If you haven’t yet, check out my other blogs on Daily Tasks and Monthly Tasks. I’ve broken down the basic ingredients for a recipe for success in regards to your bookkeeping. If done regularly, you will find that the time it takes is very minimal, but the reward is huge!
- Make Estimated Income Tax Payment
Now is the time that you send off the money you have been saving for estimated quarterly income tax payments. These payment deadlines are April 15, June 17, September 16, and January 15.
Please notice that the 2nd quarter payment on June 17 is for only 2 months’ worth and the 4th quarter payment is for 4 months. Keep track of these payments and make them before the deadlines in order to avoid any penalties.
- Compare Prior Quarter’s Goals to Actuals
Hopefully you have been setting goals for yourself in your business. If not, now is a great time to start. If you do have a goal from last quarter, take a few minutes to compare how you did. Compare what actually happened in your business, to the goals you set and hoped to achieve. Use this information to start thinking about what goals you will want to make for your next quarter.
- Set Next Quarter’s goals
So you’ve compared your actuals to your goals. Now it’s time to write down next quarter’s goals. Keep them in a visible place, so you can make decisions based on what you hope to accomplish.
- Begin Collection Process on Unpaid Invoices
When you look over your unpaid invoices, you might find some there that have gone too long without being paid. Now is the time to take a more serious approach to collect on them. Phone calls will likely need to be made, and possibly even using a collection agency.
If you find that your business is growing and you have less time to keep up on all of these things throughout the year, consider getting some help with your bookkeeping. It could be just the right time for you, freeing up more time for doing more in your area of expertise. Request a FREE Consultation to find out!