One day, maybe not that long ago, you decided that it was finally time to quit dreaming of starting your own business. It was time to actually do it.
There was (and still is) something you were really good at doing, and you were passionate enough about it to go all-in on building a business around it.
Here at CRS CPAs, we’re accountants, not prophets. But even we are pretty confident that we know one thing about you for certain:
You didn’t go into business to get to do paperwork!
Honestly, we don’t know anyone who ever did. But it’s a necessary part of running an organized and responsible company. There’s really no way around it if you want to succeed.
The IRS definitely encourages business owners to stay on top of their paperwork. Here are a few benefits they list on their site. Good record-keeping helps you:
- Monitor the progress of your business
- Prepare your financial statements
- Identify sources of your income
- Keep track of your deductible expenses
- Keep track of your basis in property
- Prepare your tax returns
- Support items reported on your tax returns
One of the last lines on that webpage says, “You must keep your business records available at all times for inspection by the IRS. If the IRS examines any of your tax returns, you may be asked to explain the items reported. A complete set of records will speed up the examination.”
Translation: No one wants to be unprepared when they hear, “Good morning, I’m here for your audit.”
Even with stakes that high, it’s still easy to fall behind in maintaining the records necessary to run your business. You’ve got a thousand things to do and as many hats to wear. There always seems to be something more urgent than filing a report!
So how can you stay on top of financial paperwork and still grow your business?
Outsource it instead!
By partnering with a qualified accounting firm that can handle your financial paperwork for you, you instantly remove one of your biggest stress points.
- They’ll keep track of what you need to record and when.
- They’ll make sure the receipts you give them are sorted and saved.
- They’ll stay on top of the most current federal, state, and local tax laws.
- They’ll have current backups of all of your financials.
- They’ll free you up to focus on building your business.
To learn more about these tips (and 8 other financial mistakes you might be making), download your free copy of a PDF we recently put together to help business owners just like you.
We get it! Paperwork isn’t fun. Even in what we do, we file a lot of paperwork on behalf of our clients, but it isn’t the main reason we got into the business we’re in. We do what we do because of how we get to help guide our clients and see them succeed in their businesses.
To find out how much you could be freed up to focus on growing your business, schedule a call with one of our paperwork experts today!