HOW TO ALLEVIATE YEAR-END TAX & ACCOUNTING STRESS
Every year, the Ginkos trees in our neighborhood turn the streets gold for about 1 - 2 weeks. Then the trees completely shed their leaves. When this happens, I start to get a little anxious because I know there’s only ONE more month of the year left and it’s going to start getting busy for not only myself, but for anyone running their own business.
From making that final year-end sales push for your business, managing vendors, clients and customers, to making sure you’re fitting in the time for family and friends during the holidays - the last thing you want to think about is taxes and accounting.
Unfortunately, taxes and accounting is an area no small business owner can ignore. If you completely put it off until it’s time to file your taxes, it can get quite stressful. However, there are things you can do, and systems you can put in place before the year is over to help alleviate that stress.
I had the pleasure of speaking with the amazing ladies at Black Twine on how to set yourself up for tax and accounting success as a small business owner. Below are my top 3 tips and best practices:
Create a tax folder for each year: This can be a physical or cloud folder used to collect receipts and important tax documents that come your way throughout the year. Even if you don’t have time to organize everything, having all tax related info contained in one place will reduce the time you spend hunting down the info later.
Make bookkeeping a habit: Dedicate a specific time on a specific day - at least an hour a month - to doing your bookkeeping (or reviewing your books with your bookkeeper if you’re able to hire one), and organizing tax and accounting related documents.
Create a timeline and checklist of tasks that need to be completed by year-end and through early January: Tasks may include performing your inventory counts and tracking your odometer mileage at 12/31 if you use your car for business.
P.S. If holiday party planning is adding to your stress, check out the party ideas at Black Twine where they can help you plan and create the party of your dreams! Black Twine and is a modern entertaining platform that provides visually inspiring party content, planning tools and commerce through a premium community of party professionals