Updated: May 1, 2020
1.Set up designated business account - Determine What Accounts You Need. One business bank account for practices including income, taxes, and payroll may be difficult to manage, especially when taxes are due, Choose Your Bank, Obtain Your Business Name, Get Your Paperwork in Order, Get Ready to Accept Payments.
2. Review your accounts receivable and payable - Trace receivable report to general ledger, Calculate the receivable report total, Investigate reconciling items, Test invoices listed in receivable report, Match invoices to shipping log, Confirm accounts receivable, Review cash receipts, Assess the allowance for doubtful accounts.
3. Set one long-term business goal for 2020 - If you want to catapult your business in the new year, use these five steps to set and achieve your goals.
(a) Revisit your company values, mission and vision.
(b) Review the past and visualize the future.
(c) Set goals for the year of 2019 and Q1.
(c) Make progress toward your goals with Weekly Plans.
(d) Value your employees' efforts.
4. Find a bookkeeping solution that works for you - Find an Accounting System That Works For You If you don't need all the extra features, such as payroll management, then you can choose a simpler solution that gets the job done. On the flip side, you might also want to consider software that's able to scale with your business as you plan for growth.
5. File your taxes early - Every April, many taxpayers wait until the last minute to file their federal income tax returns. Despite this tendency, there are many reasons to file your taxes early. If you will receive a refund, you may want to submit your return as quickly as possible. Additionally, there are benefits to filing early for those taxpayers who have a balance due. One of the most common reasons to file taxes early is to receive a faster tax refund. Filing your return electronically with direct deposit into your bank account is the fastest way to get your refund.
AUTHOR: RIZWAN KHAN
Hi, this is Rizwan Khan, Marketing Assistant who supports the entire Marketing department by completing a variety job.I had a spell no more striking than other people in my job description. I did all the things you weren't supposed to do. I had a motto: When in doubt, try it. Take a few minutes and drop me a message. I’d love to chat!
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