Getting Your Business Finances Accountant Ready; The BudgetEase Broadcast (Episode 48) скачать в хорошем качестве

Getting Your Business Finances Accountant Ready; The BudgetEase Broadcast (Episode 48)

It's February and one of your primary business goals should be to get your finances in good order and sent to your accountant. We have tips to help you save money completing this task in today's episode of The BudgetEase Broadcast (from 2/9/23). BudgetEase provides bookkeeping services for small businesses in Cleveland, Ohio that help take the pain out of bookkeeping by providing part-time services. Whether you need an outsourced bookkeeper to fill a permanent or temporary role, or just need to have your QuickBooks reviewed, our talented team of professional bookkeeping experts can help. Visit us at www.budgetease.biz to learn more! #taxtime #costsavings #growyourbiz #qbo #savetime #smallbusinessowner #bookkeepingservices #bookkeepingtips #bookkeepinghelp #growyourbusiness #bookkeeping #smbiz #growth #SmallBusiness #SmallBusinessTips #QuickBooks #BookkeepingAdvice #strategy #makesmallbig #budgeteasebroadcast Transcript: Hello! I'm Kathy Dise and I'm the owner of BudgetEase, and welcome to the BudgetEase Broadcast! We are QuickBooks experts and we're here to help you use QuickBooks as a tool to help your business grow. Today, we're going to talk about how you should send your information to your accountant. It's February and that should be your primary goal with your finances to get everything in good order to your accountant so that they can do their work. Why should you care? Well you care because--especially if you're paying on an hourly rate--if you provide them with sloppy information, or inaccurate information, or if you're very late, it's going to cost you more. So let's do it right. Let's get the information done, get this task behind you. We don't want it to wear on you any later than it needs to. So what should you be sending your accountant? What should you be compiling right now? Hopefully you've gotten a checklist from them already. But if you haven't, here are some of the things that they're going to be looking for, so that when you're putting things together, you have everything they need. I would give them access to your QuickBooks file. You give them access so that they can see the detail of, for example, your fixed assets. Did you purchase any vehicles? A building? Any equipment? They would all be under fixed assets, and then they would be able to, if you have detail, you attach the purchase information to your QuickBooks purchase, the check or the credit card that you used to purchase it. Then they have all the information they need to determine your depreciation. If you have a new loan, if you attach the loan agreement to that, they'd be able to determine an amortization schedule so that the loan balance is correct and that you're expensing the interest properly. When it comes to payroll, you need to provide them with your W-2s and W-3s, so that they can make sure that your payroll is being expensed correctly. If you have a home office, you're going to need to provide them with information on the number of square feet that you're using for your home office compared to the number of feet in your home. Provide them with information on your mortgage payment or rent. Provide them with information on insurance and utilities so that they can calculate what you can expense for your home office. Let's say that you have a vehicle that's owned by your business and you want to make sure that you expense the lease and any other expenses, repairs, insurance on this vehicle. You need to make sure you know what your total mileage on that vehicle was in the past year along with what you spent, how many miles are spent for business purposes, so that they can allocate those expenses properly. If for some reason you have a club membership or certain things that are paid by the business but really are not expensed--for example your medical insurance or tickets for entertainment--make sure those are in a separate category so that they can prepare your taxes appropriately. Let's see. Is there anything else... Hmm, inventory! Yes inventory! You need to know what your beginning balancing inventory is and your ending balance in inventory so that your cost of goods sold are appropriate. So now that you've sent everything to your accountant, and you make sure you do that by the 15th of February and no later by the end of February, then make sure you set up a time to talk to your accountant and get their feedback. Let them tell you how they think that you're doing. Let them give you any suggestions on things that you could do better this next year. I would talk to your accountant at least twice a year. So right around the beginning of March would be the first time and then sometime in the summer. So here's some great tips. I hope you enjoyed them on how to interact and what you should send to your accountant at this time of year.