BudgetEase Blog - Making YOU Profitable™

    Is My Bookkeeping in Order for 2016?

    [fa icon="clock-o"] Sep 22, 2016 7:15:00 AM [fa icon="user"] Kathy Dise [fa icon="folder-open'] Bookkeeping

    Fall Clean-Up

    bookkeeping-clean-up.jpgBefore you know it, the holidays will be here, filling up the calendar with more to-dos and festivities. Don’t put off the year-end planning details of bank reconciliations and estimated tax payments until the last minute. We advise all business owners to provide a clean version of your financial records to your accountant on or before November 15th. Save yourself the stress and start the clean-up now!

    Here are some questions to ask yourself:

    Are my Bank and Credit Card reconciliations current?

    If not, get them done. Then, check to see if there are any uncleared transactions that are duplicates or accidents that should be deleted.  If there is an uncleared item that is legit – make a call to see if the check was lost and send a duplicate.


    Am I making money?

    After getting your reconciliations up to date, prepare and review your Profit & Loss.

    • Does your bottom line make sense? 
Where are you spending your profits?
    • How much additional income/profit are you expecting for the year?

    What are my sales tax obligations?

    Determine your obligations now to avoid serious penalties later.


    Do I have any outstanding tax payments due?

    Plan on paying one-third of your net profit to Uncle Sam for income taxes.  How much have you already paid? How much more do you need? Make sure you have set aside enough cash to make your payment.




    What is my projected cash flow for year-end 2016?

    Take a look at last year. Are you cash rich or starved at the end of the year? If you are cash starved, plan now by rethinking your holiday party or offer clients discounts to pay up-front. Better to plan now so you don’t have that sick feeling when the tax bill arrives. 


    Need help getting these answers, or with your fall clean-up? We have a QuickBooks Asessment tool to check your bookkeeping or we can help you review and/or perform the clean-up for you! I am Kathy Dise from BudgetEase here to make YOU more profitable. If you have any more questions you can e-mail me at kathy@budgetease.biz.Free QuickBooks Assessment

    Kathy Dise

    Written by Kathy Dise

    Kathy has over 30 years experience helping small businesses succeed. As a commercial lender, commercialization expert and now as a QuickBooks diamond level advisor, Kathy understands the challenges small business owners face. Her experience helps business owners quickly accomplish their financial goals. As the owner of BudgetEase, Kathy works with clients to develop a plan to efficiently process 1,000s of small transactions so owners can make informed decisions. She lives in Shaker Heights, OH with her husband Ralph and enjoys golf, curling and walking in Cleveland’s fabulous Metro Parks.