Tax season is almost here! Now is the time to prepare your small business for filing. It can be overwhelming to prepare your books for the end of the year, so we’ve got four simple tips to help get you on track for tax time.
Organize Your Accounts and Financial Records
Outline all your business accounts and organize any invoices you sent to customers, receipts, bank, and credit card statements.
Review Your Expenses
Once your accounts are in order and your records organized, you should review expenses and determine your deductions and credits.
Reconciling your books is one of the most important steps in preparing for tax filing. Check that all your figures are accurate and the correct balances are recorded for all accounts.
Prepare Financial Statements
Here’s where your accounting software is an irreplaceable tool! Once data is reviewed and aggregated, accouting software can provide an accurate outline of finances.
If you need assistance preparing your books for tax filing, reach out to us at firstname.lastname@example.org.