I don’t think there are many people who were sad to see 2020 go. 2021 is a fresh new year and the perfect time for getting organized. It seems I’m always talking about organization. There is no substitute for good organization. The earlier in the year you put good recordkeeping practices in place, the less there is to do at the end of the year. Here at TomKat Business Solutions we are ready and able to help you start 2021 on the right foot.
One of the important first things is a chart of accounts that is right for your business. It is the foundation of good recordkeeping. There are “canned” charts of accounts for many types of businesses but that is only the start. Your business has things that are specific to you. They may have accounts you don’t need or not have accounts you do need. We ask you about your business and use our experience to make recommendations on what chart of accounts would serve you well. Once this is in place, the revenue you generate and the expenses you incur to generate that income, all become correctly reported on your financial statements and eventually on your taxes. You will be able to distinguish expenses directly related to your cost of goods sold differ from the cost of operating your business. There are benchmarks for many businesses that can be used to see how your business is doing in relation to other similar businesses. Here at TomKat Business Solutions we can help you utilize the information gleened from your financial statements to become a management tool and enhance your business decision making process.