As a business owner, tax time can be a little stressful as you’re hurrying to pull together all of your receipts and trying to remember all the events that transpired over the past year. You can contact your preferred bookkeeping service to help you, but in order to get the job done swiftly, they’ll need certain items from you. Below are four ways to help your accountant and bookkeeper provide an excellent service to you.

Have a system to record financial documents for easy retrieval.

The first step in helping your bookkeeper and accountant is to file appropriate records and documents in an easy to retrieve and easy to maintain fashion. Receipts are easily lost. An old-school way of dealing with them is to staple them to appropriate bank or credit card statements. If you’ve joined the digital age, scanning them to appropriate file folders (that are backed up in case of computer crashes) would also work.

Provide all documents to your accountant.

To maintain your books, your accountant will need complete access to the financial records of your business. As a guide you should provide the following:

  • Bank statements
  • Sale and Purchase Invoices
  • Credit card statements
  • Check books
  • Petty cash receipts
  • Copy of VAT returns/working
  • Any loan agreements taken out in the year

Organize your documents, so your accountant doesn’t have to play sleuth and waste time.

Do not just hand your receipts to your accountant without arranging them. Take time to organize your documents, be consistent in format and system. The more you organize the information, the faster the accountant can prepare your return.

The Early Bird gets preferred service

Start early. Don’t wait until the deadline. During this time, your bookkeeping and accounting service is swamped with last minute details from other clients. As much as possible, prepare everything in advance to lessen the chance of errors or overpayment. Spend a little time early on to make sure that your accountant’s job during tax season is smooth and as easy as possible.

Develop an ongoing relationship with your accountant.

The best way to make sure that you are receiving the best service from your accountant and bookkeeper is to develop an ongoing relationship with them throughout the year. They should know how your business runs, what your expectations are, and any issues that may pop up. If they are kept apprised of changes, they can help. The more your accountant knows about your business, the better they can help you plan your next steps.

Keep in mind that your accountant is more than someone who handles your taxes once a year; they are also strategic business partners who can give sound advice on how to reach your goals while reducing overall costs.

 If you’re looking for a reliable and detailed-focused accountant, contact Maxine for a free consultation on how The Balance Sheet can help you.