Answer: As soon as you begin business. No business is too small and if your goal is to have good cash management and spend wisely you will need to track your financials and software is a simple and easy place to store that information. Also, bookkeeping software makes it easier at tax time to pull the information for the tax accountants.
Answer: Please see the video above and download your free Accounting Guide that will help you answer basic questions.
Answer: Payroll process depends on your business structure regarding owners pay. If you are a non-corporation then you would still need to calculate self-employment taxes on the money you withdraw from the business. If you hire an employee you will need to process payroll for employees’ hourly or salary payments and submit those payments to the IRS or the State for which you owe taxes.
Although there are hundreds of tax types, depending on the business, I have listed the top 5 most common taxes.
Schedule a consultation to discuss the taxes that apply to your business.
The fastest way to access your information is to share an online folder. If you scan your receipts or save them online you can add them to a shared folder and your accountant will see your documents and receipts. This method saves time and money. In this video, I will cover how to share a folder in Dropbox but this applies to Google Drive or OneDrive (and other cloud document providers). Dropbox and Google Drive are my favorites.
I apologize the video froze while recording, however, the message is still clear so I keep it moving.
Get the digital e-course: Preparing for Tax Season: http://bit.ly/2BT9mW2
Part 1 – we talked about sharing files and this video goes deeper into the folders to show file organization. Saving digital documents and receipts will cut down on paper overload and it is easier to search and find.