I’m excited to introduce you to Chad McKinney, a CPA and friend of Business Boutique. He wanted to share some tips that will make life easier when it comes time for you to connect with a tax pro. Enjoy this guest post from Chad!
Running a business without a timely and accurate accounting system is the equivalent of going to school without getting a report card at the end of each period. You won’t have a good idea of how you performed, where you excelled, or where you have opportunities for improvement. Establishing a system of accounting is vital to the success of any organization, large or small. Here are a few tips:
1) If you don’t already have one, establish a relationship with a qualified accounting and tax professional now. You’re looking for someone with the heart of a teacher.
2) Keep everything. Too much information is better than not enough when it comes to accounting.
3) Document everything! If you take a client to lunch, write on that receipt who the client was. Keep a notebook in your car or an Excel spreadsheet to track the miles you drove going to that lunch.
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4) Track everything! Select an accounting software solution that works for you. Keep it current. Ask your accountant for guidance and reconciliation. And if you don’t have time, find someone who does, even if you have to pay them.