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Staying up-to-date on your business’s bookkeeping can be a challenge. It takes time, effort, diligence, and basic bookkeeping knowledge to keep your financial records in order, which is why many small business owners choose to outsource their bookkeeping to us. It’s a wise decision that can save you precious time and give you peace of mind, especially as tax season approaches.
If you know you need to catch up on your books, now is the perfect time to outsource your bookkeeping! You can read about all of the benefits of hiring a bookkeeper here.
If you’re thinking of getting started yourself, however, here are a few tips to help you get up-to-date on your books:
#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 firstname.lastname@example.org and let us handle your books or call (856) 229-0941 if you have any questions.
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As Bookkeepers, we manage one of the essential parts of your business’ finances. We record the day-to-day financial transactions of your business. We keep records of sales, purchases, receipts, payments, and document each financial transaction, whether cash or credit, into the correct daybook and the general ledger. This crucial financial catalog can then be passed on to an accountant who creates financial reports from the information. Think of us as the expert organizing team that lays the foundation of your financials.
After years of working as a finance professional, Ethan Capri realized that one of the most important factors to a small business owners’ success is having a finance team that is dedicated to their business. He says, “A team approach is one of the biggest benefits we offer our clients when they work with us. It allows us to offer better strategy, communicate more efficiently, and work more productively for our clients.”
This team approach offers our clients both a Bookkeeper and Senior Account Manager who are immersed in your business together. Each team member has a dedicated role in the processing of your financials and, in tandem, take a proactive approach to help improve your business and your bottom-line.
Here are just a few benefits of working with a Bookkeeping Team:
#1 – More Than One Person Focusing on Your Books
More eyes on the day-to-day financials of your business provoke critical thinking and better strategy. Our teams work together to share ideas, communicate and brainstorm allowing, for more accurate records, efficient operations, and actionable information.
#2 – Share Resources
Our teams are able to share resources with each other. Our office becomes a think-tank as Bookkeepers work with each other sharing ideas, collaborating and, pooling resources. Many times a team may find issues on a client’s books that another group has already addressed.
#3 – Minimize Needless Communication and Maximize Feedback
Because we always have an open line of communication and are constantly working towards a common goal, we are able to minimize needless communication with you and maximize our feedback to you.
With this innovative team approach, you get exceptional service, "real-time" bookkeeping, excellent client service, and a better approach to bookkeeping.
Meet our Capri Bookkeeping Teams:
Heather S., Bookkeeper
Colleen O’Hanlon, Senior Account Manager
Jennifer Hagan, Bookkeeper
Alec Hewitt, Senior Account Manager
Kelli Fishbein, Account Manager
Andrea Costello, Senior Account Manager
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Founded in 2008, by Ethan Capri, Capri Bookkeeping Solutions was built on the desire to help small business owners succeed. As a small business owner himself, Ethan knew the dilemma of juggling every aspect of a business. He combined his love of numbers and his passion for his local community, and Capri Bookkeeping Solutions was born.
In partnership with our mission to help local small businesses thrive through customized, consultative bookkeeping support solutions, we also believe in supporting and giving back to our community in South Jersey, Philadelphia, and beyond.
This year, we are supporting two local non-profit organizations that do just that! Legacy Treatment Services and Ronald McDonald House Charity of Southern New Jersey both provide hope and help to individuals, families, and children. Through charitable donations, these organizations make a difference in the lives of the people they serve in our community.
Legacy Treatment Services is a nonprofit behavioral health organization headquartered in Burlington County. Their mission is to change the behavioral health and social service outcomes for people of all ages from surviving to thriving.
We are proud to sponsor the upcoming The Legacy Foundation - 2019 Golf Classic, a golf tournament that supports the Legacy Treatment Center programming on Tuesday, October 1st.
Ronald McDonald House of Southern New Jersey provides "Hope, Help and Home" for families of seriously ill children. Over the past three decades, they have served more than 24,000 families in the Ronald House in Camden. Each year, approximately 800 families from around the world have stayed in the House while their children receive life-saving treatment at local hospitals.
We will also are honored to sponsor the Ronald McDonald House 37th Annual Legacy Golf Classic on Monday, October 7th.
Learn more about these charities at their websites and consider offering your support along with us for these upcoming events.
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As a small business owner, your time is a precious commodity and running your business efficiently to make the most of your time is paramount to its success.
We know that utilizing the right time-management tools for your company can help streamline processes and make running your business easier.
Here are our top 7 time-saving tools to help you stress-less and run your business better:
#1 – QuickBooks Online for stress-free tax and accounting
QuickBooks Online is an online accounting software platform that syncs transactions and automatically tracks sales, expenses, deposits, and payments. It’s one of the biggest time-savers for any small business that allows you to create invoices, track payments and even, pay employees. As a QuickBooks Pro Advisor, we offer insightful consultative support for all versions of QuickBooks Desktop and Online.
#2 – Doodle for simple scheduling
How many emails exchanges do you make in a day trying to schedule a team meeting or appointment with a client or partner? Keeping track and following up daily can become a burden but with Doodle, you can quickly enter a meeting title and location, select a range of date and time options, then email the Doodle link to your attendees. Everyone can then vote on a time that suits them best and you won’t have to spend time going through email exchanges.
#3 – Zoom for video conferencing and calls
Zoom is the leader in modern enterprise video communications. With a reliable cloud platform for video and audio conferencing, chat, and webinars, you can easily save time connecting with clients and hosting meetings online rather than IRL.
#4 – Evernote for effortless organization
Take notes anywhere, find information faster, and share ideas with your team. Meeting notes, web pages, projects, to-do lists—with Evernote as your note-taking app, nothing falls through the cracks.
#5 – Trello for project management made easy
A project management and collaboration tool that organizes projects into boards, lists, and cards. Users can see the progress of any project instantly and stay organized from beginning to end.
We know maintaining your business budget can be a hassle, but it’s well worth it in the long run! We hope these budgeting hacks will save you time and headaches on your journey as a small business owner.
#6 – Google Docs for document creation and cloud storage
Maybe you’re already using Google Docs for personal use. You might want to consider this online document creator and storage service for your small business too. You can upload and manage all of your documents, presentations, or spreadsheets to the cloud for free. With G Suite, for a small fee, you get additional security and cloud sharing for your team.
#7 – Slack for community management and company collaboration
Slack is a collaboration hub, where the right people and the right information come together, helping everyone get work done. In Slack, you can create channels for your team to organize conversations and easily disseminate company-wide information. Organized by topic, project, team, or whatever makes sense for your company, the right people don’t get left out of conversations and information doesn’t get lost.
By implementing some of these time-saving tools, you’ll be able to transform your small business into a one that runs smoothly and efficiently!