Poor financial record-keeping costs time and money while also causing a great deal of stress. So here are five steps to consider to avoid this:
- Use a different business bank account & credit card account. This removes a lot of uncertainty, and many banks and credit card providers provide incentives to business owners.
- Please ensure you register with the Taxing Authorities so that you may obtain the necessary Tax ID numbers. Keep a file with the figures and any payments made during the year.
- Maintain Records of all Major Purchases. You will need the total purchase price. If these purchases are paid by installments - you will need the breakdown of principal and interest paid through the year.
- Maintain a Log of Business Mileage. A simple log would consist of: The Date, the Mileage traveled, and the Business purpose. You can include more details if it helps for your business - but making it too complicated creates a reason NOT to do it.
- The last and often the part that causes the most confusion: You need to be able to produce The Total Business Income for the year and the total of all Business Expenditures.
Setting up a Bookkeeping System and keeping your records current will be a Lifesaver when you get to Tax Season. Syriac CPA Tax & Accounting Services provides the finest accounting and bookkeeping services in California, supporting persons and businesses in all sectors and at all levels of growth. We are the best Tax Consulting Cerritos firm.
Individuals and organizations of all sizes can choose from a wide selection of services, including Accountant and Bookkeeping, Business Consulting, Personal and Corporate Taxation, and many others. Syriac CPA Tax & Accounting Services has over 20 years of experience and pure skill in simplifying procedures and saving significant amounts of money for all sorts of enterprises. Call Syriac CPA Tax & Accounting at 1 (818) 960-9758 for a free consultation.