We all make promises to ourselves that in the New Year we will do things better. Here are 5 worthwhile activities that will make your accounting processes easier for yourself and your bookkeeper. These are all quick to implement or easy to stick to.
#1. Log all the important dates in your calendar.
This only takes a few minutes and might include dates for payroll input, Canada Revenue dates for HST filings, corporate income tax filings, and even personal income tax filings. Acting on these dates in a timely manner will keep your bookkeeper happy and ensure your books stay up to date!
#2. Book an appointment to see your accountant.
Do it now and meet soon. This will allow you to review how you did financially in 2016 and if there are any tax breaks you can take advantage of before filing your tax returns.
#3. If you are a person who lives with spreadsheets and tracks your expenses that way, STOP.
Get bookkeeping software to manage your revenue and expenses. Need help figuring out which application would work best for you? Please call me!
#4. Put a simple filing system in place and ditch the shoebox.
Does a box sit in the corner with receipts in it waiting to be sorted? Take just a little time to put an organized system in place – it will reduce your stress!
- In a file box or file drawer, place file folders labelled for each month of the new year. This way, your receipts will be sorted by month at the end of the year.
- If those receipts relate to bank statements or credit card statements, match them up as you go and staple them to the back of the statements. It’s a great way to know if you are missing something!
#5. Finally, pay attention to your financial statements. They tell a huge story about how your business is doing. If you need help understanding these reports, give me a ring!