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Bookkeeping Tips for Your Small Business' Denver Tax Preparation

November 1, 2017

As a small business owner, tax preparation is a year-long feat. One of the best ways to handle this is to stay organized and strategically plan. When accomplishing these goals, you will make the upcoming tax season a breeze. Whether this is your first year as a small business owner, or 10th, there is always room to brush up. Learn more about how you can grow using a premier e-filing system, top ways to plan ahead for the future, and reasons to use a local accountant to help with your bookkeeping.

Using an e-Filing System

When tracking expenses for your small business, one of the best advancements you can make it moving to an electronic filing system for your documents. When saved in a cloud system, this will help protect your business in the event of an emergency. An electronic system is also a great way to keep track of all documents for quick reference as you turn in items to your accountant. An e-system is also space saving which is crucial for small offices. When using an electronic system, make sure you use keywords and naming conventions that are easy to find through search. Still unsure of making the switch? Small Business Chron shares the advantages of electronic document management system to help you see the pros.

Planning Ahead for Future Expenses

Being a small business owner, you can never be too careful for your future. Whether it is a financial crisis or a natural disaster, accidents can happen. To get started on your emergency plan, you need to take some time to look over your business’ plan for the year. What types of expenses will you need for upgrades for systems and equipment? How is the outlook of profits for your business? Do you foresee any events where you will need to pull additional funds or move them? What would you do in the event of a natural disaster? Throughout all the changes, it is important to stay on top of your day to day expenses and make sure everything is tracked.

Reasons to Use an Accountant

One of the best investments you can make for your small business is working with an accountant to assist with your bookkeeping. As a team, you can work with your accountant,  which allows you to provide an easy access to documents. From there, they can use these tools to help you with all your bookkeeping. In addition, a go-to accountant knows the ins and outs of tax codes. They will help you meet all of your deadlines for your quarterly tax payments and inform you of all of the tax deductions your business can qualify for.

As you look for a quality accountant to help your small business grow, you can count on the expertise of the team at Bloch, Rothman and Associates. Be sure to review the four bookkeeping tips for small business owners from premier Denver accountants and let us help. Contact Bloch, Rothman and Associates today to set up your free initial consultation.