Optimizing Your Chart of Accounts for a Smooth Tax Season
When it comes to tax season, a clear and organized chart of accounts can make your accountant very happy. While no one-size-fits-all template exists for a chart of accounts, many categories are standard. It’s important to remember that when setting up your chart of accounts in QBO, you will be offered a generic list of categories that you can use as a guideline. You will also want to create subcategories for these expenses.
The Importance of Detailed Subcategories
By creating specific subcategories, you can hand over your books at the end of the year with a clear picture of where the money was spent. In addition, this will enable your accountant to ensure they are filing your taxes accurately, as broad categories like Automotive can relate to various expenses such as gas, insurance, repairs & maintenance, registration, and more.
Zumifi: Your Partner in Accounting Precision
At Zumifi, we understand the importance of recording specific accounting details when setting up your chart of accounts to make the tax season easier for you and your accountant. More details equals fewer questions from your accountant, and who doesn’t want that?
Streamlining Your Financial Record-Keeping
Our ongoing bookkeeping services manage your financial activity with a complete turnkey approach. We deliver solid books that provide key real-time information, accessible anywhere, anytime, on any device. In addition, we create a custom combination of online, cloud-based tools, including QuickBooks Online, Bill.com, Box.com, and other unique combinations to leverage technology truly. This enables us to fully automate your system, eliminate data entry, and simplify and facilitate your bookkeeping while ensuring accuracy and completeness so that every dollar counts.
Comprehensive Bookkeeping Services
Our bookkeeping services cover many areas, including accounts payable and receivable, payroll processing and filing appropriate payroll taxes and tax forms, reconciliations, and generating financial reports based on the collected data.
In conclusion, by detailing your expenses and setting up a clear and organized chart of accounts, you can make the tax season easier for you and your accountant. At Zumifi, we are here to help you achieve financial success by providing ongoing bookkeeping services tailored to meet your unique needs.
Contact Us Today
Contact us today to learn more about how we can help you optimize your financial activity.