Are you selling your soul to the IRS this year? I hear time and time again,
“I need to catch up my bookkeeping so I can file my taxes”.
No! No you don’t! It is time for you to stop doing your accounting so that you can file your taxes.
Start doing your accounting so you can be in control of your business!
There. I said it. This is something I feel so strongly about. We do not do our bookkeeping so we can file our tax returns. We just don’t!
I’m not saying stop doing your accounting, quite the opposite really.
I am saying, stop crunching your numbers FOR the IRS.
The government doesn’t care about the financial health of your business. They don’t care if you are pricing your products accurately. The IRS doesn’t care if you earning enough profit to reinvest in your business. Uncle Sam doesn’t care if your business makes enough to pay you a living wage.
The IRS only wants to know what your income is and that you’ve paid the necessary taxes. That. is. it.
I see so many small business owners looking down the funnel of tracking their income and expenses, for the one and only reason of paying their taxes.
But, what about using all that information to make good business decisions, track cash flow, to really understand your business, to take control of your finances!?
Once you are in control of your business finances, your business can really start thriving! You know where your money is coming from, you know where it is going. You know if your business is ready to invest and grow, you know if you can give yourself a raise. You have pride of ownership as your very own CEO. All of that, AND, come April 15th, you can also easily report your taxes.
Living beyond the IRS obligation,
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Great advice, I am actually re-thinking my whole book keeping method so I can improve on it!