Bookkeeping Tips for Business Owners

At Sharon M. Gum, CPA in Waterloo IL, we’re happy to help manage your books, but there are several things you can do to make our job easier.

Keep Business and Personal Finances Separate

No personal transactions should flow through your business bank and credit card accounts. You should have separate accounts exclusively for business. This reduces the number of transactions we must reconcile.

Reimburse Yourself for Business Expenses, Including Mileage

When you pay for a business expense with personal funds, have the company write you a check to reimburse you. For any business mileage that you drive using a personal vehicle, you should reimburse yourself.

Always Keep Track of Receipts

The IRS requires receipts to substantiate all tax deductions. Keep a file folder with receipts for each vendor that you can pass along to us.

Invoice Customers Within 48 Hours

Sending an invoice within 48 hours is one of the accounts receivable best practices because it helps speed up collection. When customers receive an invoice soon after a transaction, they are more likely to pay quickly which can help us track payments and improve your cash flow.

Contact Us:

Sharon M. Gum, CPA

405 Hartman Ln

Waterloo, IL 62298

https://sharonmgumcpa.com/payroll-services/

https://www.google.com/maps?cid=1214929904421373116

Payroll Services in Waterloo, IL

 

Full service setup and payroll processing, check printing/direct deposit, and payroll tax reports/processing.

How many hours per month do you spend on payroll? Our guess is too many! By allowing our certified public accountant in Waterloo, IL to handle all payroll tasks, you’ll have more time to dedicate to serving customers or developing new products. Our team is highly knowledgeable in federal, state, and local legislation payroll compliance.

When you’re busy running a business, it’s hard to focus on payroll taxes. But small business owners must keep in mind that they are always at risk of being audited. Each year, the IRS levies billions of dollars in penalties by charging fines to businesses failing to pay business income and FICA (social security) taxes, and for late tax payments or underpayment. Any corporation or LLC not adhering to corporate tax structure is subject to fees and fines. By outsourcing payroll services, you can save money by ensuring all taxes are paid correctly and on time.

Contact us today to schedule an appointment!

Sharon M. Gum, CPA

405 Hartman Ln

Waterloo, IL 62298

https://sharonmgumcpa.com/payroll-services/

https://www.google.com/maps?cid=1214929904421373116