Now that the dust has settled, let’s talk about cleaning up the dust. Your 1099’s have been sent to subcontractors who made over $600. last year and provided services; your W2s have been mailed to employees and now it is time to begin the review for handing off your financials to the CPA to do the tax return.
Remember, 1099’s have to be mailed to the IRS by the 28th of February. They get the original, red sheet with a 1096 transmittal form. QuickBooks will print your 1099’s easily if the vendor is setup correctly and the general ledger accounts are mapped through Edit/Preferences.
A new year is a good time to implement changes which will make your financials work for you. You have done the work of inputting information, now it is time to reap the rewards. Is there job costing you want to implement so that the information you put into QuickBooks can be retrieved in a report to analyze how much money you made on a particular project or job? If so, now is a good time to review how QuickBooks is working for you and how you can utilize all of it’s intricate facets.
Payroll is another piece to look at thoroughly. Is this working for you and giving you the information you need to process paychecks to employees and do your invoicing to project? Could a time tracking application (already part of QuickBooks) be implemented to easily have timesheets in real time to be part of your current QuickBooks file? If you answer “yes” to any of these Royal inquiries, then it is time to contact the Queen and find out how you can implement the next step.
The Queen is available to answer specific questions from people in the Land of Accounting. This is a productive, quick way to have your questions answered. Contact the Queen with your questions. Answers will appear in the next newsletter. Remember, accounting is fun in the Land of Accounting.
Follow Us!