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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