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Now that most of us are working from home, there are things as a small business owner that you can do to keep your business on track during this uncertain time. As you save on your travel time to the office, why not take the opportunity to get your bookkeeping and finances up-to-date.
The IRS announced last week the postponement of the April 15 payment deadline. While the payment deadline has been extended to July 15, for now, the tax return filing deadline is still April 15. With a few weeks left before filing, you still have time to organize your books so filing will be a lot smoother and less time-consuming!
Here are a few tips to help you get up-to-date on your books while your home:
#1 – Sort and Organize Your Financial Records
The first step to catching up on your bookkeeping is to get organized! You’ll want to start compiling and organizing invoices you sent to customers, receipts, bank, and credit card statements where you made purchases that are business expenses. Now is also a good time to review any outstanding invoices and collect on that debt.
#2 – Separate Personal and Business Expenses
We advise our clients to keep their personal and business expenses separate. Comingling business and personal expenses may result in you being held personally liable for your business’s debt and financial standing. We recommend going through every transaction to determine if the expense was personal or professional.
#3 – Review Your Expenses, and Look for Credits and Deductions
Once you have all of your records organized and in-hand, you should take the time to review these expenses and determine your deductions and credits. We suggest hiring a tax professional to review your records and advise you on which business credits and deductions are right for you.
#4 – Reconcile Bookkeeping
Once you’ve organized and separated your expenses, you can log in to your accounting software and reconcile these expenses with your bank statements. This is one of the most crucial steps in preparing for tax filing, so be sure to take care when matching records.
#5 – Collect Tax Forms
Your taxes can be more complex when you're self-employed or a small business owner. Managing and collecting the forms you need to file for yearly income taxes ahead of time can save you a lot of headaches down the road. When tax season rolls around, you will have all the right forms ready to go. Access IRS tax forms and determine which forms you’ll need for filing here.
#6 – Prepare for Next Year and Consider Hiring a Bookkeeper!
Catching up on your bookkeeping now is the best way to save yourself time during tax season. It’s never too late to get started yourself or hire a bookkeeper to handle the books for you. Feel free to reach out to us at email@example.com and let us handle your books or call (856) 229-0941 if you have any questions.
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We know business is NOT as usual during these trying times. The coronavirus pandemic is affecting small businesses in a variety of ways especially now with mandatory closures and safety measures required in both NJ and PA to slow the spread of the virus. Many of you have already made adjustments to your daily business practices; working remotely, offering virtual services and online ordering are just a few of the ways we see many of our fellow small business owners pivot to continue business while maintaining the safety of their teams and customers.
With uncertainty still ahead, now is the time to educate yourself with the resources available to you. You can refer to this U.S. Small Business Administration Guide: Coronavirus (COVID-19) | Small Business Guidance & Loan Resources. It provides a wealth of information and resources including loan options and guidance for businesses and employers.
From the U.S. S.B.A., “Health and government officials are working together to maintain the safety, security, and health of the American people. Small businesses are encouraged to do their part to keep their employees, customers, and themselves healthy.”
At Capri Bookkeeping Solutions, we continue to provide remote, outsourced bookkeeping services. Please let us know if you need an extra eye on your books and be sure to refer to the small business guide above so you can continue to make the best decisions for your business.
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There are many benefits to outsourcing your bookkeeping as a small business owner. In this previous post, we outlined just a few ways that working with a bookkeeper can help you and your business. You may be wondering, however, what the benefits of working with a traditional bookkeeper versus a virtual bookkeeper are.
Virtual bookkeeping services are gaining popularity and may be right for some businesses, but there are certain disadvantages you may not have considered. One of the most significant drawbacks of working with a virtual service is missing out on one-on-one consultative support.
Today we’re going to break down some of the top benefits of working with a traditional local bookkeeper versus going virtual.
#1 We’re close by and available to you
When you work with a traditional bookkeeper like us, we’re available for calls, emails, and in-person meetings. Have an immediate issue that needs attention? We’ll work with you and your schedule.
#2 We work with your accountant
Communication is essential! We learn your business and your books inside and out and work with your accountant to keep your finances and your business running seamlessly.
#3 Consultative support
We listen to our clients and provide strategies that will serve their businesses best. Our bookkeeping teams also work together to solve problems and take a proactive approach to manage your books.
#4 Customized services
Our team has years of experience in building personalized bookkeeping plans and payroll services. We do not subscribe to the “one-size-fits-all” service option since we know that every business is unique.
Want to learn more about our services and how we can help you maximize your business? Reach out to us at (856) 229-0941 or email us at firstname.lastname@example.org
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It’s that time of year again! Tax season is a stressful time for many small business owners. It can mean extra hours, additional calls with your accountant, and endless headaches, especially if you aren’t working with a team of experts.
At Capri Bookkeeping Solutions, we do all the heavy-lifting and preparation so that tax time can be a stress-free one for you.
Here’s what tax season with Capri looks like:
#1 We organize all of your yearly records and statements
We’ll record your annual financial transactions in chronological order making sure that purchases, receipts, and payments are all balanced in a general ledger.
#2 We get your books up-to-date
After we’ve organized all of your records, we’ll get your bookkeeping fully caught up, so you’re ready for your yearly tax filing.
#3 We prepare an end-of-year statement
You and your accountant will smile when you receive a complete record of your financials for the year.
#4 We work with your accountant
If you already have an accountant, we’ll work with them to be sure they have every detail needed to prepare your tax documents seamlessly. We make sure your records are ready, easily accessible, and understood, ultimately saving you the most money possible on your tax preparation bill. To learn more about the difference between an accountant and bookkeeper and how we work together, check out this post.
Tax season made simple! Reach out to us to so we can help save you time, potential money, and headaches during tax season and beyond.