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Keeping good financial records in your business is vital, but every year I hear from business owners who have not been able to do so and end up desperate at tax time. Make sure you or your bookkeeper are doing the following:

  • Reconciling each business account at least once a month
    • This includes categorizing transactions so that, come tax time, you know exactly how much money was spent in each business expense category and how much money was received from each customer
  • Invoicing customers on time and following up on unpaid invoices
  • Paying bills for business tools and services and for business vendors and contractors
  • Coordinating with your accountant or otherwise helping you pay necessary taxes