Tax season is something that most business owners dread, but it doesn’t have to be that way. Bookkeepers can help you better prepare throughout the year so that when taxes roll around, you don’t have to experience feelings of overwhelm.
In this episode of One Next Step, Tricia and I discuss the ways a bookkeeper can help you prepare your business and alleviate the stress of tax season.
Here are some takeaways we shared:
1. Get the help you need.
You can’t always be the expert. A bookkeeper is the expert in helping you prepare for tax season, as well as keeping you informed on your financial situation all year.
You can’t do everything, and this is the perfect job to delegate to someone who is trained to do it. Whether you’re drowning in work or you need to spend time in your business thinking more strategically, you have to ask for help.
2. Hiring a bookkeeper is the first step in getting your taxes prepared.
They’ll keep you accountable.
They’ll make sure you have receipts, invoices from clients, make sure you are on top of payroll, and have all your documentation. They aren’t your CPA, but they will make sure your CPA has everything they need for tax season.
Your bookkeeper is the person who will be doing the day-to-day activities financially for your business. They make sure everything is up to date and accurate.
3. Nobody wants to be surprised, and looking at your finances more often creates a sense of calm rather than anxiety.
When you stay informed, you’re not just hoping the numbers look OK, or waiting until the end of the year and crossing your fingers that everything is fine. Staying informed gives you peace of mind because you’re very aware of how everything is running financially.
A bookkeeper will help you identify good processes and visibility into your finances. It is helpful to have your bookkeeper work with your personal CPA will provide a peace of mind.
You are not only your business; you have to learn how to delegate and hire phenomenal people to run your business, and working with a bookkeeper can help you find that freedom.
Go download our “Best Practices for Small Business Taxes” resource for our tips on tax season.