Not Too Sure About Your Bookkeeping?

As a small business or a start-up, you've probably resorted to hiring a bookkeeper because they're inexpensive. This is perfectly fine as start-ups and small businesses don’t have complex financials. However, even if you were sold on hiring an “affordable” bookkeeper, chances are you are not sure what you are paying for. Here’s why:

Manual Work.

Most bookkeepers bring experience but experience doesn’t mean efficiency. A bookkeeper may have 10+ years under their belt, but if they are applying manual work they are not efficient. Manual work are time-consuming and error-prone therefore, more expensive.

What Are You Missing Out?

Have you ever wondered how is your business performing? What is your current financial position? While most bookkeepers helps maintain your books, you don’t really know how to read financial statements to make critical business decision to maintain and grow your business. 

Money Out the Door!

Not knowing your numbers may be costing your more than your realize. Bookkeeping services focuses on recording raw data but have you given some thoughts about how can those data help you save costs, maximize tax savings and increase profits. Imagine if there is a technology that transforms these raw data into important, easy to understand information to assist you in optimizing your business financials.

For small businesses and start-ups, the perfect solution is to find an all-in-one accounting solution like OneSelfClub. OneSelfClub utilizes technology to automate your business so that you can increase profits, minimize costs and grow your business. Here’s what’s included:

1. Bookkeeping Services 

2. 1 Hour Interaction with a Professional Accountant

3. Month-end Reconciliation

4. Quickbooks Online Subscription 

5. EpicLedger Financial Dashboard (read your numbers in 60 seconds!)

6. EpicMileage (automatically track your business miles)

How to Prepare for the Next Tax Season

For many people, tax season can be a mad scramble full of document-hunting, form-filling, nail-biting and yelling. But it does not have to be. Starting your tax prep well before the deadline can make your life way less chaotic—especially if you own a business and plan to claim deductions.

In order to be well-prepared for the next tax season, it is essential to have good transactional data. To achieve this your books must be in order! Follow our guide to getting your business ready for tax season:

Make Sure All Transactions Are Recorded Properly

Messing up your taxes because of missing or erroneous transactions can be stressful, but it can be easily avoided. Make sure you are recording all of your business transactions in your general ledger, and that you are categorizing each transaction as accurately and consistently as you can. This will help you maximize your deductions. For example, if you recorded your website hosting under "Advertising" one month, do not record it as "Investment" the next month. Make sure you are consistent.

Know Your Numbers

Knowing your numbers will help you understand your financial position, this includes your expenses, profit, revenue, net profit margin, cash flow, etc. It will better prepare you for tax planning and strategize for some tax-saving opportunities that way you are not caught off guard and have to pay the IRS an arm and a leg.

Reconcile Your Bank & Credit Card Accounts

"Reconciling" is just a complicated word for "make sure your books match your bank accounts". Your bookkeeping is incomplete until you have checked it against all of your statements. By reconciling you can save yourself the trouble when it comes time to filing your taxes.

Hiring The Right Accounting Professional

Doing everything yourself can be a great way to save money, but we strongly advise that you have an experienced accountant to take a look at your books. Don't just hire a professional for the sake of hiring them. Make sure that the person you hire knows what they are talking about. The right accountant will make sure you are set up properly, that you are taking advantage of the right year-end tax moves, and that your business is in good shape for tax season.

Let OneSelfClub get your books tax-ready! Sign up today and skip the stress and chaos and let us handle your bookkeeping for you.

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