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Bookkeeping Services | Three Tips for Organizing Your Financial Records

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Bookkeeping Services | Three Tips for Organizing Your Financial Records

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Ann-Willett-Thomas-for-web.jpgMany business owners live in fear of one word: audit. Often this fear has little to do with any possible result of an audit. Rather, it’s a fear of having to go through your records at the last minute, sorting through heaps of old documents and receipts in a desperate attempt to get organized. However, an ounce of prevention is worth a pound of cure, and that means the time to get organized is now. Here are some tips on how to get your financial records organized ahead of time:

1. Call in a Pro

Using a bookkeeping services provider to handle your financial recordkeeping is a great way to make sure your books are being organized regularly and thoroughly. Outsourcing bookkeeping to experts will take away much of the stress and the guesswork that can be involved in the process. Of course, as a business owner, it is crucial to stay involved with your bookkeepers. By only putting aside 15 to 20 minutes each week to check in with your team, you will not only make sure your books are in order, but you’ll have better insight into your business’ financial situation as your business grows.

2. Use Accounting Software

There are so many great online tools to help you manage your business’ books. By automating processes, these tools take much of the grunt work out of accounting and make it easier to work with both bookkeepers and CPAs. The other big benefit of these accounting software solutions is the ability to go paperless. Some of them, such as Bill.com, Tallie, and QuickBooks Online, allow you to store and save important documents, receipts, and pay slips, eliminating the need for a giant, overstuffed filing cabinet.

3. Know What’s Expected

Gaining knowledge about what the IRS expects is a helpful way to prepare for paying taxes. Check in on the IRS website to find out what kind of recordkeeping is necessary. You’ll learn which industry specific records are required of your business. Work out a system with your bookkeeping professional to save and organize the necessary documents so that they will be safe and easy to access when you need them.

For more information about business applications, read Lori Kunkel’s blog Making use of the Best Business Apps, and for inspiration about getting organized, read Elliot Hershik’s blog Managing March Madness.


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Legal and Tax Disclaimer

This website is created by Supporting Strategies to provide general bookkeeping and accounting information only. Supporting Strategies does not provide tax, legal or accounting advice, and the information contained herein is not intended to do so. As such, the information provided should not be used as a substitute for consultation with professional tax, legal, and accounting advisors, and you should consult with a tax, legal and accounting professional before engaging in any transaction.