October marks the beginning of the last quarter and is a great time to take stock of where your business stands financially.  It's hard to do that if your accounting information is inaccurate and you're unable to find tax and other important documents.
 

Keeping your finger on the pulse of your business allows you to meet with your accountant or tax advisor and obtain guidance based on complete, up-to-date information.  For example, it may be beneficial to defer any payments your business receives until the first month of next year; to make an extra payment by year's end to take advantage of additional interest deductions; or to purchase and begin using office equipment now and write them off instead of waiting until 2009 to buy. 

 

If the last entry of your checkbook or accounting software was from mid-August, and your tax information is lost amid the sea of papers in your office, don't despair.  You can regain control of the situation and your finances in time:

1) Gather up the stacks of papers, (or delegate it to an assistant to do), pull out all the financial and tax forms and sort them into a 12-month accordion file or other sorter.

 
2) If there are missing invoices, receipts, or other information, use your bank statements or online bank access to help you update entries in your accounts.  Once the information is entered, you can create reports in your program that you or your accountant will need to help you make decisions.

3) For the remainder of the year (and beyond), designate a specific day each week whereby all payments, deposits, and other financial activity are entered into your check register or accounting software program.  And don't forget to set up a specific "inbox" or "landing spot" where the receipts, statements, and related information can be held until they are processed, as well as a designated place to file them once they're entered. 

 

 

Need help organizing your office and paperwork?  Call 724.850.7282 or email In Its Place.

 

If you're organizing your garage or basement and don't know where to take those hard-to-dispose-of items, or you want to learn more about "greening" your home, check these out:

 

is having its  Sustainable Energy Field Day
on October 16, 2008.
(Note: Registration for workshops due by October 3, 2008.)

Westmoreland Cleanways

 is having its Household Hazardous Waste Collection event on October 11, 2008.

The Household Chemicals Collection

in Beaver County is on October 4, 2008.

Tire/Battery/Appliance/Electronics Collection is on October 4, 2008 at Bushy Run Lions Building in Claridge.