Keeping track of your business income and expenses doesn’t have to be complicated. It just has to work.
General ledger…..chart of accounts…..bank reconciliation…..assets and liabilities…..journal entries……debits and credits….set of books. These are all terms we accounting professionals use and understand. I find the accounting terminology we use within the industry to be sometimes confusing and foreign to my clients, who in most cases, don’t have an accounting background.
It is my goal to explain all things tax and accounting to you in plain English. I also subscribe to the KISS method of bookkeeping. Tracking and organizing your business income and expenses does not have to be complicated, and in many cases, can be completed in a few short hours each month with pen, paper, a calculator and a few envelopes. For those who prefer a computerized bookkeeping system, I support Quickbooks Online.
The key to managing the numbers part of your business is to get a system that works for you, so you will stick with it. That’s where I can help. I do not have a “one-size-fits-all” accounting system, and will work with you within your comfort level to find a easy, but effective, system to track your business income and expenses, so that by year-end, you are not in a panic, looking for lost receipts, and trying to remember in December what business you did in February. Preparing a tax return is less stressful when you already have your income and expenses neatly organized.
Save all receipts, credit card and bank statements, and deposit slips.
Save receipts for all business expenses, no matter how small or how they were paid (check, cash, credit card). “Prove it” isn’t just a schoolyard bully’s taunt, it’s what the IRS says over and over again to honest taxpayers who aren’t diligent about saving receipts. There are some great ways to organize and manage those pesky little receipts (check out Shoeboxed.com), and I can help design a system that works with your schedule and lifestyle. The IRS also requires proof for auto mileage deductions, so pick up an auto mileage log from Office Depot or Staples to track your business mileage.
I support Quickbooks Online Accounting Software.
Quickbooks Online is one of the most popular bookkeeping software products on the market. Web-based, easy to setup and maintain, feature-rich, a good solution for those who prefer a simple computerized way to track income and expenses. Call me for more details on how this software can greatly simplify the accounting part of your business.