Back on April 16th, I wrote about my decision to file an extension for my federal taxes instead of hurting my health trying to get it done. I also added two tasks to my to-do list to prevent it from happening again next year. Today, I have a progress update for you!
Over the last 3 weeks (with a week off for vacation) I’ve been working hard to finally get my federal taxes done. Last Friday I finished the QuickBooks entries for 2013, I spent all day Saturday with TurboTax online, and around 1:00 a.m. on Saturday night (or rather Sunday morning) I finally was able to submit my federal taxes. Hurray!
Although my accounting software was up-to-date through 2013, I still had this year’s sales and expenses to enter. This has been my business project for the week. Late last night (at around 1:00 a.m. again) I finished. For the first time ever QuickBooks is 100% current! Go me!
It’s always hard to prioritize admin tasks like bookkeeping when energy is limited and there are money-making tasks that I can do instead. It’s also hard to close out the books on the first of the month (or any specific date) when I never know if I’ll be out sick. But, I think I know how to fix it.
First of all, I made a list of each bookkeeping task I did, as I did it, so I could create a month-end checklist. Second, I was surprised how quickly I completed this project. The entries went much faster and easier than expected and I really took notice. I realized that it would probably take me less than an hour to run through the checklist once per month, even faster if I do entries along the way when possible. Then, when it’s time to do taxes it’ll be super easy and fast. I can use this as a mental reminder whenever I hesitate to prioritize my accounting responsibilities. A little energy spent along the way will be much better for my health than pushing to meet tax deadlines in the future. Duh!
Next up, I need to:
- turn my scribbled bookkeeping task list into a Google doc
- create the 2014 medical file folders and file receipts as promised back in April
- create any other missing tax file folders and file all tax paperwork
- establish a business filing system, make needed file folders, and file all paperwork
The last one is another big project, but it’s super important to ensure I stay current with my bookkeeping. Here I go!
Got any tips on keeping up with bookkeeping tasks? Leave a comment below or send me an email.