7 Steps to Get Your Books Ready for Tax Time

Mar 19, 2021 | Tax Time Tips

Getting your books ready after the new year is vital for every business. Even if your books were organized, there are usually a few loose ends to wrap up in January. It’s a great time to make sure that everything looks accurate and recorded.

Often, though, I see many business owners don’t know where to start. I mean, let’s be honest, you didn’t start a business so that you could do the bookkeeping, right?

Business owners aren’t sure what steps they need to take to be tax-ready. Getting your books prepared is a useful way to catch errors and maximize deductions.

Plus, your bookkeeper and CPA will love you. Promise. You can meet with your CPA with your accounts reconciled and receipts organized. One less thing to worry about. More time to plan your goals for the year.

7 steps to get your books ready for tax time

Here’s a free bookkeeping checklist:

  1. Get Organized
  2. Record All Expenses
  3. Record All Income
  4. Reconcile Your Accounts
  5. File and Pay Your Business Taxes
  6. Review Payments to Contractors
  7. Review Your Balance Sheet and Profit & Loss Report

Want more details on this checklist? Download it free here!

Did “reconciling your accounts” cause you to break out into a cold sweat because you’ve never done that before? Or maybe you have no idea what a balance sheet or profit & loss report is? Perhaps you have a Quickbooks account, but it’s been so long since you’ve logged in, you had to reset your password?

Still not sure how or where or when to get started? Never fear, that’s why I’m here.
I’m your friendly virtual bookkeeper. I’m here to help you with tracking and recording your business transactions!

Want to know how we can work together? Check out the services page or fill out an inquiry form.

Here are some more helpful posts:

What is the difference between bookkeeping and accounting?

What is a bookkeeper?

3 Common Bookkeeping Mistakes to Avoid

When should you hire a bookkeeper?


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