Things Every Small Business Needs to do in January – Week 2

Last week, we suggested a few accounting steps small business owners need to take so you stay on top of looming IRS and state tax deadlines. You can catch up by reading last week’s blog Things Every Small Business Needs to Do in January.

It’s now a new week, so I have a few new items to do. Not too much, just take a bit of time to keep pushing these things forward.

• Order your W2s, W3s, 1099-MISC and 1096 forms.  You need a W2 for every employee, and a 1099-MISC for every qualifying vendor which you paid over $600 in 2012.

• Last week, you requested W9s from your vendors. This week, send an email or phone reminder to those you don’t have back. You can accept scanned or faxed copies, but you need those forms in your vendor file.

• Reconcile your bank accounts. This helps you make sure all of your expenses are in your accounting system. If you have vendors that finance you at times, you need to reconcile them, too. If you’re backed up, this can take a few hours.

As a part of our business consulting services we are happy to do some of these shorter-term projects, train you to do-it-yourself, or even help sort out regular support of your small business operation.