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How to Prep Your Books for Tax Time

It’s March so you know what that means! No, we’re not talking about spring (though that’s pretty exciting too). Here at Money Matters we are always thinking about accounting and finances so we’re talking about tax season!

It is a stressful time for many people, especially if you are a small business owner who isn’t quite sure what they’re doing. Hopefully by now you have hired someone to help file your taxes for you. You have some time before you need to file, so instead of frantically dashing around the week of April 15 trying to find all the documents you need, take the time to organize your books now.

Balance your Books

Does everything balance out like it should in your books? You’ll want to make sure your books are balanced before you start filing your taxes or have your CPA (certified public accountant) do it for you. If you use QuickBooks, the software should take care of this for you, but if you’re a little confused about how to use QuickBooks properly, we can help!

Record Everything

Are all of your transactions recorded properly? Not only do you need to make sure every transaction is recorded, but you need to make sure they’re recorded properly. One missed transaction can mess up your taxes.

Separate Business and Personal Expenses

If you haven’t opened up separate business and personal expense accounts, at least make sure the different expenses are sorted through and separated. It’ll make things much easier. If you used personal accounts for business expenses, you may be entitled to deductions.

Reconcile

Do your books match bank records? Reconcile those accounts!

QuickBooks can make this whole process a lot easier for you. Download bank statements and add them to QuickBooks, add transactions and deductions to QuickBooks, and use it to help you reconcile your accounts. Does this sound like it’s completely out of your wheelhouse? As a QuickBooks Solution Provider we can help clean up your books and help you understand the software better.

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