2016-12-01 00:00:00TaxesEnglishReview the pitfalls of waiting to the last minute to get your books in order. Discover tips on how often to organize your business'...https://quickbooks.intuit.com/ca/resources/taxes/accounting-tips-dont-wait-until-the-last-minute-to-get-your-books-in-order/Accounting Tips: Don’t Wait Until the Last Minute to Get Your Books in Order

Accounting Tips: Don’t Wait Until the Last Minute to Get Your Books in Order

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If you wait until the last minute to get your books in order, completing your tax return can become a lengthy and cumbersome process. In addition, if you are combing through piles of receipts, invoices, and other records quickly and trying to organize a large volume of material at once, you risk making mistakes.

To avoid these pitfalls, get your books in order well before tax time. Ideally, you should set aside time devoted to this task once a week or once a month. It is easier to be consistent if you always use the same timeframe, and as your business grows, you may even want to hire an accountant for a couple of hours per week. Ultimately, this extra bit of organization helps you to streamline quarterly and annual tax reports, as well as your finances in general.

References & Resources

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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