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Remember your New Year’s resolutions? One of them was to get your life and business in order. Maybe you had a tough time with your taxes or you’re tired of always playing catch up with your books. Whatever the case, we’re now getting well into spring and it’s time to take those resolutions seriously.
But where to start? You could reorganize your office space, redo your business goals, or even finally spruce up your social media like you’ve wanted. However, in business, the success of your company comes down to the bottom line. That’s why we recommend paying close attention to your finances first.
Why It’s Important
We know your business isn’t JUST about the bottom line. You’ve been working on your business for years – it’s your passion, after all, and you want it to succeed.
You want your money working for you, not against you. Spring-cleaning your finances gives you the opportunity to mold the process in the way you want. Instead of constantly worrying about things like taxes and your expenses, you can relax knowing everything is going smoothly without a ton of work on your end.
Areas to Focus On
But where should you start? There are many aspects of your finances to check out and likely many areas you should take a close look at.
Go Automatic – Do you use a spreadsheet or pay an accountant to keep track of your business income and expenses? That’s time consuming and not to mention error prone. Now – right after you’ve dealt with the tax time terrrors – is the best time to automate this vital process. Sign up for an account at GoDaddy Online Bookkeeping. GDOB automatically imports your small business financial accounts, tracks your income and expenses, and even helps you calculate just how much you owe in taxes. No more staying up and night worrying about the tax man!
Go Paperless – The IRS accepts paper receipts as proof of business expenses, so why are you hanging on to piles and piles of dusty paper? Invest in a document scanner or use a service like Shoeboxed to digitize and store your receipts and other necessary business paperwork. You’ll free up space in your office like a true spring-cleaning champion!
Update Your Tax Calendar – Always feel like you’re playing catch up? Do quarterly sales tax deadlines or sales tax obligations creep up on you constantly? Now’s the time to sit down and update your calendar with import tax due dates. We’ve put together a list of 2014-2015 tax due dates right here for your convenience.
See? Spring cleaning your small business finances doesn’t have to be much of a hassle. (We guarantee it’s less physically taxing than washing the drapes.) And once you get these processes in place for your finances, you can get back to doing what you do best… running your business!