1. Ask questions when you need help. Your accountant is there to help you succeed, and not just in the tax world. He may be able to suggest areas of your business that need improvement or offer a word of advice on how to handle a problem employee or customer. If you keep him in the loop and let him know what’s going on, he can help.
2. Don’t wait until filing deadline day to get everything in order for your accountant. You’ll stress yourself out by waiting, and it will take longer than necessary because things will have piled up in your office while you waited for that last bit of information from the manufacturer, supplier or sales rep who didn’t return your call right away (or the one who seems never to return your call). Get as much together as possible before December 31st so it’s all ready when tax time rolls around next year–and then relax!
3. Be sure you’re keeping good records throughout the year so it doesn’t take forever at the end of the year to put them together for filing with your accountant (or doing it yourself).
4. Keep organized files all through the year: invoices paid but not sent off yet; receipts for expenses such as gas, meals/entertainment, stationery; miscellaneous information about vendors or customers (names and numbers) that could help if there is ever an issue about a past purchase or sale; writing down details about each transaction that could come up later (such as why did you buy more blenders from this vendor?). Keeping these types of records now means less work later on.
5 . Review all bank statements regularly and reconcile monthly with your accounting system so any errors can be corrected immediately rather than after-the-fact which creates extra work and may require more tax payments . Fortunately QuickBooks makes reconciling easy with its online banking support! And if you have multiple bank accounts linked into QuickBooks like we do here at Gnome Sweet Gnome , Intuit has made reconciling even easier with their new “Reconcile Now” button found along side many transactions within either desktop version QBDT or online version QB Online Accountant …this single button will save hours upon hours of frustration trying figure out where transactions are coming from within Bank Feeds…if you haven’t tried Bank feeds yet I highly recommend using them now…they are well worth it !!