It’s That Time of Year Again

Nov 27

As the holiday season approaches, so does the reality of tax season. While we focus on budgeting for gifts, travel plans, and festive treats, it’s also crucial to reflect on the financial health of our businesses. Are your business finances on track, or has bookkeeping been quietly piling up in the background?

For many business owners, financial tasks tend to slip to the bottom of the list. We prioritize taking care of customers, restocking inventory, and ensuring payroll is met—but what about paying yourself? Do you know your business's current financial standing?

If you haven’t reviewed or categorized your financial transactions in QuickBooks for a while, you’re not alone. However, even simple errors in categorization can lead to costly consequences. Over the years, I’ve seen issues like:

Forgetting to record business expenses paid from personal accounts.
Categorizing owner’s draws as expenses, which misrepresents your profit and loss.
Recording vendor credits in a way that artificially inflates income rather than reducing expenses appropriately.
Failing to reconcile accounts monthly, leading to discrepancies that snowball over time.
Overlooking loan payments and failing to split them into principal and interest, which skews your financials.
Misclassifying fixed assets like equipment purchases as regular expenses, which can complicate depreciation tracking.
Forgetting to track reimbursable expenses, leaving money unclaimed or causing reporting inaccuracies.

Each of these mistakes can increase your tax liability or lead to expensive corrections down the line. So, let me ask—how many transactions are lingering in your “For Review” tab?

If your answer is “I’m not sure” or if you’re dreading the thought of catching up, now is the time to accept some help. You don’t have to do it all alone. I can help dig you out, preparing your books for the upcoming tax season and making it easy for you to hand over a clean financial package to your tax preparer.

Ready to take the stress out of bookkeeping? Let’s chat! Contact me today to schedule a free consultation and discover how I can get your business finances back on track—just in time for tax season.