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Bookkeeping concerns consistently slow down during the summer months.
Every year small business owners and entrepreneurs become uninterested in their semi-annual bookkeeping. Outdoor activities and vacationing are related to warm weather.
Summer makes it pleasant to travel, soak up the sun, enjoy time with your children, and grow gardens.
A semi-annual bookkeeping review allows for a grasp on any catchup or cleanup bookkeeping.
When you allow five months to pass, it is easy to see a year fly by without up-to-date bookkeeping.
Before you know it, you focus on end-of-the-year work, 1099s in January, and income tax returns.
Before I discuss why I feel it’s imperative to complete semi-annual bookkeeping, let me remind you to sign up for my free Bookkeeping Simplified Guide.
How is your business compared to last year?
A semi-annual bookkeeping review determines if your business is doing better or worse than the previous year.
When your bookkeeping records are up-to-date, you can compare a previous year’s profit and loss statement with the current year’s profit and loss statement.
Now is the time to make changes to marketing and amp up thoughts on advertising for the months ahead.
Use Labor Day, Thanksgiving, and Christmas to your advantage.
Does your business sell products or services?
Use the holidays to get people thinking about discounts and purchasing products for family and friends.
Have you checked in with your Accountant or Tax Adviser?
Now is the time to start examining those end-of-year tax payments.
If your business is doing well this year, you may be in for a surprise at the end of the tax year.
Your federal payment may increase based on a growth in revenue.
On the other hand, if your business income has decreased, your business may not owe money, or it could owe less than expected.
A review with your Accountant or Tax Adviser helps you stay on track.
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Have you reconciled your monthly statements?
If you have not been reconciling your bank statements – do it now!
A semi-annual review is the perfect time to verify your monthly record-keeping transactions align.
I like to think of accounting software as a map of the stars.
Up-to-date transaction entries make for accurate statements and reports.
When you reconcile your bank statements, you verify all your hard work is balanced.
Have you run a trial balance?
The easiest way to explain a trial balance is by telling you that a trial balance is a list of all the general ledger accounts.
If you are familiar with bookkeeping and accounting, you may notice a negative where a positive should be or vice versa.
A trial balance puts you back on track before more months continue, and you have errors you cannot find.
Some businesses will run a trial balance regularly for peace of mind.
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Are you still doing your business bookkeeping work?
Are you completing your business bookkeeping?
Do you feel like it’s up to par?
Consider outsourcing your bookkeeping!
Outsourcing your bookkeeping can save time, money, and the headache of knowing your bookkeeping is up-to-date and accurate.
Keep regular bookkeeping records if you don’t want missed revenue or qualified tax deductions.
Bookkeepers can work with your Accountant or Tax Adviser.
Bookkeepers can also assist with financial statements for end-of-year taxes, big purchases, budgeting, and continued growth of the business.