For Immediate Release:
Garden City, New York (February 1, 2013) – As small business owners start to gather information to prepare their tax returns, many discover that they are terribly behind in their accounting. It is not uncommon for small business owners to dread dealing with the year end accounts, particularly if their daily administration tasks have caused them to neglect their bookkeeping. OutSource Your Books, LLC (OSYB), a leading provider of professional outsourced bookkeeping, has prepared a detailed free year-end checklist to help small businesses prepare information to turn over to their CPAs for tax return purposes.
The OSYB year end tax preparation checklist was originally created for the use of OSYB’s clients, but they have now decided to make the list available to everyone, free of charge. Even businesses that will be hiring a CPA to prepare their tax returns can benefit from taking the time to ensure that their financial records are accurate and orderly before handing them off to the professional.
Organized records are a huge time-saver for CPAs, which can result in a drastically reduced tax return preparation bill. One client of OSYB, LLC implemented the actions suggested on the checklist and ended up saving $12,000 on their tax return fee, which is not uncommon. In addition to the potential decrease in accounting fees, it is also just a smart practice for business owners to be well-versed in the financial details of their companies.
The year end checklist is a comprehensive, although not exhaustive, list of recommended actions. Some businesses will need to perform additional steps beyond the ones on the list. A broad range of year end financial procedures is covered, including reconciling all accounts: banking, credit card, PayPal, loans, and lines of credit. Updating records of fixed assets to adjust for depreciation is another topic, as is amortizing intangible assets. The OSYB checklist also covers key topics such as managing accounts payable and receivable, writing off bad debt, and how to prepare wages, payroll taxes, and 1099s for tax returns. Another critical item on the list is to complete data file backup and to commit to implementing a daily backup system going forward. OSYB also recommends that businesses take the end of the year process as an opportunity to condense and archive their QuickBooks files for the year that has just concluded. Business owners can contact OutSource Your Books for a free year end checkup if they need assistance with the list or if they are seeking a reliable CPA that specializes in small businesses.
OutSource Your Books is a leader in the field of professional outsourced bookkeeping and CPA for hire accounting services. They are proud to maintain a 100% U.S. based staff to serve their clients in New York, New England, and across the United States. OSYB offers both online and traditional office-based accounting, and also pays on-site calls to clients in Long Island and New York City. Their primary client base is small businesses, start up companies, medium sized corporations, and individual trusts and estates. As an Intuit Certified ProAdvisor, OSYB specializes in implementing QuickBooks accounting software packages with expert staff training. Call OutSource Your Books today at (516) 465-0508 x5620 to schedule a free year end checkup or visit their website at http://www.osyb.com/blog/small-business/bookkeeping-year-end-checklist/ to review their bookkeeping year end checklist before beginning to prepare
your tax returns.
OutSource Your Books, LLC
100 Quentin Roosevelt Blvd., Suite 509
Garden City, NY 11530
Email: [email protected]
Telephone: (516) 465-0508 x5620
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