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Midyear Bookkeeping Catch Up

by / Monday, 09 June 2014 / Published in Bookkeeping, Sub Contractors, Tax
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Don’t wait to get your books up to date

It’s the middle of the year and instead of waiting until December or January to get your books current why not do it now. This is one of the biggest mistakes business owners make, waiting until the year is over to play catch up with their financials.

The biggest reason this becomes a problem is because after a years’ time it can be difficult to remember what those missing receipts or unexplained deposits were for let alone try and find the receipts or backup. Another problem with waiting is finding those subcontractors who you should have a W9 on so you can report their 1099 income to the IRS come January. For these reasons and several others it makes calling that outsourced bookkeeper in June or July a great choice to ease your yearend stress.

Keeping up on your books saves money and time

When you make that choice to call rather than wait another 6 months it actually can save you money as well. Reason being if you wait and things are harder for you or anyone with access to your bank account to figure out then the more time you spend and the bookkeeper spends researching and trying to track down the answer behind the transaction. Most banks only allow 3 to 6 months of back data to access online as well so this means being able to look up that unknown deposit or written check image online is not a possibility so the option becomes calling your bank and paying their fees for them to mail you a copy of each transaction in question and these bank fees are anything but cheap.

Calling an out sourced bookkeeper to get you current midyear can save an owner time, stress and money so why not contact one today.

 

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