As the year comes to a close, it's important to start thinking about your bookkeeping tasks to ensure a smooth transition into the new year. Deadlines are fast approaching, but it doesn't have to be stressful.
Have you given your bookkeeper, wife, partner, accountant, or tax accountant the information needed to complete your reports? Accountants need good information to create detailed reports and save money on your taxes.
Here is where the expression "Garbage In Equals Garbage Out" comes into play. It is impossible to create Job Costing Reports when all anyone knows is the deposit amount on the bank statement.
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Topics:
QuickBooks Year End Closing Tips For Contractors,
Contractor Tips,
Construction Systems And Processes,
Year End Tips For Construction Contractors
The year is almost over. Fourth-quarter and year-end deadlines are approaching. Most construction business owners who reach out to us describe this as their "Year End Madness" to prepare their documents for the tax accountant.
The end of the year tends to be chaotic for construction company owners, but it's an excellent time to get some extra housekeeping done for your business. If you're on QuickBooks, you can click the Help Menu; depending on the year and version you're using, you can access the Year-End Guide, which will show you how to wrap up your business year. It's not an easy process, but it's all worth it.
Why? Because tax preparers will take what you give them - they don't have the time, and it's much work that you've paid for, but a good tax preparer will know how much you can save if you can track your money. Bottomline - pay your taxes right, but it doesn't have to be more than what you owe.
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Topics:
QuickBooks Year End Closing Tips For Contractors,
Construction Bookkeeping And Accounting,
QuickBooks Year End Closeout,
Contractor Tips,
Reducing costs,
Year End Tips For Construction Contractors
Taking a bit of time to clean-up QuickBooks and prepare it before giving it to your tax preparer could save you hundreds or even thousands of dollars in income taxes.
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Topics:
QuickBooks Year End Closing Tips For Contractors,
QuickBooks Year End Guide,
QuickBooks Year End Closeout
