Time & Money: Working Hand-in-Hand to Save You Both in Bookkeeping
Were you a procrastinator as a kid? Did your teachers let you have "one more day" to get your assignments turned in? Did your folks let you pay later for treats now? As a business owner, delays can cost money. If the delays are tax-related, they can cause penalties. One of our goals is to help you avoid unnecessary fines, fees, and penalties.
Our HR Biz bookkeeping team works with 150+ clients with varying levels of frequency. Some meet with us a few times per year to check in and make sure they're on the right track. Others drop off their statements and receipts to us monthly for reconciliation.
We know the "big deadlines" but we rely on our clients to maintain a certain amount of organization on what is due to us so that we can get their books in order. You are also required to keep certain records (receipts, payroll records, etc.) and your bookkeeper needs these as back-up.
So, no matter who your bookkeeper is, keep them happy by submitting items such as these in a timely manner:
- Access to banks, credit cards and POS systems to perform their responsibilities or a way for you to get the statements that they need
- Cash receipts (with a note indicating what the purchase is for)
- Information about money you spent from your personal account for business purposes
- Information about money you spent from the business for personal items
- Loan statements
- Integrated payment accounts like PayPal
- Copy of bill of sale if you purchased an asset
- Donations of product so proper inventory adjustments can be made
- Merchant service statements with details (sales tax, usage fees)
- Online receipts storage (Expensify, ReceiptBank)
- Payroll data, broken down by job, if needed
- Sales tax information for monthly sales tax filings
A few tips for those of you who outsource payroll services to your bookkeeper or HR department:
- Maintain an accurate list of employees with current pay rates
- Make payroll changes such as bonuses, raises, etc. effect as of the next pay period. Updating in the middle of a pay cycle makes it more difficult for your payroll department.
- Let your bookkeeper know about any garnishments, deductions, or other adjustments
- Keep employee payroll info confidential - direct deposit forms, SSN, W-4's, etc.
Keep a calendar for yourself of which tax filings are due when:
- Sales & use tax deadlines (TN info)
- Quarterly estimated taxes (if needed)
- Federal tax due dates
- Payroll taxes and filings
- Any extended filing date deadlines
- LLC renewal or Corporate annual filing
- Property Taxes, Franchise & Excise tax and Privileged taxes may be unique depending upon your location
Are you filing your own TN Sales & Use Tax return? You can use this worksheet to get all your data into one place before you go online to file. The worksheet itself cannot be what you file. You'll have to file online at: https://tntap.tn.gov/eservices/
Keeping your bookkeeping current will save you both time and money. Not to mention, it will simplify your life if you have to provide regular reports to your Board or submit documents for a business loan. Cutting down on the bookkeeper's time to "find" things, helps to keep your costs down.
Our goal is your success!
Lynn Talbott, MBA, is the Founder and President of HR Business Solutions, LLC. She received the TSBDC’s 2015 Small Business Person of the Year Award for Chattanooga and was recognized as a 2015 Rising Star. Lynn and her team work with 150+ companies in the Chattanooga area, in Bookkeeping, Payroll, and Human Resources. Lynn was previously a Corporate Trainer and HR Manager for a Fortune 500 company in Seattle, WA. She is an Advanced Certified QBO ProAdvisor and teaches classes for the Small Business Development Center.