Use October Wisely: Third Quarter Review & Year-End Prep

Use October Wisely: Third Quarter Review & Year-End Prep

It’s amazing how quickly the year goes by. Suddenly, October has arrived, and only two months remain before a new year begins. Use this precious time to your advantage. Our suggestions below will help you get your books in shape to close out this year – and start the next one ready to go.

1. Tax Planning with Your CPA

Set up a time to meet with your Certified Public Accountant (CPA). The earlier, the better. That way, you’ll both have more time and energy for a productive tax planning session. Expect to discuss important topics, such as:

  • Your firm’s activities for this year as well as any large expenses that will take place before the end of the year
  • Estimated tax payments compared to your year-to-date financials
  • Strategies to maximize your deductions
  • Documentation needed for year-end tax planning and next year’s tax estimates

2. Updating Your Books

We understand you have many priorities as a business owner, and bookkeeping isn’t always at the top of the list. However, until your books are in order you’re missing a golden opportunity. When your books are current, your company can take advantage of the business insights in your data – optimization opportunities, paying outstanding bills, collecting from clients who owe you money, and much more.

Rather than spending your time inputting, categorizing, and reconciling transactions, consider working with a remote bookkeeper. Many of our clients hired us for exactly this reason – because we have the knowledge and expertise to solve the issues we mentioned above. Meanwhile, you can spend that valuable time working with your clients and doing what you love. Your CPA gets the information they need, and your firm evolves based on its current data. Also – your books stay caught up. Collaborating with a professional remote bookkeeper creates a virtuous cycle that benefits you and your business.

3. Planning for Next Year

With your team of advisors and your books up to date, you’ll be in prime position to prepare for next year. Our clients often request our help with a variety of planning activities as well as upgrades, including:

  • Creating monthly or annual budgets to help your business stay on track
  • Estimating your business’ growth projections
  • Switching service providers, such as payroll
  • Connecting add-ons/extensions for your cloud accounting software

A professional bookkeeper can help you plan each step of the way. Because they understand how critical your books are to your business, bookkeepers are a trusted partner you can count on for a seamless transition.

KeyRing Can Help with Your Books

KeyRing Business Solutions has helped numerous businesses take control of their financials. We’re a premium bookkeeping company focused on providing expert advice and remote technology solutions to today’s modern businesses.

Learn more about how KeyRing Business Solutions can help you review your third quarter results and prepare your business for future success.

By | 2017-11-06T00:31:19+00:00 October 2nd, 2017|Bookkeeping Benefits, Year-End|0 Comments

About the Author:

Heather began working in the bookkeeping/accounting field almost 20 years ago, beginning her career at an egg producer where, among other things, she tracked the useful lives of over one million chickens. Over the years, she has been a part of and learned from a wonderful variety of businesses. Through those experiences with corporations, small businesses, and “solopreneurs,” Heather has gained insight into the differing needs of these types of companies

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