Have you ever put something on the back burner, knowing it needs to be handled, then time gets away and that task you had 6 months to get done, is now a burning inferno and past due?
I always find it interesting when someone, who is not a true expert in an industry, has the confidence to give advice on the topic. Possibly even more intriguing to me, is those that are listening, take the advice and use it, or attempt to.
I was recently in a group discussion while networking. There was a very interesting conversation about bookkeeping. Sam, name changed to protect, is not in the ‘numbers’ industry, but had many suggestions on how to handle bookkeeping, for all those in ear shot. One suggestion he made, pierced my eardrum. He stated that he paid a painter for work done in his office, that’s not the piercing part. The painter was operating as an LLC. Sam didn’t require a W9, the form used when payng a subcontractor/independent contractor without withholding income tax. “The painter was not subject to a 1099 because of the LLC” said Sam. That was the piercing part. Sam also paid the painter for the paint, but the painter kept the receipts. The issue wasn’t with the amount paid, but the statement of who should or should not be required to present a W9.
Mid-year is every July for some IRS regulations and requirements, no matter when your business year-end falls.
Take control of your schedule and uses these steps to save time, money and to avoid blazing inferno’s, mainly your frustration for not preparing.
- Time Efficiency Tips
- Exchange the vendor’s W9 and Insurance Certificate for the payment you owe the vendor. Even if you don’t feel you will reach the required filing threshold, you will have the documents should the need arise.
- Go over the details that bottlenecked your year-end and tax return process last year and develop and document procedures to simplify the process.
- Increasing Accuracy
- Prepare all your paperwork at the start of the process, eliminating the starting and stopping of preparing taxes and other forms that have strict IRS deadlines.
- The tax laws are changing. Meeting with your Bookkeeper and CPA would be a great use of time.
Morale of the story, your CPA and Bookkeeper have the knowledge and experience to guide you. Utilize them. When the IRS sends you the bill, Sam won’t be there to pay it.
A little more about us:
We guide, assist and manage your bookkeeping operations, customizing our service to fit within your needs, budget and timeframe.
- Providing daily, weekly, monthly or occasional BOOKKEEPING SERVICES. We assist to the degree that meets your needs and your budget. We provide you with a clear picture of your finances.
- Handling A/P and A/R entries, monthly financial reports, yearly audit assistance, state banking regulation audits, payroll processing, sales tax filing, and developing and implementing work-flow systems to ensure documentation requirements are accurate and complete.
- Creating the foundation for a cost-effective accounting system for NEW BUSINESSES, and those working to get more established, then providing customized, agreed-upon bookkeeping services contracting with clients for a clear understanding of the services to be provided.
- SCRUTINIZING existing financials to determine more timely, accurate and EFFICIENT bookkeeping options.
- Training of bookkeeping personnel in QUICKBOOKS as a Certified ProAdvisor.
- Examining financials to provide DECISION-MAKING INFORMATION regarding financial department personnel needs, resources and timing for product and service expansion, financial strategies for real estate or asset purchases, etc.
- MANAGING your books in a way that allows YOU to do what YOU DO BEST, sell your product or provide your services, while staying as involved in the bookkeeping as needed for proper management of your financials.
- CONSULTING on-call for client financial questions.
OrganizerForU offers a 20- to 30-minute complementary phone consultation. We value your time and we know that time efficiency is cost effective. During our call, we listen as you describe the current financial situation of your business, asking the right questions to determine how our services can meet your needs. We take time to briefly explain how our services are provided, to ensure we are a good fit for your needs and situation.