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Although Bookkeeping for yourself is something that can be done, it is always best to have someone that is specifically trained and fully understands bookkeeping. If you do not fully understand the process, then it is very important that you seek someone that is trained in this area of expertise. By contracting or hiring a bookkeeper, you are keeping your business in good standing.
It doesn't hurt, but the COVID-19 pandemic has made the world more virtual. We have successfully shifted to virtual everything. With such advanced technology, we can still be efficient and not disrupt the quality of our businesses
Whichever way is convenient for you:
No. Once you provide the required documents, BTB will get you all caught up. A catch-up list will be provided to you. BTB will work with you to make sure you get all the information you need.
The owner of a business can withdraw money like a salary, however, as a sole proprietor, you are not an employee of your business. W-2s are issued only to employees of a business. Withdrawals by the owner cannot be included as a business expense. Owners must open a seperate account called owner's drawing account so that withdrawals are not included with other expenses.
Recording your transactions in a spreadsheet is better than not recording at all, but using an accounting software will save you time and money in the long run. An accounting software will make preparing for taxes much simpler. This will also help if you are using a tax professional, it will make it much easier for them to see your entire business.
Your day-to-day responsibilities will likely have you very busy and so managing your business’s books can leave you overwhelmed. Although it may be tempting to put off your bookkeeping, keep in mind that consistent bookkeeping is best practice. If you are recording your revenues and expenses on a daily or a weekly basis, you are sure that you are well prepared at the end of every quarter. Most importantly, it helps you see the health of your business.