Tax season for small businesses is rapidly approaching, but many small business owners lack the personal time to get everything in order and file their taxes early. This is understandable as most often other matters require their full attention, and expending extra effort won't benefit them when they can wait until the actual filing dates are mandatory. However, doing so can be to their detriment if something unexpected comes up or there happens to be a lot more problems than anticipated, since keeping track of finances can be harder than expected.
So, while it may be difficult to find the time, we recommend setting aside at least an hour every weekend to make sure that a part of your books is in order before moving on to the next. Are all your recent transactions categorized? Are they reconciled with the bank or credit card statements? Are there any unknown transactions you put away to deal with later?
While an hour might not seem like much time to get anything done, even that much can let you properly assess the amount of time you'll need to correct anything amiss or address any issues that might have cropped up without your realizing it. And remember, if you need help, you can always reach out to us here at From Red To Black LLC. We exist to help you keep your books in the black.