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The fourth quarter each year is also a very busy time for businesses as well as for their financial advisor team. The team consists of Financial Organizers, Accountants, Financial Advisors, and Tax Consultants. This is also a time when businesses focus on reviewing and planning. Before the review or planning can be done, the financial data needs to be updated to reflect the current activities. It’s the Financial Organizer’s task to get all the documents and data ready for this crucial aspect of the review and planning process.

The tasks performed are as follows:

  1. Review payroll-related information

  2. Request & review form W-9 from Subcontractors

  3. Inventory review, count and adjust

  4. Clean up business receipts

  5. Review Payables and Receivables

  6. Reconcile Accounts: Bank, Credit Card, Loan Accounts

  7. Make adjustments to Balance Sheet Accounts

  8. Run Profit and Loss Statements

  9. Run Balance Sheet Statements

  10. Run Cash Flow Statements

You can reach out to Plus 1 Bookkeeping to assist you with organizing your financial data.

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The full sales tax process involves many steps which must be managed monthly, or even several times a month. The process includes:

  1. Determine and monitor sales tax nexus on a state-by-state basis (the state of the buyer for eCommerce, the state of the seller for a brick and mortar)

  2. Manage various exemption certificates

  3. Register and renew sales tax IDs in the states in which you have an obligation

  4. Prepare and file sales tax returns based on filing frequencies (monthly, quarterly, annually)

  5. Pay respective jurisdictions where you are registered to collect and remit, also maintain a paper trail to include proof of mailing and payment

  6. Maintain documentation in the event of turnover or a change in personnel

  7. Create bandwidth to address all customer questions and internal business questions related to sales tax

  8. Manage sales tax audits and respond to nexus questionnaires issued by the jurisdictions

  9. Maintain an accurate tax calendar to include changes in filing frequencies, filing methods, and changes in payment methods.

The sales tax process cycle and steps:

Register in State

Product/Service Sales

Collect Sales Tax

Prepare Sales Tax Return

File Sales Tax Return

Remit Sales Tax Due

As you can see by the steps above, the sales tax process in the e-commerce industry is very daunting and time consuming. Sales tax rates differ from state to state where you have a sales tax nexus. If not set up properly in the beginning, it can be confusing and cause potential penalties. If you’re starting the process or need to address sales tax for your online or brick-and-mortar store, consider reaching out to a professional who can handle the workload for you with greater accuracy, and in less time.

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As the year comes to a rapid end, it’s important to be ready for the closing of your financial year. This is also a good time to review your year to date activities and profitability. It’s also a good time to plan for the future. Knowing what financial position you’re in at this time is crucial for planning ahead. You may have plans to increase salaries, buy new equipment, or plan to increase rates. Several steps have to be taken before you can make these changes.

Your trusted bookkeeper will need these items in order to perform the year-end process.

  1. Bank and Credit Card Information: online sign in credentials

  2. Statements: Bank, Credit Card, Loan, Line of Credit

  3. Invoice Lists and POS monthly reports

  4. Previous Tax Return

  5. Sales Tax Returns

  6. List of Uncleared Funds

  7. Fixed Asset lists: any furniture, equipment, vehicles bought during the year

  8. Run a list of all customers with balances

  9. Run a list of all vendors with balances

  10. Gather all Form W-9 from Subcontractors: Request for Taxpayer identification number

Now is the time to reach out to your Accountant, Bookkeeper, and Tax Consultant to prepare for year-end review and planning.

You can reach out to Plus 1 Bookkeeping to assist you with organizing your financial data. Here’s a link to make an appointment:

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