Waiting until the last minute (tax time) to get your bookkeeping in order is not in your best interest. I know the task can seem a little daunting and is very easily placed at the bottom of the ever growing priority list but you have options that can be implemented immediately with very little effort.
If you are have some understanding of bookkeeping, your first task is to purchase an off the shelf software like QuickBooks or Simply Accounting (Sage) to get you started. However, bookkeeping is often one of those tasks that quickly falls to the bottom of the “To Do” list. If you even have an inkling this may happen to you, it is highly recommended that you hire a bookkeeper at an hourly rate to do most of the work for you. This option ensures that your books remain current and your valuable time to can be spent on promoting your company and marketing your goods/services.
Whichever option you choose, be sure to get your files in order. This will not only let you track your ongoing revenue and expenses but will ensure that when it comes time to pay the “Man” you will already be well prepared and you will not have a lot of surprises.