10 Steps to Financial Health in 2010
Are the upcoming tax filing deadlines making you panic?
Would you like to be proactive this year instead of scrambling at the last minute to make deadlines?
In order to take control of your financial situation this year, follow our "Top 10 List" to get you and your business in strong financial shape:
- Make sure last year's books and records are in order. Catch up on any bookkeeping that has fallen behind including bank and credit card account reconciliations.
- If your accounting software is outdated, the beginning of the year is the best time to make a switch and migrate to a new accounting system. Most accounting packages can be easily converted to QuickBooks®. A conversion would include bringing over balances, customer & vendor lists, etc.
- Create a budget or forecast for 2010 with projected sales and expenses and monitor that forecast against actual results monthly.
- Ensure that 1099's have been sent to applicable vendors.
- Verify that all employees received W-2's and that quarterly and annual payroll reports were filed.
- Make sure any adjustments from your CPA from last year have been booked.
Have your CPA review your 2009 balance sheet and income statement to make any necessary adjustments prior to your tax return being completed. - If you are manually entering credit card and bank transactions, look at the option of downloading transactions online directly into your QuickBooks® file to save time and increase accuracy.
- To encourage separation of duties and prevent fraud, consider outsourcing your bank reconciliation process if one person has sole responsibility for making deposits and writing checks.
- Schedule time with your tax advisor during 2010 to discuss how your business is doing and make sure your tax strategy is up to date.
- At Jones Square Financial Services, we have staff ready to help you with all of these items to get your business in shape. From CPA's to bookkeepers, we can be your complete accounting solution.
