you should focus most of your time on high value activities. That is to say, don’t spend your valuable time doing bookkeeping, have a great bookkeeper keep your bookkeeping up to date, analyze the data with your bookkeeper, set goals and strategies with your bookkeeper, and focus nearly all of your time working billable hours.
If you want to have a stress free tax season and want to reach your goals you will need complete, accurate, and up-to-date financial statements and you will need to use them. If you do not currently have a bookkeeper, you’re completing your own bookkeeping, or you are looking to upgrade your bookkeeper consider scheduling a free consultation with me here or send me an e-mail at bradyknudson@thecornerstonebookkeeper.com
For more information see my other blogs Foundations and 3 reasons why you need a GREAT bookkeeper
Also be sure to review my website at https://www.thecornerstonebookkeeper.com/
