Administrative Solutions

If your accountant also does your bookkeeping, you may be paying more than you should for this service, as you pay more per hour for an accountant than a bookkeeper.

Documentation - Keep Good Records

Unfortunately, many taxpayers forgo worthwhile tax credits and deductions because they have neglected to keep proper receipts or records. Keeping adequate records is required by the IRS for employee business expenses, deductible travel and entertainment expenses, and charitable gifts and travel, and more.

But don't do it just because the IRS says so. Neglecting to track these deductions can lead to overlooking them as well. You also need to maintain records regarding your income. If you receive a large tax-free amount, such as a gift or inheritance, make certain to document the item so that the IRS does not later claim that you had unreported income.

The 3rd Quarter ended and you are still trying to balance your financial statements so that you can see how your business did compared to the 1st & 2nd quarters. Wouldn't it have been nice not to have to stress over doing that because you hired a bookkeeper to ensure that your financial reporting is more timely.