While most businesses run on a January to December schedule, other businesses choose to use a fiscal year schedule to keep up with the government schedule. The traditional fiscal year begins on July 1st and ends on June 30th. If you are one of the businesses who starts the year on July 1st, you have a few precious hours left to get your business organized for the coming year. So as the fiscal year draws to a close, it is important for your business to get off on the right foot. Let’s take a look at how you can start the new year off right.
Printing Out End-of-Year Statements
As the end of the year gets in full swing, make sure you take the time to print out your profit and loss statements as well as a balance sheet to show what your year looked like. Most accounting softwares can help you generate these reports or it is time to visit your accountant for the information. Your end-of-year statements will be useful for compiling your tax information in the months to come.
Once you have all of your statements printed out, it is time to make depreciation entries in order to compile your taxes. By listing your depreciation, you are decreasing the amount of taxable income you must report on your taxes. Things that can be depreciated include: assets that are wholly owned by the company, that produce income, have a determinable lifespan, and should last more than one year. The next step in this process is to reconcile all of your accounts. Go through all of your credit and bank accounts for the business and reconcile all charges and payments. Make sure all of your statements match your records and look into any discrepancies you might find. Once all of your accounts match up, it is time to print out and mail your tax forms.
Start Off with Organization
It is important to start every year off right and what better way to get your business organized than with a document management system by Micro Records. Sending all of your records to Micro Records will allow you to easily access your information throughout the year and into the next. Stop searching piles and files for information and instead search your custom database for the information you need. A document management system by Micro Records will help you easily find any discrepancies when filling out for taxes next year and will help to keep your statements organized going forward. For more information on getting your business organized by going digital, call Micro Records today!
Get Ready for the Fiscal Year with Micro Records!
No matter what kind of business you have, you want to spend your time working for your clients, not searching for paperwork. Micro Records can help you with that. Our products can get you on the right track. If you want to learn more about how we can help you to smoothly transition to the digital age, please contact Micro Records Company, Inc. by calling 877-410-SCAN or visiting MicroRecord.com!