So, if your business is already tax-ready and up-to-date, go ahead and keep on scrolling – you don’t need to read any of this. 😉
But, if you’re like many small business owners:
⏰ Your financial software and bank statement data has fallen months behind
💵 You haven’t seen a financial report on your business since your 2019 taxes were finished
😬 And it’s been so long since you’ve opened your Quickbooks account, you don’t even remember what your log-in and password is
Don’t worry – you’re not alone. However, NOW is definitely the time to start working on getting current – NOT April 14th (especially if you don’t want to pay your accountant’s premium fees for last-minute rush work)
Here’s 3 easy first steps to help you get started now without feeling overwhelmed:
(1) Plan for and block out scheduled time on your calendar just for this task, whether it’s a single afternoon, a full day, or more – treat that time slot with the same importance as a client meeting
(2) Gather up and/or download all your financial documents in one place. This includes bank statements, receipts (both hard copy and electronic), vendor invoices, mileage logbook, and other similar documents.
(3) Open up all your financial software and apps in one session and get refreshed. Do you have the log-in information for everything? Is your bank feed still connected to your software? When was the last time you reconciled each account? Write notes and create a checklist as you go
Then you’ll know exactly where your business’ financial records are at, so you know how and where to get started!
And at that point, you’ll be more than ready to move on to the attached article for more details on the next steps.
For additional tips be sure to check out the link below:
I hope that helps you get started and not feel so overwhelmed!
(P.S. If the thought of trying to untangle and update your business records feels too overwhelming – or you just flat-out don’t have the time for it – just reach out! Bookkeeping catch-up is one of the many things I do for my clients – and I’d love to help you, too, without having to stress out or spend a bunch of time on it!) Give me a shout at firstname.lastname@example.org