Birch Bookkeeping

Taxes can be an overwhelming task when you have shoeboxes of receipts and months worth of balance statements to sort through.

Let us help you simplify, streamline, and get rid of all those receipts you hold onto for a year. Contact Birch Bookkeeping to help you navigate this daunting tax season.

There are 3 basic questions that every business owner should be asking themselves on a monthly basis:

1.) What is the Equity in my business?
2.) What is my Profit?
3.) Where did the Cash come from and where did it go?

If you don't know the answers to these three questions, reach out to Birch Bookkeeping to let us give you the answers.

Small Business Bookkeeping Tip #4:
Organize your business documentation. Tax departments require you to keep business documentation to back up your tax claims for a minimum of 5-7 years.

Small Business Bookkeeping Tip #3:
Understand the difference between Business vs Personal Expenses.
▫️ Expenses that are directly related towards the operations of the business and help generate income are usually tax deductible.
▫️ Expenses for the owner's personal pleasure are not tax deductible.
▫️ Mixing personal and business, such as taking a client out for lunch and buying them gifts, does not mean all is tax deductible.

*Don't forget to let your bookkeeper know of all expenses and keep receipts/invoices for them (or upload them into your bookkeeping software).*

Small Business Bookkeeping Tip #2:
Don't let tax season stress you out. Be proactive and open up a savings account for your business so you can set aside around 30% of your income to help cover taxes before you spend it.

Small Business Bookkeeping Tip #1:
Be sure to keep your personal and business banking accounts separate.
If you need to use money from your business for personal use, be sure to set up a recurring bulk payment on a regular basis, such as once a week.

The biggest secret to financial success
-or success in any endeavor-
is to think further ahead than most people do.

Tip of the day: Keep your receipts stored digitally in QBO so you don't have to keep them all in a shoebox.

https://www.cpapracticeadvisor.com/sponsored/article/21093655/new-receipt-capture-in-quickbooks-online-drives-efficiency

New! Receipt Capture in QuickBooks Online Drives Efficiency With Receipt Capture, you and your clients can snap and store receipts digitally in QuickBooks Online to save hours of labor. Once receipts are uploaded to QuickBooks Online, they are automatically categorized and matched to transactions.

Birch Bookkeeping is accepting new clients.

Birch Bookkeeping updated their phone number.