Make this the year you clean up your books and get organized for 2018. Here’s a checklist to make sure that you’re ready to tackle the New Year.
1. Ensure that your books from 2017 are reconciled with all items entered.
2. Review the rules regarding employees and independent contractors to ensure that your employees are properly classified.
3. Separate your business transactions from personal transactions. This could include opening separate business and personal credit cards and bank accounts.
4. Tidy up your records, including getting rid of former clients from your books to make entering new information a snap.
5. Either schedule a time each week to get your books up to date or consider hiring a bookkeeper to keep everything straight for you.
6. Arrange a meeting to consult with a tax accountant to discuss any changes to tax law that could impact your business over the coming year.
7. Review your bookkeeping procedures and look for areas of improvement, including tasks that could be streamlined or eliminated entirely.
8. Stay consistent. The key to success is to keep it up throughout the year to keep the process from becoming a daunting chore.