Tip #1 ….. Remember, you and your bookkeeper are partners. A strong partnership ensures that you will help reach your goals of business or personal financial success!
Tip #2 ….. Prompt communication and accurate information are keys to a great partnership.
Tip #3 ….. Remember to organize and prioritize key points to your bookkeeper that require quick responses.
Tip #4 ….. Time is money, the more organized you are the less it will cost! Ask your bookkeeper for organizational tips.
Tip #5 ….. Prompt Communication from both parties reduces errors.
Tip #6 ….. Be aware of your operational deadlines: 941 deposits, excise reporting, payroll, quarterly reports, annual payroll reports, 1099’s, etc.
Tip #7 ….. Deliver your bank, credit card, and loan statements in a timely matter. Fax, email, mail, or drop offs are a few ideas.
Tip #8 ….. Don’t mix business with pleasure!! Keep your business and personal transactions separate at ALL times. Remember for auditing purposes there MUST be a paper trail of clean transactions.
Tip #9 …..If you use subcontractors for your business…. Be sure to have the subcontractors following info on file:
* Current L&I that shows the business in good standing
* Current Certificate of Insurance
* Current W9 (for reporting 1099’s at end of year)
* Current state license
* Current I9 (Department of Homeland Security)
Tip #10 ….. If you have employees the following forms need to be received before they start working and can be paid: W4’s, I9’s
Understand that bookkeeping should not be hurried as it takes time. However, the more organized and efficient at communicating you are, the quicker the processing systems become. When the processing systems are more efficient, bookkeeping becomes more cost-effective. As bookkeeping becomes more cost-effective, CPA costs for tax preparation goes down.
Your business or personal, financial bottom-line increases!!