Take the Crazy Out of Tax Time; Run Your Business with Quickbooks

I hold my purse strings pretty tightly at times. One of my first purchases for my business was quickbooks. The way you handle your business financials can make or break your business.

At tax time, I do alot of tax prep for small business owners. Some have even dropped off receipts at my home(can you say full entry way of bins). I spend hours categorizing receipts and totaling up figures that are to be passed on to the accountant.

All this wasted time and money can be cut out of your business costs by using quick books. It literally takes me 20 minutes each year to do my taxes.  I print out my general ledger and fill out the tax organization form.

I have to admit, I HATE accounting. I am not a numbers kind of chick. With this being said, I do my accounting everyday. Yes, I enter my receipts and print out my invoices. Spending a few minutes a day, entering my data, saves me hours at tax time.  After entering the data, I put the back up receipt in a file according to category( I use an accordian file system).

If you don’t have the time to enter your receipts on a daily basis, make sure you have a place to put them. If you are traveling, consider a plastic envelope to be carried in your suitcase or work bag. At the end of each day, place your receipts in there. I used to keep such an envelope in my car when I was in sales.  If you work in an office, create an action item file to place them.

Money is the backbone of any business. When its not managed properly, it can really hurt you at tax time!

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