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NOW Is The Time To Fix Your Books!

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It is the middle of tax season and you are most likely scrambling around to get your records together for your CPA to prepare your 2014 corporate tax return.

Many of you dread this time of year because:

  1. It takes a long time to get everything together the CPA needs.
  2. You hate doing this task.
  3. It seems many times that your CPA takes this information and has to redo everything in their system because your definition of good records and theirs seems to be in different languages.  The result of this is much higher tax preparation bills than necessary.

Tony Robbins often states that people change only for two reasons–pain or pleasure.  My experience has shown that most of the time this is due to pain.

It’s time to face the truth–your books are a mess!  NOW is the perfect time to resolve never to experience this pain again.

This is actually a very easy problem to solve.  The goal is to change what you are doing so that your books are both accurate and up to date.  Depending on your situation, this could require one or more of the following:

  • Requiring reports for you to review every month from your bookkeeper to make sure that they are up to date.
  • Requesting your CPA to look at your books during the year, either on a monthly or quarterly basis, to make any necessary corrections during the year on a timely basis.  While this may sound more expensive at first, it actually costs a lot less than redoing everything at year-end.  You also get the added benefit of having your CPA up to date with your business and for them to share ideas with you.
  • Consider using an online collaborative accounting system that both you and your CPA can access at any time–this increases efficiency and saves costs because you are both working with the exact same accounting records.
  • Ask your CPA about new technologies available that will reduce your bookkeeping time and costs dramatically by integrating bank and credit card company information right into your accounting system.  You can actually “teach” your accounting system how to code transactions and automatically reconcile your statements.

Making any of the above changes will take a little time, especially during tax season, but some of these strategies can actually work retroactively for 2014 if your books are really in bad shape.

So it is time to make a belated new year’s resolution–I NEVER want to go through another year of headaches getting all of my records together, and NOW is the time I am going to fix my books once and for all!

If you need any assistance with any of the above suggestions, contact us immediately!


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