As we finish up those annoying January IRS required tax filings (1099’s and W-2’s), I’d like to remind you of a few best practices for any business. For those of you who haven’t been through a year end close with us, SKG Bookkeeping Solutions has processes in place to make sure everything is accurate and deadlines are met in a timely fashion. We appreciate your patience as we strive to help every one of our clients in a timely fashion.
If your employee or vendor requests a copy of a missing document, simple connect the person directly to your lead assocate via email or mobile phone text and we will handle it from there. We will verify their correct address with a new w-9 or W-4 and then send a copy of their 2021 documents. Same procedure applies for anyone requesting a correction (mistakes occasionally do happen).
To help with the process for next year, always require a W-9 in advance of paying any service vendor. Add new employess to payroll before they start (we need their pay rate, personal email and telephone number for follow up). And remember to fill out their I-9 form on their first day of work when you see their identification and work authorization documents (via video call or in person).
As you receive tax documents and end of year statements in the mail, please send them to us. Scan and email them easily with your phone using a free app ( I use Scannable or Dropbox) and save them as pdf’s rather than pictures. If they show full security numbers ro show other sensitive information, please send those to us via a secure dropbox link provided by your Associate rather than sending it via email. These will be conveniently included in documentation we send to your CPA along with your final financial statements.
We provide a wide range of services for our clients that require our regular attention such as preparing invoices, running payrolls, monitoring accounts receivable for cash flow, and paying vendor bills. Having access to the current year financial reports is an important part of managing your business so we don’t want to get behind on regular transactional activity either. This is a long way of saying we can’t do everything at once this time of year. Our S-corps and partnerships have earlier deadlines for tax filings (March 15th) than our sole proprietorships (April 15th) so it’s a delicate balance to meet all our client’s needs. Don’t worry, we will get you and your CPA everything needed at least one month in advance of your deadline, if not sooner.
We love our clients and sincerely want to help you build your business as we build ours. Thank you for being our clients. And thank you for reading this note!