Another preseason activity is to run preliminary profit and loss reports. If you use accounting software such as QuickBooks and have kept your check register up to date throughout the year, this will be an easy report to produce. If, however, your receipts are in a shoebox then take time now before the end of the year to organize your receipts and other necessary documents.
I love using technology to help me with seemingly useless toil. Do your yourself a favor and check out shoeboxed.com. When you sign up for this service, you’ll receive these magic envelopes that you can stuff full of your receipts. Pop it in mail to North Carolina where the contents will be digitalized and import files created and your receipts returned to you. The file can be imported into QuickBooks or the excel summary used to record journal entries.
Finally, put together a list of loans and investments. Make a list of all the loans you took our that were used for investment, educational or business purposes. Obtain the loan history from your banker or creditor so that your accountant can adjust the year-end liability and record interest expense.
A good accounting system is critical to growing a healthy business. If you or someone you know needs help with their accounting and payroll or if they have unfiled returns or back taxes, contact us. We can help resolve your issues. I can be reached at 785-979-8383 or by email using this link.
Edwina Glass, CPA serves clients in Kansas including cities such as Lawrence, Topeka, Emporia, Atchison, DeSoto, Eudora, Overland, Park, Lenexa, and Olathe.