Yup, it’s that time of year. We are pulling our hair out to collect W9 forms for all eligible vendors—fun. Of course, it would be best if you had them finish preparing your 1099s, but it’s not a priority to them.
The trick is to request them before you make your first payment. It’s a new relationship. Everyone is on their best behavior, trying to impress the new client, and who doesn’t want to get paid? Make the W9 a requirement for getting that first payment.
Problem solved, now about world peace…
Our job is to make your life easier. At ZümiFi, we sweat the details, so you don’t have to!
Speaking of details – don’t forget to touch base with your CPA. Confirm Balance Sheet items – loans, fixed assets, etc. –
You will want to send a clean list of assets purchased in 2016 and any assets “retired” to your CPA, so make sure those lists match what your balance sheet activity shows! And make sure your loan balance on the Balance Sheet matches the final loan statement for the year – some people may not have adjusted for the interest paid in 2016, and you won’t want to miss that deduction on your taxes!
Unresponsive vendors – resolve to get W9s before you pay!
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 leverage technology truly. 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.
Reporting – Generating financial reports based on the collected data.