Here comes the new year, time to set exciting goals and resolutions. The parties wind down, and the kids (finally) go back to school. You're so excited about all the goals you set for your business for the new year. But being tax ready is not on your to-list.
Valentine's Day comes and goes, and then St. Patricks Day. And then you do a silent scream. You see the date on the calendar.
You can't run, and you can't hide. It's there, every year, the same month and almost on the same day.
Ok, that was a bit dramatic.
Taxes don't need to be big, hairy and scary. They can be easy. I promise! And you can be tax ready in no time.
HOW on earth can taxes be simple is a question people ask all the time.
It starts with a small action each week or each month. Small steps can take 30 minutes or less.
What is this?
Update your bookkeeping software!
Yep. That's all it takes. Getting ready for taxes doesn't need to take hours of work in January. If you take the steps below each...
Have you ever driven somewhere and had to be there by a specific time? But you left the address behind, so you don't have a map to follow?
Not using a bookkeeping (accounting) system for your business is like leaving the address behind.
An accounting system is your map. The income and expenses are the roadways to your destination: the amount of profit you want to earn.
A bookkeeping system is a place for all the transactions of your business, your income, and expenses to live.
It is a software system containing all the accounting rules that record the financial information and various financial transactions that occur in the business.
The transactions of your business are brought together in the financial statements. They are the balance sheet and the income statement (also called the profit & loss). There are other essential statements, but these are the most important two.
A bookkeeping system tells...