Why do your books monthly instead of just at tax time?

Because you can’t make good decisions without good data.

How do you get started?

You can get free assistance by contacting your local Small Business #Development Center. Your state usually has one affiliated with a large university. In addition, they provide free #ookkeeping setup assistance.

Steps:

1-?How much do you enjoy bookkeeping? Don't do it yourself. Outsource it. Even if you enjoy it, outsource it soon. Bookkeeping isn't your business, and you're better off improving it.

2 - In the case of a small or simple business, you can hire a #bookkeeper for $10-$35/hour. Some businesses do not need a #CPA to file payroll and sales tax on a monthly basis. Independent bookkeepers can provide these services at a lower rate.

2a - Look for a bookkeeper willing to improve your chart of accounts and able to complete monthly entries and reconciliations by the 5th business day of the month.

3 - If you have a more mature or complex business, contact several CPA firms. Look for experience in your industry, finalized financial reports by the 5th business day of the month, a desire to optimize your chart of accounts, and a stated workflow with you.

4) Participate in the process. Ensure that the workflow is maintained. Don't miss a deadline if acct is requesting receipts and #financial information on a #weekly basis. Don't get caught up in the end-of-month data flood and then wonder why your books aren't done. It's hard to find good CPAs. Don't get dropped if you're a bad client.

5) Ensure that you have a written agreement outlining your expectations, pricing, and services.

6) Hold them accountable and ask them questions. Make sure they fulfill their commitment of closing the month-end by the 5th business day of every month. When they agree to file your #taxes on time, filing #extensions is not a good idea. Make sure you review your financial statements and ask questions.