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Salt Lake City Bookkeeping Blog

Your [2020] All-Inclusive End of Year Bookkeeping Checklist

Posted by Matt Roberge on Nov 4, 2019 9:51:27 PM

As we get closer and closer to year-end most businesses will begin thinking about taxes. One of the most hated words in the business world... taxes. By the time year-end passes and you actually start to think about your bookkeeping and taxes you are too late.

You need to attend to your bookkeeping before year-end and do some tax planning. Updating your bookkeeping and reviewing it prior to year-end is very important as you can actually do something about your tax situation before the turn of the calendar. Here is a must do now checklist for your year-end bookkeeping.

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Topics: Year End Accounting, Small Business Bookkeeping, Tax Tips, Year End Bookkeeping

Year-End Bookkeeping Checklist for the Small Business Owners

Posted by Matt Roberge on Oct 30, 2019 2:15:00 PM

It's that time of year again. Can you sense it? Year-end is just around the corner. The rivers are getting cold, the smell of fall is in the air, snow is starting to show in the mountains and everyone is getting excited for winter (at least our office is).

For many business owners Thanksgiving through Christmas is a time to take a laid back approach to their business. Taking that approach leaves you behind in your business and that is no way to start a new business year. Here is a year-end checklist for the small business owner.

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Topics: Small Business Management, Year End Accounting, Small Business Growth, Year End Bookkeeping

Year-End Bookkeeping Caught You Off Guard? Here’s How to Streamline the Process

Posted by Leanne Armstrong on Jan 23, 2019 11:25:00 AM

If you’ve been so preoccupied with running your business that year-end bookkeeping tasks have caught you off guard, don’t panic. Take a deep, calming breath and get ready to tackle those accounts with a plan for streamlining the process.

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Topics: Year End Accounting, Outsourced Bookkeeping, Year End Bookkeeping

4 Critical Bookkeeping Tasks for December

Posted by Matt Roberge on Dec 3, 2014 7:00:00 AM

December is a critical month for every business on a lot of levels, but definitely from a bookkeeping aspect. Many small business owners struggle with finding the time for their business during the holiday season. However, putting your bookkeeping on the backburner in December is a huge mistake. There is too much to be done before year end for your books so you need to stay focused. Small businesses typically focus on hitting their sales goals, assessing the budget, or concentrating on their personal lives in December but your bookkeeping needs attention as well. Here are four critical bookkeeping tasks you need to attend to every December.

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Topics: Year End Accounting, Small Business Bookkeeping, Year End Bookkeeping

End of Year Tax Planning for Your Small Business

Posted by Marti Major on Oct 29, 2014 7:00:00 AM

Be proactive – start planning for taxes now.

Before the holidays hit, before the snow flies, before the busiest time of the year, you want to start your tax planning. Take the time to think about your 2014 taxes. Failure to plan and implement can cost you big time. Your time and your money are at stake. Leaning into the process and meeting it head on will reward you both in terms of less effort and likely less taxes to pay.

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Topics: Year End Accounting, Tax Tips, Year End Bookkeeping

Did Last Year's Tax Prep Hurt This Year's Bookkeeping?

Posted by Joe Mazur on Apr 4, 2014 6:30:00 AM

Depending on how your small business's bookkeeping system is set up, you may be extremely stressed as April 15th approaches if your books are a mess or you may not even blink an eye since your bookkeeper handled the books properly throughout the year.  As the old saying goes, nothing can be certain but death and taxes.  Since taxes have to be paid each year, why avoid it until the last minute?  Why push it off and have a negative impact on your business?  If the proper procedures and systems are put in to place then there really is no need to worry or stress as the deadline approaches.  One of our many mantras at Salt Lake City Bookkeeping is that year-end bookkeeping shouldn't exist.

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Topics: Year End Accounting, Year End Bookkeeping

Don't Be The Issue At Year End, Become The Leader

Posted by Alex Viau on Nov 8, 2013 7:00:00 AM

We've stated it before and I'm going to state it again, year-end bookkeeping should not exist.
All of us here at Salt Lake City Bookkeeping treat 12/31/13 simply as another month to close the books for our clients. The critical task at year-end for us is just a review with the owners before we submit the books to the respective CPA for filing taxes. Think about it, you wouldn't submit a paper to your professor without looking it over, we're humans and we all make mistakes. The critical reviewer though happens to be you the business owner. Without your help we won't have the necessary tools to achieve a financial nirvana of sorts to close your books out for an entire year. Here are four roadblocks that we usually run into at year-end.

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Topics: Bookkeeping Tips, Year End Accounting, Year End Bookkeeping

The Real Reasons Your Small Business Bookkeeping Is Behind

Posted by Matt Roberge on Oct 7, 2013 7:00:00 AM

Most small businesses are great at procrastinating their bookkeeping until they really need something from it.  Let's face it bookkeeping is pretty unattractive to most business owners.  Bookkeeping is not sexy, it can be intimidating and for most people it is boring.  Many business owners don't make bookkeeping a priority because they have not been shown how to use their small business bookkeeping as a tool to help them make better business decisions.  Every once in a while a business will need something from their bookkeeping and it can be eye opening.  Examples of when you might need an updated and accurate bookkeeping system are: applying for a business loan, trying to raise money, an investor meeting or filing your taxes.

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Topics: Bookkeeping Salt Lake City, Accounting Services, Bookkeeping Processes, Year End Accounting, Small Business Bookkeeping, Outsourced Bookkeeping, Year End Bookkeeping

5 Critical Bookkeeping Items To Attack Before Year-end

Posted by Matt Roberge on Oct 2, 2013 7:00:00 AM

With the fourth quarter upon us, now is time to start thinking about year-end.  You need to get serious about finalizing your bookkeeping before year-end and getting ready for tax season.  I am a firm believer that the phrase year-end bookkeeping should not exist.  It is easy for me to say because I run a bookkeeping service.  However, if you wait until year-end passes to attend to your bookkeeping then you are doing yourself and your business a disservice.  Without updated bookkeeping and accurate financial reporting you are literally running your business blind.  Another problem with putting your bookkeeping off until you start a new fiscal year is you can't do much from a tax planning point of view.  So before year-end passes make sure to attend to these 5 critical bookkeeping tasks.    

Meet With Your CPA For A Tax Consultation Before Year-end

I put this first on my list for a reason; it is by far the most important task.  Too many business owners don't take the critical step of meeting with their CPA before year-end; its mind boggling to me.  If you are waiting until a new fiscal year to review your estimated tax liability with your CPA you are making a huge mistake.  There are several reasons you need to meet with your CPA before the close of each year, but at least two major reasons why I make this recommendation.  First, you can't make nearly as many tax advantageous moves after year-end compared to beforehand.  Secondly, if you are going to have to pay taxes wouldn't you like to know your approximate tax liability with as much notice as possible?      

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Topics: Year End Accounting, Small Business Bookkeeping, Tax Tips, Year End Bookkeeping

2014 Business And Personal Tax Returns: 6 Successful Tips

Posted by Matt Roberge on Aug 12, 2013 7:00:00 AM

Today's blog is a guest post from Ktasha Hardge from Hardge Connections, LLC.  Ktasha ("Tasha") Hardge is a Small Business Specialist and Tax Professional with 20 years of experience. To her clients, she is known as the "Tax-Slashing" "IRS-Slaying" "Expense-Finding" Superhero. She has helped, and continues to help thousands of Individuals and Small Business Owners across the U.S. to keep more of what they earn.

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Topics: Year End Accounting, Small Business Bookkeeping, Tax Tips, Year End Bookkeeping