Most business owners are so busy getting things done that they sometimes miss keeping track of what they have. For example, if you are buying computers, equipment, or furniture, you must report all these business property items on a 571-L form wherever you are locally registered to do business. They will then determine how much property tax you will owe on this business property you maintain (usually maybe a few hundred dollars a year). But if you are only compiling your inventory of what you own for these purposes and for that filing, you are missing some key business opportunities!
recommends that you track all of your IT (and other) equipment – note the date you purchased it, the “service tag” or other unique identifying information, etc. Not only will this help you keep track of what you own, but it is also invaluable for budgeting purposes. Why? You are much better off reviewing your equipment periodically and anticipating when you will need to replace it. There’s no need to wait until it breaks – you can anticipate that your equipment should be aging out soon and make a plan to replace it before it actually breaks down and disrupts your business altogether! If you plan for these replacements, you can also ensure that there are no major cash flow disruptions to your business. Instead, you can plan for those expenditures and ensure you are ready to make those key investments in your business to keep you productive! By anticipating these purchases, you might even be able to score a good deal too!
– looking ahead to ensure your success…
Create Your Equipment Inventory!
ZümiFi’s ongoing bookkeeping services manage your financial activity with a complete turnkey approach. We deliver solid books that provide you with key information in real-time, accessible anywhere, anytime, on any device.
We create a custom combination of online, cloud-based tools, including QuickBooks Online, Bill.com, Box.com, and other tools in unique combinations to truly leverage technology. This enables us to fully automate your system, eliminate data entry, and simplify and facilitate your bookkeeping. And we ensure accuracy and completeness so that every dollar counts.
The Scope of ZümiFi’s Bookkeeping Services:
Accounts Payable Services – Recording, tracking, and paying vendor bills.
Accounts Receivable Services – Recording and tracking customer invoices and payments.
Payroll Services – Processing payroll per each client’s instructions regarding amounts to pay; processing and filing appropriate payroll taxes and tax forms.
Reconciliations – Reviewing and balancing bank and credit card transactions; notifying clients of any discrepancies and resolving discrepancies per clients’ instructions when appropriate.
They are reporting – Generating financial reports based on the collected data.