Spread out your tax payments!
If you have trouble saving for your quarterly estimated tax payments, make it a monthly payment. That way, you can treat tax payments like any other monthly operating expense.
#businesstip#shoplocalinnisfil#bookkeeping#accounting#tax#innisfil
As we highly recommend to use a separate account and card for all business purchases, we know sometimes it does not happen. Track & label receipts then pay yourself back
Assign Bookkeeping Tasks
Now, it’s time to decide how much of the work you’ll do yourself. Here is a structure to lay out your list & an example
Bookkeeping Task / Suggested Frequency / Assigned to
👉 Issue Invoices to Customers / Weekly / Owner or employee
A is for Accountant. What do they do?
👉 Preparing accounts and tax returns
👉 Monitoring spending and budgets
👉 Auditing and analyzing financial performance
👉 Financial forecasting and risk analysis
Are just some of the things they do.
Business owners wear so many hats. Let's take the Accounting & Bookkeeping off your plate. This will not only give you more time for your business and clients, but more cost effective and less errors with your financials.
#Accounting#bookkeeping#shoplocal#worksmartnothard
Business Tip - Pay Yourself a Salary
Instead of numerous transactions during the month where the business pays an expense on your behalf, have the business write you one check per month that you deposit into a separate account used to pay your personal expenses.
Unfortunately, it’s one of the most violated rules. If you are self-employed or a freelancer, we highly recommend you have separate bank & credit card accounts. Call us for help to get you organized
#bookkeeping#business#entrepreneur#barrie#accounting#payroll#tax