Doing your taxes doesn’t have to be “taxing”. In this video, I want to show you how to replace last-minute tax prep stress with cool, calm, and collected tax planning all year long.
Hi, I’m Marcus Mire, founder of MireGroup CPAs and the Total Control accounting system designed to help businesses profit through clarity and control in their accounting.
Last-minute tax stress is common among business owners, but even more seriously, it can be an underlying symptom of a big problem that costs businesses more in taxes and stunted growth.
Correcting this is the foundation of our Total Control accounting system and I want to walk you through the first three steps to go from stressed out to tax ready.
1. Clean Up
The first step is what it sounds like. Take the time to get organized, take inventory of any financial accounts you have, and how to access them. Then do the work of reconciling past transactions. The longer you wait the more anxious you’ll feel. Trust me this doesn’t have to be as big of a project as it might be in your head. Software like Xero can connect directly to your bank account to pull in data real-time.
Stay consistent in recording your transactions. We use Xero and it’s super simple. You can record transactions from your phone, by simply taking pictures of your receipts. Bookkeeping isn’t an afterthought. It needs to be integrated into your business consistently whether you do it, have a staff member handle it, or outsource it altogether.
Lastly, is collaboration. We use Xero Cloud accounting software because it allows you to collaborate with other staff members who can help you with bookkeeping or directly with our firm for CPA oversight at any time. This means when it’s time to file, your CPA has everything at their fingertips.
Following these 3 steps to avoid chaotic tax prep is really just the beginning of finding more time and profits in your business. Find out how the rest of our total Control accounting system can put you on a path from chaos in your business accounting to Total Control. Go to our website and download the free guide along with the self-assessment that shows you where to start.