5-Point Checklist: What to Send Your Accountant
Where does the time go? If you are already looking at the calendar and wondering how to accomplish a lot of reporting in a short time for tax season, we understand.
OOPS! 2017 is over and you forgot to do your bookkeeping. You are not returning your accountant’s phone calls because you don’t have the information that he needs to you’re your tax return for 2017. What should you do? You are not the only one. Every day we get a call from an optometrist or property manager who never kept any records last year. Here is what we do when faced with this dilemma.
Yes it is 1099 season! If you are a small business and don’t have bookkeeping support, what is the quickest way to get your 1099s out to the correct vendors?
Businesses are required to send a 1099 to:
- Service providers that you paid $600 or more
- Your landlord for the rent you paid
- All attornies even if they are incorporated
Who don’t you send a 1099 to?
- Corporations
- Suppliers of products like utilities or office supplies
The two easiest ways to file are:
Our clients often ask us to help prepare their taxes in addition to the small business bookkeeping assistance we provide. Instead, we refer our clients to a CPA firm to provide tax preparation assistance. Why? Let’s look at the primary purpose of a CPA and a bookkeeping firm:
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Old uncleared checks in the bank register
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Payments in Undeposited Funds that have been deposited
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Payments on invoices that have been deleted
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Unreconciled bank accounts going back a year
I heard this advice at the JumpStart EXPO from a very successful entrepreneur. When it comes to small business bookkeeping there are two things a business owner should never do:
As last year winded down and you looked toward this year, you probably had goals and dreams of where you would like your business to go and how to make it grow. You prepared what you thought to be a realistic budget. Preparing the budget is the first step; reviewing it at least monthly is as important to the success of your company. Don’t let your budget gather dust and never look at it again.
1. Download Bank Transactions
If your bank doesn’t offer this service for free, consider using another bank. Downloading to QuickBooks has become a universal service.
2. Review you General Ledger monthly
A quick review monthly to make sure all your transactions are in the correct account will make year-end a breeze.
Many of our clients agonize over starting a conversation with a lender to obtain a loan to grow their business. They don’t know where to start. Here are 3 places for small businesses to look to borrow funds.
Are you considering outsourced bookkeeping for your small business? In our video below, learn how much you can expect to pay if you hire an outsourced bookkeeper. You can also access Intuit's Billing Rate Survey to see what bookkeepers are charging.
