I know there is so much doom and gloom in 2020 but I’m talking about accounting here folks! It’s quarter 4 so that means we NEED to prepare for the end of the year and gearing up for 2021.
While it is important to continue to set goals and finish the year strong this is also some time to make some real decisions! There are options that can help reduce your tax bill and help you make stronger business decisions that will set you up for success in 2021 (oh boy do we need to be prepared to end this year).
“I started a business yet I forgot to do my bookkeeping and taxes.”
“I have been in business for so long I can’t believe I do not have my books in order.”
“Usually, I’m pretty organized but this year was so busy that I couldn’t keep track of anything!”
First of all, there is no shame in any of those stories! Do not beat yourself up over this, it happens to so many entrepreneurs. Don't panic when you begin to prepare for the end of the year. Second, don’t worry – you are not alone we got you covered!
Catch Up Accounting:
This is a process of reviewing your historical transactions, bookkeeping and financial activities of your company over a period of time and getting them back on track. After the books are “caught up” you can start to make crucial decisions to get your business ready for the end of the year.
How do you know where you're going if you don't know where you have been?!
If you are like so many other entrepreneurs your bookkeeping is not complete, you have no idea how much to save or pay in taxes and you have no idea what to do this quarter to minimize your tax bill.
There is still time to prepare for the end of the year! There is a solution! Catch Up Accounting!
- Maximize spending and tax deductions to minimize your tax bill
- Start saving for your upcoming tax bill
- Learn the trends of your business over the year or two to understand how to prepare your business. For instance: do you have a slow season? Maybe January you experience a slower time period, it’s time to know how much to save and when so you are prepared.
How does a catch up work? What do I do?
- Collect all your transactions from every place you are making money and spending money. Think credit cards, Paypal, loans, PPP loans, Square, Stripe, CRM system, bank, savings account, etc.
- Upload all transactions into your accounting system
- Reconcile all accounts in your accounting system (this process makes sure everything has been included and is correct)
- Review your accounts and transactions
- Review your statements
- Determine your current tax estimate
- Make decisions about how to reduce your tax bill or maximize your profits
- Determine how you will pay yourself the rest of the year
How long does the Catch Up process take?
This depends on many factors:
- How big is the company?
- How many employees are there?
- How many transactions does the company have?
- How long is the catch-up period?
- What information is actually available or missing?
- What kind of accounting process and system (if any) is already in place?
Do you enjoy doing your bookkeeping?
Do you have time this month to get this all done? If yes, amazing! Follow the steps and get ready to end this year prepared!
If not, you’re not alone. Most entrepreneurs find bookkeeping frustrating or understand that their time is better spent working on or in their business.
If you need help we’re here for you!
Prices are going up for our catch up service on October 15th so contact us right away to get over $500 off your 2020 catch up!