Feeling Panic Over Looming Tax Deadlines? Catch-up Bookkeeping is the Solution
As a small business owner, you have so many irons in the fire. Because of this, it is easy to push your bookkeeping to the back burner. We understand, because we’re business owners, too. But be forewarned! “I’ll catch up later” only works for so long.
Dangers of Delayed Bookkeeping
Lackadaisical and delayed bookkeeping can affect a business owner’s ability to:
- Make smart business decisions
- Take advantage for all available tax deductions
- Secure capital for growth
- Catch outstanding receivables, so you’re not leaving money on the table
- Avoid underpaying taxes which can result in costly interest and IRS penalties
- Promptly fix bookkeeping errors that might otherwise snowball and lead to inaccurate tax filings and financial statements
Catch-Up Bookkeeping Services
Catch-up bookkeeping can seem like a nightmare, especially if you don’t possess strong accounting skills, QuickBooks software, or a passion for bookkeeping. Lucky for you, the Prosperity Bookkeeping team possesses all three. With our catch-up bookkeeping services, we help businesses dig out of the accounting hole they’ve dug. Our certified QuickBooks ProAdvisors (Watch our short video comparing QuickBooks and Excel) will swoop in and start working. Essentially, we’ll help clean up and update your accounting records so you can breathe easy again, knowing you’re compliant with IRS tax filing requirements and confident in your financial statements.
Virtual, Cloud-Based Accounting
As a virtual, cloud-based bookkeeping service, Prosperity Bookkeeping offers catch-up bookkeeping services for small businesses throughout the U.S. Working hand-in-hand with small business owners, we’ll bring the company’s business finances up to date.
Catch-up Bookkeeping Priorities
Catch-up Bookkeeping involves the following priorities:
- Gather receipts, credit card statements, and bank statements
- Categorize transactions
- Review account receivables and accounts payable, so you can promptly act on overdue payments and invoices
- Reconcile bank and credit card statements for all transactions
- Prepare a yearly income statement, balance sheet, trial balance summary
- Develop ready-to-file tax documents
Important Tax Filing Deadlines
If your business is behind on finance and accounting, you most likely missed the year-end taxes, reports, and filings. Here are some dates to keep in mind for the future. Employers are required to send employees their W-2 by Jan. 31. Most 1099 forms are due by the end of January as well. The deadline for business and personal tax returns is April 18 this year, instead of the customary April 15. Why? Because April 15 falls on a Saturday, and Emancipation Day, a holiday observed in Washington, D.C., is April 17. Looking ahead, the quarterly payments for 2023 are due:
- First payment: April 18
- Second payment: June 15
- Third payment: Sept. 15
- Fourth payment: Jan. 16, 2024
No Judgement, No Scolding Bookkeeping Solutions
Whether you’re behind a few months (You’re not alone!) or a few years (Yikes!), Prosperity Bookkeeping offers expert catch-up bookkeeping services to bring your finances up to date. Best of all, there’s no scolding and no judgement, just friendly and professional assistance that will leave you sighing with relief. So, if you’re trying to play catch up with your bookkeeping before the April 15 tax filing deadline, contact us. We’ll tackle your financial records with gusto, clean up your books, and establish accounting practices and procedures to keep you on track going forward. Every cent you invest in outsourcing your bookkeeping will be worth it! Contact us and tell us your bookkeeping story.
About the Author: Once a mild-mannered reporter and editor, Joan Koehne took on the persona of her alter ego, Wonder Writer, to launch Writer to the Rescue , the content writing division of Packerland Websites. Wonder Writer is “saving the world one word at a time” with power-packed content marketing for digital and traditional media outlets.