Bookkeeping & Administrative Support for Small Business in Calgary

 

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5 Steps to Your Happy Year-End

Year-end and tax deadlines can be stressful for you as a small business owner if you are not prepared. Here are five things you can do to prepare your business records for your bookkeeper or accountant that will save time and money on the record-keeping, and allow your accountant to get to the tax planning and advising quicker.

Organization - You can take a shoebox or a Rubbermaid
tote to your accountant, but if you haven’t spent time organizing your documents, someone’s going to have to do it. Try setting up a folder for each month, then sort and file your transactions by type and account, i.e. all invoices are clipped together, all visa receipts are attached to the statement, etc., and create folders for the assets, home office expenses and for your liabilities such as loans or leases.

Income and Expenses - Must be reported in the period they
are incurred, whether collected or paid for. Bring your accountant a list of your open invoices at year-end, bad debts, and open payables. Be sure to also report your prepaid insurance or rent details so that they can be recorded in the period they are used.

Banking – Include all statements and transaction slips (receipts, deposits) for the items that have gone through
your bank. Include but separate receipts for business expenses that you paid for with personal funds.

Mileage Log – If you are claiming a mileage reimbursement or your company is paying for vehicle expenses, you must have a mileage log to verify your business use of the vehicle.

Home Office Expenses – If you have a dedicated office, you can claim a proportional amount of your utilities, home insurance, property tax, mortgage interest and related home repairs as a home office expense.

Every business will have unique variables that affect its tax situation, but staying organized is a money-saver that works for everyone. 




Call today for a plan that fits your needs.  
403-663-5914 
ask@alltasks.ca