A new year is upon us which means now is the perfect excuse to start fresh and get organized for the next 12 months. If your business is in need of some changes, start fresh in January and begin reflecting on where adjustments need to be made in your business now. Take the time as we wrap up this year to review your business operations and determine what areas could use improvement in the new year.
If bookkeeping and accounting aren’t your strong suits, don’t worry. They are ours! We’re sharing five ways to start fresh with your business bookkeeping in the new year that will help you stay organized and prepare for 2022.
And always remember, outsourcing your bookkeeping is a great option for those who don’t love that aspect of their business or feel the most efficient working on it. Gift CPAs is always here to help.
If you’re not already paperless in 2022, now is the time to make the switch. Most software and operations that provide receipts or invoices offer paperless options.
How do you know if paperless is possible? Log into your account or contact a support team at any of these businesses and request digital records of all accounting. This way you have everything to reference in one place that doesn’t need to be filed away.
This is also helpful for when it comes time to get receipts and records for tax season. Filing cabinets full of old receipts and who knows what else? No more.
Set up auto payments or billing where you can
This is an easy way to automate things that take up your valuable time. If you’re already making on-time payments each month, take the stress of remembering to jump into an account by simply setting it to automatically submit payments.
While you’ll still want to keep an eye on accounts to ensure amounts are correct, payment methods are up to date, and everything is running smoothly, don’t stress submitting the payments yourself. This can free up time on your calendar, reminders spinning around in your head, and ensure no payments are ever late.
Keep personal and business items separate
Hopefully this is something you’re already doing, but if you’re not, start a clean slate in 2022. Taxes can become really tricky when your accounts are mixed and things aren’t clear. We recommend keeping separate checking accounts, savings accounts, and credit cards for both personal and business uses.
Set up your schedule for success
Block time in your calendar each month to check on items. If you work with an outsourced (or internal) accountant or bookkeeper, set recurring meetings each month to get a pulse on your business and your money. While you don’t necessarily need to look at these items every single day, checking in monthly ensures there aren’t any big surprises come end of year or tax time.
Set aside money for next year’s taxes
Tax season can be stressful for business owners and that’s not always just because of the filing process. If money stresses you out, we encourage you to set aside funds each month throughout the year that go directly towards your tax payments.
This habit will help you to budget for the inevitable and eliminate the stress of moving around funds come tax time next year.
Need an extra hand?
While you’re preparing your bookkeeping and accounting efforts for 2022, you may be realizing you need some extra support in these areas. You can connect with the team at Gift CPAs today to learn more about our service and how we could help your business grow.
Cheers to a new year!