Yay! Woot! Woot! You filed your taxes and made it through the stressful season of tax coordination for your tax preparer! Now that your taxes are filed, what about the current year’s bookkeeping?
Did Q1 sit on the back burner as you focused solely on tax preparation? Are you concerned about the catch up bookkeeping tasks waiting for you?
Psst. If you filed for an extension to file your taxes, you can still get help with your bookkeeping tasks. Contact us to request a complimentary consultation.
It isn’t uncommon for business owners to put off maintenance bookkeeping tasks during the first quarter, especially if you are a DIY business owner who is trying to do everything solo. If bookkeeping is your Achille’s heel, turns your stomach upside down and is “one more thing to do”...well, consider how a bookkeeper can help your small business.
Bandwidth Bookkeeping Services has packages for all businesses. View our pricing and find the right package for your business.
3 Important Catch Up Bookkeeping Tasks That
Need. To. Be. Done.
Bank Reconciliation
It is important that you reconcile your bank, credit card and loan statements to the transactions downloaded in your software. This allows you to identify any discrepancies or bank errors that might have occurred and get them fixed.
Which Bookkeeping Task is Your Favorite?
Bank Recons - All Day!
Give me Adjusting Journal Entries and Book Closings Please!
Cash Flow: Show Me the Money - Coming In and Going Out!
None of the above.
Make Adjusting Journal Entries & Close The Books
Did your CPA give you a few (or more) adjusting journal entries to record in your accounting software? It is time to enter those and close your books for the tax year.
Why close the books? Closing the books, with a password, will prevent any accidental changes that could jeopardize the integrity of your financial statements.
Cash Flow Projections
Managing cash flow is a common struggle felt by 60% of all small business owners, according to a survey conducted by QuickBooks. Yikes!
A study by U.S. Bank found that 82% of small businesses fail because of…you guessed it.
Cash. Flow. At its basic design, a cash flow document will help you track what monies are coming in and leaving during a specific time (i.e. monthly, weekly, quarterly). Most small businesses will have cash flow from operating activities such as sales earned and operating expenses. Writing these down, will help you see if your business is going to be able to meet its financial obligations during a specific time period.
Free Up Your Bandwidth: Focus on What You Love, Let Us Handle the Books
Don't let bookkeeping tasks be the bottleneck of your business success. Bandwidth Bookkeeping is ready to step in and transform your bookkeeping from a chore into a powerful tool for business growth.
Contact us today to schedule your complimentary consultation and learn how we can help you grow your business!