Work Smart

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Where are you currently at with your personal and business record keeping? Kevin Purdy, an author with the blog Fast Company, writes a great post shedding some light on how to fix your potential bad habit:

If you’re not up to date with your record keeping, the last time you probably thought about how much you needed to pay in taxes for 2012 was in April of 2012. You had a rough idea of how much you’d earn, a rough idea of how much you’d spend and write off, and the reality of your expenses and pay stubs was stashed in a shoe box until April 2013. “There must be a better way,” you tell yourself, year after year, only to find yourself wondering if squirrels are eating your key and missing receipts and invoices, year after year.

But this post is catching you at an opportune time. You’ve just paid the last of your quarterly estimates for 2012 (or missed them). You have roughly two months to pay your remaining state and federal dues on the year. And we’re only a six weeks into 2013, the year that you will finally get around to going paperless and keeping all your expenses tabulated, backed up, and available at any time.

This explains so many of the individuals and businesses I work with on a day to day basis. Most entrepreneurs are great at what they do, but not so great at the record keeping end of it.

Start out with baby steps, a simple profit and loss and scan in your receipts. ALWAYS backup your work.

It’s so important to keep track of all your financial information, it helps in reaping tax benefits you’re entitled to, you will need a well-documented financial log in the event of an audit.

Most important, you’ll feel more confident and better organized, which leads to even more success. I enjoyed this article and how it applies to so many of us.

Contact us for a complimentary consultation today at 1-877-629-6446.


About Brittaney Conley

Having a tax problem can be intimidating and extremely overwhelming, especially when you don’t know where to turn for help. We’re here to take the stress away and implement a resolution that will work for you.

 
 
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    Good points.FWIW We do our own book-keeping, and GST reunrts. It is a reasonable burden in terms of time and managing growth in the business, but I don’t know a better way to stay directly connected to the numbers going in and out. Actually doing it is (for us) much more direct than viewing reports from someone else. You get a much better spidey sense’ for when things are going wrong (or right, whatever that sense is).These Tuesday 3s are some of my fave posts here. Nice work.

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