It may be the first gorgeous day of fall, but it won’t be long until April 15 comes knocking. Be prepared for next year’s tax deadline by beginning your preparations today. That means, as a small business owner, now is the perfect time to begin organizing receipts, collecting owed payments and deciding on year-end purchases. Do it now, and you won’t have to dread facing it in the spring.
Clear Outstanding Invoices
Organization is king, especially for anyone who owns a small business. If you haven’t already, begin getting things in order by clearing any outstanding invoices. Make those collection calls to clients who’ve been slow to pay. Studies show that the longer you allow unpaid debt to linger on the books, the less likely you’ll be to ever receive payment. And here’s another tip: Hire a certified bookkeeper to make your collection calls. A certified bookkeeper understands the language of collection calls, and what you are and aren’t permitted by law to say. Keep yourself and your company out of the legal doghouse by letting a pro handle this end of the business. By hiring someone else to do the handle the collections, you’ll also have a buffer so you can maintain amicable client relations.
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