Totally Balanced Bookkeeping, LLC

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5 Simple Ways To Improve Your Productivity

✅ Create a timeline for each task and stick to it. Start by assessing your workload and identifying any upcoming deadlines. Prioritize your tasks and plan your schedule accordingly. Try using the Eisenhower Matrix, a task management tool that helps you organize and prioritize tasks by urgency and importance.

✅ Breakdown goals into achievable tasks. Be honest with yourself and set realistic goals with realistic expectations. When you have a clear vision of what your purpose is and an action plan you can follow to get you to your goal, YOU WILL SUCCEED!

✅ Eliminate distractions and yes, that means putting the phone away too. Distractions hurt our efficiency and productivity. As a business owner distractions can cost you precious time and money. Keep distractions at a minimum and focus your attention on income producing activities.

✅Time Management. There are 24 hours in a day, eight of those are spent sleeping. What are you doing with the remaining 16 hours? Take a look at your daily and weekly schedule. How are you allocating your time? Invest your time in areas of your life that bring you joy and give value. Maximize the 16 hours you have by being efficient and effective. When you think you don't have time, think again. Make time for the things that are important to YOU!

✅ Be mindful and intentional by being conscious and deliberate with what your priorities are.
👉 Urgency vs Importance
👉 Effort vs Impact
👉 Stress vs Ease

✨WHAT IS THE GOAL?✨
Work efficiently to maximize output.

FOLLOW ✨

If you want to manage your bookkeeping proficiently, it is best to make use of good accounting software. Also, divide the bookkeeping into smaller and well-scheduled tasks. These two techniques will help you maintain proper and accurate records.

👉Tip: I recommend utilizing calendar reminders for yourself as well as your team to help keep everyone on track.

Check out my ✨new blog post✨ to learn a few methods in which your bookkeeping tasks can be segregated. These suggestions can be quite useful especially for businesses in the service industry.

FOLLOW ✨

Click here to learn more 👇

https://totallybalancedbookkeeping.com/schedule-your-bookkeeping-tasks-for-best-results/

Don’t miss these important deadlines!

👉🏼 The deadline for Q4 estimated tax payments for 2022 is Jan. 17th, which applies to income from self-employment, investments, gig economy work and more.

🚨 January 31, 2023 filing deadlines

👉🏼 W-2
If you have employees, you’ll need to fill out two copies of Form W-2 for each one. One W-2 must be submitted to the IRS and the other must be sent to the employee.

👉🏼 Form 1099-NEC Copy A and B
If you work with independent contractors, you must file Form 1099-NEC. Copy A must be filed with the IRS by this date and Copy B must be furnished to the contractor on this date, as well.

👉🏼 Form 1099-MISC Copy B
Regardless of whether you file electronically or use paper forms, Copy B of Form 1099-MISC must be sent to the payee.

5 Great Benefits of Working with a Bookkeeper As a business owner, you rely on accurate and up-to-date information so you can make the best informed decisions for your business. Managing day-to-day operations while managing your business& #8217…

As a new soon to be small businesses owner, you must decide between single-entry and double-entry bookkeeping.

How do you decide which one is right for you? 🤔

👉 Single-entry bookkeeping is similar to keeping your own personal checkbook. You keep a record of transactions like cash, tax-deductible expenses, and taxable income when you use single-entry bookkeeping.

Single-entry bookkeeping is characterized by the fact that only one entry is made for each transaction, just like in your check register.

This type of bookkeeping is probably only going to work for you if your business is very small and simple, with a low volume of activity. It is not for large, complex companies. It does not track accounts like inventory, accounts payable, and accounts receivable. You can use single-entry bookkeeping to calculate net income, but you can’t use it to develop a balance sheet and track the asset and liability accounts. Transactions are a single entry, rather than a debit and credit made to a set of books like in double-entry bookkeeping.

👉 Most small businesses, use double-entry bookkeeping for their accounting needs. Two characteristics of double-entry bookkeeping are that each account has two columns and that each transaction is located in two accounts. Two entries are made for each transaction – a debit in one account and a credit in another.

If you want to keep track of asset and liability accounts, you want to use double-entry bookkeeping instead of single-entry. Other advantages that double-entry bookkeeping has over single-entry bookkeeping are that the owner can accurately calculate profit and loss in complex organizations, financial statements can be prepared directly from the books, and errors or fraud are easy to detect.

Four simple words that have great potential to make a difference in your day. ✨

Hiring a professional bookkeeper will save you time and money. 💰

Bookkeeping is important for helping you maintain accurate financial records. Did you know poor accounting is one of the top reasons businesses fail? 📈 Which is why it is important and critical to the success of your business that you have a good handle and understanding of the financial health of your business from the start. 👈What you do now and the habits you create will either drive your business to success or failure. Without proper bookkeeping or accounting, you are blindly driving your business.
Still not convinced that your focus needs to be on bookkeeping? Below are 5 reasons why bookkeeping is important.


1. Provides a snapshot of your business to track performance 👉profit and growth

2. Financial Management to keep all your records in order and to ensure everything is accounted for

3. Planning Purposes to build and expand for the future

4. Budget because growing a business takes time and money management is key

5. Tax Preparation so that you are prepared and have all the financial docs you need to make this process as simple as possible

You now know why bookkeeping is important. ✨ It can save you money, time, and a headache. If you find yourself needing to implement a bookkeeping process, consider hiring us for professional to help. No more worrying about your company’s books. Leave it to the experts! 🤝

When it comes down to it, it’s all up to you!! It takes to make those dreams of yours a reality. So let’s do it! 💛

The filing deadline for Federal income returns and tax payments has been extended from April 15 to July 15, 2020.

Keep in mind, State filing and payment deadlines vary and are not always the same as the federal filing deadline. For more information regarding your State Tax filing, please visit https://www.taxadmin.org/state-tax-agencies.

State Tax Agencies

Avoid co-mingling funds by opening a business checking account. If you haven't done it yet, start now. While it isn't legally required for some business to open a checking account, unless your an LLC or Corporation, there are benefits to keeping these accounts separate from your personal finances.

Whether or not you decide to open up a business checking account or not, consider opening a personal checking account exclusively only for your business until you make that decision. It's free or comes with a low fee that can be easily waived depending on the financial institution. Be sure to double check with your bank as they might have certain terms and conditions that specify that personal checking accounts shouldn't be used for business transactions.