Fallen behind on your bookkeeping?
Here are five steps we recommend you take if you have fallen behind on your bookkeeping.
Update your project management system. Create invoices. Enter payments. Update Purchase Orders with shipping or updates received from your vendors, and payments on the purchase orders.
If you are using QuickBooks Online (QBO) make sure all transactions are categorized correctly. Payments should be applied to bills accordingly and deposits should be applied to the correct invoice. Once the transactions are accounted for, your bank accounts and credit cards need to be reconciled.
Have you paid any independent contractors this year? If yes, have you collected a W-9 from them? If no, then you will need to collect W-9s from any and all independent contractors that you have paid in this calendar year. This form contains information that is necessary to file your Form-1099s in January the following year.
File your sales tax returns even if you are not 100% sure on the accuracy of the amount. You can always file an amended return once you have a bookkeeper in place. This would help you avoid delinquency and associated fees.
If you plan to hire a bookkeeper, do not wait until the last minute.
At BBTB, we do not take on new clients in December or January. And once we start interviewing potential new clients, we are typically booked out 4-6 months.
Hopefully these tips help you prioritize your bookkeeping tasks if you have fallen behind. If you are interested in learning about our services, please contact us by filling out this form: https://www.businessbythebook.money/contact.
