The 12 Days of Accounting Tips
🎁 Day 1 of Accounting Tips
Keeping your books updated all year is the gift that keeps on giving. Don’t wait until year-end—your future self will thank you! Locate and gather all your banking, income, receipts, and expense documents now. Don’t wait until the year is over. Go through all those electronic and physical receipts. Set up a system, either electronic or physical, to store all your documentation. 📚✨
🎄 Day 2 of Accounting Tips
Mixing personal and business finances is like tangled holiday lights—avoid the mess! Keep them separate for clearer records and easier tax time. Maintain separate bank accounts and credit cards for your business. Only write business checks or use business debit and credit cards for legitimate business expenses. 💡
❄️ Day 3 of Accounting Tips
Track every business expense, big and small. Those little receipts can turn into big tax savings—think of them as financial stocking stuffers! Keeping all your receipts in one place makes it easy to prepare for tax season. Make notes of what each receipt was used for. Use dedicated apps (like QuickBooks, Ramp, Expensify) or spreadsheets to log details (date, vendor, amount, purpose), snap photos of receipts, categorize everything (office, travel, etc.), and digitally file them for easy access, ensuring you meet IRS requirements by keeping records for at least three years to maintain financial health and tax compliance. 🧾🎄
🔔 Day 4 of Accounting Tips
Monthly bank reconciliations help keep your finances in harmony. Catch errors early and keep everything balanced this holiday season. 🎶
🕯️ Day 5 of Accounting Tips
The saying “profit is great, but cash flow keeps the lights on” means that while long-term profitability is essential for business growth and sustainability, having sufficient immediate cash flow is critical for meeting short-term obligations and daily operations, ensuring the business survives. A business can show a profit on paper but can still fail if it runs out of actual cash to pay bills, salaries, and suppliers on time. Monitor your cash flow so your business stays merry and bright all year long. ✨
🎶 Day 6 of Accounting Tips
Send invoices promptly—faster invoicing means faster payments. A little holiday hustle goes a long way! As Christmas falls at the end of the year, it’s the ideal time to tie up loose ends. Chase those late payments like Santa’s reindeer on a deadline. 💌💰
🎅 Day 7 of Accounting Tips
Don’t end up on the naughty list—know your tax deadlines! Mark your calendar and avoid penalties this season. If you aren’t sure of the Federal and State deadlines for your business, give us a call. As your bookkeeping and accounting professional, we can help you stay on track. 📅🎄
🎁 Day 8 of Accounting Tips
Let accounting software like QuickBooks do the heavy lifting this holiday season. Automation saves time, reduces errors, and gives you more time to celebrate! It is easy to see the big picture. Faith Resolutions Bookkeeping is a certified QuickBooks ProAdvisor. 🤖✨
🌟 Day 9 of Accounting Tips
Your business’s financial reports tell the story of your business year. Review them regularly and plan for an even brighter year ahead. You will have a pulse on your business if you start with three reports; an income statement, a balance sheet, and cash flow statement. Together, they reveal if you’re making money (Income Statement/Profit & Loss Statement), what you own vs. owe (Balance Sheet), how your cash moves (Cash Flow), giving you a complete pulse. 📊🎆
🎄 Day 10 of Accounting Tips
Tax planning isn’t just for April. Plan ahead, set aside funds, and avoid a holiday tax surprise. Make the most of your deductions for the upcoming tax season. Make sure that you understand what expenses are tax deductible before planning holiday gifts for your staff or clients. Make sure the charities you are donating to are qualified 501(c)(3) organizations before making contributions. ❄️💸
🔔 Day 11 of Accounting Tips
Stay audit-ready—even if one never comes. Organized records = less stress and smoother operations all year long. Keep physical receipts and electronic data backups for the specified time period for your state and local jurisdictions. Not sure what that is, we can help. ✔️🎄
🎉 Day 12 of Accounting Tips
An accounting and bookkeeping professional is the ultimate business helper—offering guidance, clarity, and peace of mind. Give yourself the best gift ever! For more information, contact Faith Resolutions Bookkeeping and get ready for the new year!🎁💼