Simplify Tax Season with QuickBooks Online: A 5-Point Guide for Busy Entrepreneurs
As tax season approaches, I know you’re likely feeling the pressure to ensure your financial records are in order. As a busy entrepreneur, juggling the day-to-day demands of running your business while managing tax-related tasks can be overwhelming. But fear not! With QuickBooks Online and an outsourced bookkeeper’s assistance, you can easily simplify tax season.
1. Stay Organized with QuickBooks Online
QuickBooks Online is your go-to tool for staying organized throughout the year, not just during tax season. With its user-friendly interface and robust features, you can effortlessly categorize deposits and spending, so you easily track income and expenses. Quickbooks allows you to have several users, so others within your business can assist with delegatable tasks such as creating estimates and invoices, receiving payments and shipments, leaving you with fewer tasks, and better accounting.
2. Leverage Reporting Features
One of the key benefits of QuickBooks Online is its reporting capabilities. Take advantage of customized reports to gain insights into your business’s financial health, end of job reporting, budget actual reporting, and much more. Whether you need a basic profit and loss statement, a balance sheet, or a cash flow report, QuickBooks Online has you covered. In the past couple of years, they have expanded reporting for 1099 contractors, general dashboards, and more.
3. Prepare for Tax Filing
Gathering the necessary documents for tax filing can be time-consuming. But with QuickBooks Online, you can shortcut many of these processes, saving you valuable time and ensuring accuracy. This includes connecting your bank, so the statements are housed right inside QB, attaching your paper invoices to digital invoices, so you can see the paper backup inside the software tool, and more. Sharing the books with your accountant and bookkeeper is simple and free to add.
4. Partner with an Outsourced Bookkeeper
While QuickBooks Online is a powerful tool, having the support of an outsourced bookkeeper can take your tax season preparation to the next level. A dedicated bookkeeping professional can ensure your financial records are accurate, up-to-date, and tax-ready, allowing you to focus on growing your business. They can help you with management goals throughout the year, so you can use your bookkeeping for much more than just tax preparation. Looking back on each quarter or month can truly help you prepare for the month ahead.
5. Plan for Next Year
Tax season isn’t just about filing this year’s taxes—it’s also an opportunity to reflect on the year and plan for the future. Work with your bookkeeper to review your financial performance, identify areas for improvement, and develop strategies to minimize taxes and maximize profits in the year ahead.
At Fisher Bookkeeping, we specialize in helping entrepreneurs like you navigate QuickBooks Online and streamline their financial processes. Let us take the stress out of tax season so you can focus on what you do best—growing your business.
Ready to simplify tax season with QuickBooks Online and an outsourced bookkeeper? Schedule a Consultation with us today, and let’s discuss how we can support you on your financial journey.
Tax season doesn’t have to be daunting. With the right tools and support, you can conquer tax season with confidence.
About the Author Barb Fisher
Barb is the CEO of Fisher Bookkeeping, an outsourced bookkeeping consultancy that provides small businesses with a full-service financial department. Her favorite aspect of work is to break down the accounting to meaningful bits, so entrepreneurs can make a powerful difference in their own business. She's also a power lifter (squat: 215, DL: 270).