January is a pretty dreaded time for small business owners. Business taxes are due by the 31st, and not a day later. If you are late, each additional day is an additional fine. That $$$ adds up.
So, being the procrastinating type B personality that I am, I’ve waited until January to begin calculating my totals, counting up my receipts, and going through all of my PayPal transactions. Holy crap it’s a lot of work.
There are 2 reasons why I have sworn NOT to wait until January in 2012:
Reason #1: avoid having to deal with the tremendous mountains of receipts and paperwork all at once.
Reason #2: be aware of my profits/losses and where my business stands at all times. If I’m losing money or making money, I want to know. As I explained in my most recent article for Handmadeology, it is all too easy to let those little fees add up and not realize that you are in the red. I didn’t last year, and I intend that to change this year.
To assist myself in completing this goal, I’ve made up some spreadsheets to fill out as the days and weeks progress. I set them up for WA state because we have different tax rates for different zip codes, so it’s a lot to keep track of for tax time. These may not fit your recording needs exactly, but free to lovingly rip them off from me anyways if you want, just click the thumbnails below to enlarge: