Time to Spring Clean Your Finances!

This post is brought to you by GoDaddy Online Bookkeeping the simplest way to manage your small business finances online. Sign up today for a less taxing tax time!

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!

Deborah Sweeney

Deborah Sweeney is an advocate for protecting personal and business assets for business owners and entrepreneurs. With extensive experience in the field of corporate and intellectual property law, Deborah provides insightful commentary on the benefits of incorporation and trademark registration. Education: Deborah received her Juris Doctor and Master of Business Administration degrees from Pepperdine University, and has served as an adjunct professor at the University of West Los Angeles and San Fernando School of Law in corporate and intellectual property law. Experience: After becoming a partner at LA-based law firm, Michel & Robinson, she became an in-house attorney for MyCorporation, formerly a division in Intuit. She took the company private in 2009 and after 10 years of entrepreneurship sold the company to Deluxe Corporation. Deborah is also well-recognized for her written work online as a contributing writer with some of the top business and entrepreneurial blogging sites including Forbes, Business Insider, SCORE, and Fox Business, among others. Fun facts/Other pursuits: Originally from Southern California, Deborah enjoys spending time with her husband and two sons, Benjamin and Christopher, and practicing Pilates. Deborah believes in the importance of family and credits the entrepreneurial business model for giving her the flexibility to enjoy both a career and motherhood. Deborah, and MyCorporation, have previously been honored by the San Fernando Valley Business Journal’s List of the Valley’s Largest Women-Owned Businesses in 2012. MyCorporation received the Stevie Award for Best Women-Owned Business in 2011.

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