Tax Tip: Keep your Books Updated!
The end of the year can be a stressful time for business owners. One way to alleviate that stress is by keeping your books updated throughout the year.
Having updated books makes planning easier and takes some of the surprise out of tax time.
Here are three tips for making bookkeeping easier
- Keep business and personal bank accounts separate – have one (or more) for each
- Enter receipts on a timely basis.
- Be consistent with expenses – categorize using set accounts that make sense to you.
Automated accounting software can also make bookkeeping easier. Bookkeeping does not have to be time consuming and strenuous. Modern bookkeeping can be done on-the-go. There are options to reconcile accounts on your phone and computer in short amounts of time.