“Why do I need a bookkeeper? If I’ve got QuickBooks and TurboTax, it’s basically just point and click, right?” You aren’t the first person to ask that question 😅 And we get it – it feels like EVERYTHING is automated with the click of a button these days, right? However – at the end of the day, QuickBooks and TurboTax are just tools. And you still need the expert touch of a human to help you avoid some serious fees, fines, and mistakes. (After all, you wouldn’t just hire a hammer to build you a house, right? 😜)
Month: May 2022
We know – the April 18th tax deadline has passed and right now you’re thinking, “Hallelujah! I can STOP thinking about taxes for a few months!!” 🙌 But before you put this year’s tax season in the rearview mirror, 🚗 🌬️ Let’s talk about it just one more time, while everything is still fresh in your mind. (Trust us – it’ll only take an hour and it will make your tax season next year WAY easier!) All you need is a Word document, or a pen and a piece of paper, to do this simple brain-dump exercise. Ready? First, answer 4 questions this week about this tax season you just finished: (𝟭) 𝗪𝗵𝗮𝘁 𝗺𝗶𝘀𝘁𝗮𝗸𝗲𝘀 𝗱𝗶𝗱 𝘆𝗼𝘂 𝗺𝗮𝗸𝗲 𝗶𝗻 𝘆𝗼𝘂𝗿 𝘁𝗮𝘅𝗲𝘀 𝘁𝗵𝗶𝘀 𝘆𝗲𝗮𝗿? This could include:
❌ Forgetting to file and pay your quarterly taxes
❌ Sent out your 1099 documents late
❌ Forgot to track your business mileage
❌ Couldn’t find receipts for all of your major expenses
Did you know that hiring a bookkeeper is A LOT cheaper and easier … than trying to DIY your finances and dealing with late tax penalties? 🤔 We know – it’s not exactly an unbiased claim 😜 but we can prove it, we promise. Just for example purposes, let’s look at two business owners this week to compare. So, let’s say that both business owners are florists and they both had revenue of $200k in their stores last year. We’ll call the first florist Herb; and the second florist, we’ll call her Rose. Now, Herb did NOT hire a bookkeeper last year. After he got a quote from a bookkeeper for $250/month (that’s $3,000 per year!), he said, “You know what – I’ll just DIY it and save myself $250 bucks a month – it shouldn’t be that hard, right?” But he never seemed to find the time to keep up with it all. And suddenly it was March 31st, and he hadn’t opened QuickBooks since Thanksgiving weekend.
So, he tried to scramble and catch up.
🔒 He closed his store for 2 days to try to catch up his finances (losing about $1,500 of walk-in traffic)