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5 Hot Tips to Get Your Business Books in Order

Plan Ahead for Next Year and Enjoy a Stress-Free Tax Season!

With over 30 years of corporate accounting and finance experience, Steve Barber launched Supporting Strategies in Frederick, Montgomery and Carroll counties in 2018, to provide outsourced accounting services to growing businesses by providing executives with the financial information needed to run and grow their company and meet their goals. From improving capabilities and efficiencies to providing insights for quality decision making, Steve is passionate about helping others to reach their greatest potential. Check out Steve's hot tips for business owners and executives to help prepare for tax season. (You can get started now!)

PREPARE FOR TAX SEASON NOW

1) REVIEW SYSTEMS:

If you have data feeding into your bookkeeping system from other apps, confirm it’s all mapped correctly and no data is missing. 

2) RECONCILE DISCREPANCIES:

Resolve discrepancies now, before dealing with additional year-end work. If an accounting error is ignored, it may only grow into something unmanageable later.

3) REVIEW FINANCIAL STATEMENTS:

Look at your income statement and balance sheet to confirm everything is correct. Your income statement will show revenue and expenses, while your balance sheet will show assets, liabilities and the equity in your business.

4) COMPLETE APPROPRIATE FORMS:

Complete forms from employees and contractors for year-end reporting. Be sure to plan for correct 1099 NEC reporting to avoid costly fees and penalties. Double check that your payroll and expense calculations are correct.

5) BACK UP INFORMATION:

Be sure to have a backup of your accounting systems and all related documentation. Move to a cloud-based system to avoid having to manually back-up data.  

Steve is a strong supporter of CJ3 Foundation, a nonprofit serving wounded and disabled U.S. Military Service Members, Veterans, Law Enforcement, Firefighters and Emergency/First Responders. A New Jersey native, Steve relocated to Maryland in 1997, to help start a joint venture. He and his wife of 25 years love walking around downtown Frederick and supporting local establishments, and look forward to the annual Sailing Through the Winter Solstice along Carroll Creek. SupportingStrategies.com

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