When you own and run a small business, it can be easy to wear too many hats all at once. You can find yourself working around the clock and still not getting everything done that needs to be done. One thing that sometimes falls through the cracks is the bookkeeping. It is an easy thing to let slide, but it can be a pain to try and get them cleaned up and caught up again. Mark Dicus & Company is here to share some tips to help you clean up your books.
Review & Clean Up Accounts Receivables
Staying on top of your accounts receivables should be a top priority. This can save you from dealing with a big headache at the end of the year. You need to send reminders to any invoices that are outstanding. You may even need to send out a completely new invoice if needed. Gather up all the past due invoices so that they can either be written off or collected. When you aren’t able to collect on an invoice and it has been over 30 days, you may be able to write it off.
Monitor Accounts Payable
You always want to stay on top of any bills that you need to be paying. This is especially true as the end of the year gets closer and closer. Pay any credit card balances and vendor payments that you owe. Sometimes, you may not be able to completely take care of them and pay them off, but you should at the very least, pay out as much as you possibly can. Pay off debts that carry the highest interest rates and work on getting rid of the debts completely.
Organize Receipts & Invoices
You need to have the right documentation to confirm your books. It is important to remember that your credit card statement will not be enough to do this. You need to have the original receipts and invoices. This will make it so much easier to work with an accountant when tax time comes around.
Gather All Necessary Tax Information
This is important especially as the year comes to an end, but you need to have all of your information gathered so that you can submit W-2 Forms for payroll and your vendor 1099s. You are going to want to have this taken care of to make things easier of yourself.
Meet With Your Accountant
Once you have gathered all of your information, your receipts and invoices are where they need to be, and you have accounts receivable and accounts payable in order, you will want to sit down with your accountant and make sure all your ducks are in order.
Bookkeepers, Accountants, Consultants & More in Summerlin, North LV, Henderson, Lone Mountain Village & Greater Las Vegas, Nevada
If you’re having a difficult time keeping track of everything necessary to keep your books neat and tidy, you may want to consider handing off the bookkeeping to the professionals at Mark Dicus & Company. Call us today!