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 Bookkeeping * Payroll * Administrative Services * and More 
Full-time Professional Office Management-Without the Full-time Cost.
Tuesday Tips and Tricks
                                  April 16, 2013

Well, That's Finally Over (for another year)                     

With tax season behind us, now is a good time to review your bookkeeping practices and look ahead to next year. Here are a few good tips to make next year's tax season a little easier and even less costly.


Reconcile bank, credit card and loan statements monthly. This is the most important step as it helps catch fraudulently activity as well as ensures you record transactions correctly. The hardest thing for a bookkeeper to do is to try and reconstruct an entire year's worth of transactions in February or March for the preceding year. It is not only more costly, but things often get misclassified from the early part of the tax year because it is too hard to remember transaction details that far back. Deposits may get recorded as income when they are not, and who wants to pay tax on income they didn't really receive?


Review your chart of accounts at least once a year. Take a look at your income statement and balance sheet from last year. Do you need more or less detail? Are there accounts that you are not using? Make them inactive so that you don't accidentally use them.


Have a good filing system in place. If you pay cash for networking meetings, at the very minimum keep them in a large envelope. A paper or electronic planner works as well because all of those little purchases can add up at tax time! A great device is a Neat Receipts mobile scanner. Not only will it scan in receipts and export them to Quickbooks, but it will scan in business cards to Outlook Contacts as well. Goodbye to that big stack of business cards piled high on the desk.


Keep business and personal accounts separate. This includes bank accounts, credit cards and any loans or lines of credit. Not only will it make it easier for you or your bookkeeper, it tells the IRS that you are serious about your business.


At Off Site Business Services, we are always identifying and implementing ways to help small business owners stay ahead of their record keeping. If you are looking for ways to simplify your bookkeeping, call us at 877-966-4441 for a free one-hour consultation.



Schedule Your Next Appointment With OSBS


Off-Site Business Services provides a wide range of administrative services based on each client's needs, including Professional Outbound Call Services.


If you're looking for a professional company to outsource your telephone appointment services, look no further. Our staff will schedule your appointments or make follow-up calls to confirm an appointment in the same professional, courteous manner in which you would make your own phone calls. 


In addition to appointment scheduling, correspondence and confirmation, we can also provide your business with limited answering and messaging services. 


Once we learn your system, we can do anything together! At Off-Site Business Services, Inc., we believe that teamwork is the key to your success.



Whether you're a independent business owner or represent a large enterprise, Off Site Business Services will customize an administrative package to fit your specific needs.


Does QuickBooks Occasionally Slow You Down?


QuickBooks features save you time so you can focus on running your business. But if you are:

   - not printing checks,

   - not timely reconciling your financial accounts,

   - not taking advantage of memorized, 

   - not using the full accounting cycle,

   - not reviewing reports on a regular basis,

   - and not backing up the data file,

         you're focusing too much time with your books, and not your customers!


Kimberly Shannon, President of Off-Site Business Services will be talking about
 "Common QuickBook Mistakes and How To Fix Them"
 on Thursday, April 18 at 8 a.m. at MB Financial Bank, 15533 Cicero Avenue, Oak Forest, IL.


Kim will also discuss "Best Bookkeeping Practices" because adopting some good habits can help stave off costly errors when it comes to recordkeeping, such as losing control of your spending; smoothing out seasonal ups and downs; enabling you to easily identify how your business is really doing; and keeping you out of trouble with the IRS.


Call 708-629-3024 for reservations.


Off-Site Business Services, Inc.
Grow A Successful Business!
Kim Shannon Kimberly Shannon


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