Why September is the Perfect Time for a Bookkeeping Clean-Up
As summer comes to a close and we have break in our schedules before the hustle and bustle of the Holidays hit, September is the perfect opportunity to get your business finances/books in order. With the end of 2024 coming fast, now is the ideal time to take a step back and ensure your books are clean, accurate, and ready for whatever the end of the year brings. And if you are anything like us its holidays parties, traveling or lots of celebrating!
Here at Harper and Faye Financial, we believe regular bookkeeping clean-ups are key to maintaining the financial health of your business. Now let’s chat about why September is an important time to focus on getting your finances in order:
1. Prepare for Tax Season Early
No one likes scrambling to prepare their financial documents in January, only to realize that there are missing transactions, unclassified expenses, or unreconciled accounts. But by cleaning up your books now, you’ll know that your bookkeeping is accurate and ready for the 2024 tax season. Starting early not only lowers the amount stress when it comes to tax preparation but also gives you time to make strategic financial decisions that can help lower your tax bill before the end of the year. Because we all know that paying Uncle Sam is not on the top of our list of things we like doing as a business owner.
Whether it’s deciding to invest in new equipment, making charitable contributions, or holding off on invoicing clients or prepaying expenses, having clean books allows you to make smart business decisions that will benefit your business in the long run.
2. Make Smart Year-End Business Decisions
With a clear picture of your financial situation, you can make the best decisions for your business as the year comes to an end. Knowing where you stand money wise allows you to look at opportunities, plan for growth, and decide where to allocate resources for the upcoming year.
Clean books give you a clear picture of your business’s net profit, cash flow, and overall health, empowering you to take action and make moves that can positively impact your bottom line.
3. Ensure You Have W-9s for All Contract Workers
As a business owner, staying compliant with tax regulations is sooooo important—especially when it comes to paying your contractors. September is the perfect time to make sure you have W-9 forms from all your contract workers, setting you up for smooth 1099 filing in January. It’s easy to overlook collecting these forms, but during the clean up we can see who you have paid over $600 to for services that were provided for your business.
4. Get Ahead of the Holiday Rush
The holiday season often brings increased business activity, end-of-year planning, and a host of personal and professional commitments. By getting your books in order now, you’ll save yourself from the added stress of trying to catch up on bookkeeping while managing a busy season.
Cleaning up your finances before the holiday rush means you can focus on pushing your business forward and enjoying the season with peace of mind, knowing that your books are accurate and up to date.
Why Regular Bookkeeping Clean-Ups Matter
Regular bookkeeping clean-ups aren’t just about preparing for tax season—they’re an important part of maintaining the financial health of your business. Clean, accurate financial records ensure that your business stays compliant, helps you make better business decisions, and provides a foundation for future growth.
At Harper and Faye Financial, we specialize in helping business owners like you maintain accurate and compliant financial records. Our bookkeeping clean-up services are designed to get your books back on track quickly—often within a week—so you can move forward with confidence.
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