Ok, no posts in 24 hours here, WAKE UP!
BUMP! (This is for accounting organization).
Most of the time I will probably goof off here, but not with this post, this post may can help you, unless you are totally just lazy.
My dad was self-employed construction for many years, and I worked for him many years.
In 1992 he got in bad health, made bad decisions because of the health issues, and lost everything. And he had a whole lot of machines and properties.
His accountant called me, and asked if I would stop by and help him with Dads business stuff, because he had no clue how to categorize what stuff paid out was for. (At the time dad was in a hospital for several months, and out of it after some strokes).
I was instantly great at that, and the accountant gave me a brand new book, that when I started my own corporation in 1994, I started using it, and have used it every since, kind of.
Around 2010 that book was no longer available, and I did not like the replacements, so for years now I have been making blank copies of those pages, to keep on using.
The book is for weekly use, but I always used it for monthly, and I could get 4 years out of a book that way.
A very large business would probably need to use the book weekly, I was never large, never cared to be after seeing how things for my dad ended up.
With a book like this, or similar, each time you write a check, (or pay a bill online these days), list what it is and if deductible or non-deductible, and the amount, and the category #.
Takes me 10 seconds per check I write, unless a check for credit cards that have several different categories of expenses, like gas, repairs, materials, etc., that needs to be broken down on the credit card statement, to be added to the book.
At the end of each month, it takes me 30 minutes to update the totals in the book, including my receipts for the month.
At the end of the year, same thing, done monthly, in just 30 minutes I have all my totals of the year, on one sheet of paper, to fax to my accountant.
Roughly, in 8 hours total a year, I have everything I need, on one sheet of paper for my accountant.
My accountant loves me! So many people still sends him grocery bags of receipts that he has to go through, and even though he charges them a lot of money for all his extra work, he loves the fact that my stuff is so easy.
(I do have to send him a separate sheet of paper with my rental house info, and that is no big deal).
My accountant also loves me because I always fax him my totals for the year, the first week in January, so he can work on it early.
My corporate taxes are due March 15th, and I usually go ahead and pay in February.
Yeah, personal taxes are due April 15th, I usually pay those in March.
I have no problems being great to my accountant, because they have been great to me in the past.
Long ago, I received a letter from the IRS about something and I owed some late fees or something, and I faxed that letter to my accountant, and he said sorry, that was our mistake, we will take care of it and pay it.
It ticked me off at first, but his dad had just passed, and he was taking it hard, but he kept everything all good for me.
And that was long ago, he is awesome again now!
Why this long rant now?
While ago I was hanging out with one of my friends that is a lot younger than me, and about 2 years ago he had started his own business, and sometimes asked me for advice, and I was asking him about accounting stuff, and he said he put all his receipts in paper bags and gave them to his accountant, and his accountant told him that he would take it that way, but he will charge extra.
I asked my friend if he would like to get organized, and he lit up, he wanted to learn more from me, so I showed him how I do all that, and I even gave him a page from the book so he can make his own copies.
My friend acted like he was going to get on top of everything and get organized, he even said he would get separate files for each category, and I said no need for that, hell, just one bag or file with everything in it for each quarter has always worked for me.
I really hope he gets organized, I gave him the advice and tools he needs.
Long ago another friend that was self employed, and so damn lazy he did not even file taxes for a few years, and wasted money on penalties and stuff once he did try to get caught up, had just had a surgery, and was bored because he could not lift anything or do anything, and I asked if he would like to get organized, and he said yes, and I actually bought him the book, they were still available at the time, so at least back around 2010, and he said he was going to start using it, loved how easy it was.
A few years later I asked that friend how he is doing with the accounting organizing stuff, and he said well, I just can't list every check in the book like you do, and I try to catch up a little but usually I just wait and file more and more extensions. That dude is just lazy.
***While ago I was telling my girlfriend about how I was trying to help my friend get organized, and even she said that she wished that she could be at least half as organized as I am***
(And that was not sarcastic or anything coming from her, she is not like that).
HELL YEAH! pasted_image (resized).png