To most people in the U.S., “March Madness” refers to the NCAA Division 1 college basketball tournament. This has become one of the most widely watched sporting events in the world and many people rearrange their work and personal calendars in order to catch the games on TV. This year the games start on March 15th – a date that is significant for another type of March Madness as well.
The second type is the one bookkeeping services professionals see small business owners go through every year when it’s time to get their recordkeeping for the prior year up-to-date. After that, it’s time to pass the required information on to their tax preparer or bookkeeping services firm – most corporations must file their tax returns by March 15th. Basically this is a whole year’s worth of recordkeeping tasks heaped on just a couple of weeks.
This process repeats itself year after year and unfortunately, many business owners just see this as a cost of doing business. The good news is that this process can be simplified by keeping track of this information on a timelier basis throughout the year and eliminating the panic and stress of doing it all at once. Not only does this make for a calmer March, but having this information ready throughout the year can be used to gain an advantage in the marketplace.
More consistent recordkeeping will give you the opportunity to review product lines and determine which should be expanded and which might need to be closed down. Companies can also review their short and long-term cash needs. This gives them the chance to go to outside funding sources while there is still time to negotiate advantageous terms, long before the cash runs out.
Take this opportunity to remove yourself and your company from the stress of this March Tax Madness. Start by approaching your bookkeeping services professional or CPA to see how you can get better organized throughout the year and eliminate this stressful period – leaving you more time this March to sit back and enjoy the tournament!