With 2024 fast approaching, it’s time to look back at 2023 if you want to properly prepare for the future! To bring positive closure to the year and close strong, we suggest following these three R’s...
Record
Take the time to download transactions, record and update your QBO, databases, etc. with ALL your receipts (paper and electronic) - we can teach you how to do this easily with the app. Be sure to make note of every single expense you’ve had but may have forgotten. This is important, so make the time to do it.
Reconcile
You will likely be doing this throughout the year, but it’s a good idea to clean up your books by reviewing what has been paid and what is still owed. This is true of both accounts payable and accounts receivable. (Hint: Use your bank statements!)
Review
Once you have everything entered and accounted for, it’s time to review your accounts receivable, financial statements, Profit & Loss, etc. Reviewing this information not only helps you learn about the money you earned or lost, but it also shows where adjustments can be made for the next year (i.e., areas you need to reduce costs or items that aren’t as profitable).
Doing these three steps now will lower the cost and simplify your tax return process. After all, time is money, friends!
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