As we’re approaching the mid-year mark, this is an ideal time to check in on your books. It’s very easy to be so involved in the day to day, that we ignore the big picture until yearend. By taking a look now, it’s easy to see where something might be off and avoid regrets at yearend. Below are a few things that are helpful to review.
- 1099 contractors. Do you have all of their information?
- P&L Report. Is a category much different than you would expect? It’s possible you’re overspending now or perhaps categorizing an expense to the wrong account.
- Accounts Receivable. Are there any open invoices you didn’t expect?
- Net Revenue and Projections. Are you on track to hit your projections? If not, get to the bottom of why.
- Look at reducing expenses, raising revenue or adjusting your projections to a more reasonable number.
By taking a look at these areas now, you will stay in sync with your business, keep your books in order and reduce the pain out of tax prep.