The end of the year is here—and with it brings the joys of the holidays, gathering with friends and family, and then before you know it, it’s tax season. Perhaps you already have a plan in place with your bookkeeping team. If not, however, now is a great time to start thinking about adding a virtual bookkeeper to your 2022 business plans. Starting the year with a solid online bookkeeping service (or a virtual controller) will help set you up not only for a painless tax season, but also a great year. Here’s a few of the top ways to sleigh your bookkeeping in the coming year.

Create A Snapshot of 2021

How did your finances go this year? Review your books and make a list of all the things that went well, the things that didn’t, and what you’d like to improve. This is a great way to discover what your business needs will be and how you can work towards those goals with an action plan. Perhaps the most important thing to do right now, however, should be to check in with your finance team. They will be able to assist you in crafting an action item list that aligns with your business goals, and more importantly—your bottom line. They will also be able to help you manage risks and assist you in obtaining financing for your 2022 projects.

Get Ready for Tax Season…Don’t Wait!

If you haven’t already gotten a jumpstart on your year-end tax checklist, consider this a sign to start now. Gather your records, receipts, and general ledger now so that you won’t be scrambling at the last minute to submit your taxes. A last-minute tax panic can lead to unintentional errors and penalties. If you want to have avoid this stress altogether and have someone handle this for you, hiring a seasoned bookkeeper will ensure that your taxes are submitted on time and error-free.

Save Money on Virtual Bookkeeping Services Versus In-House in 2022

Saving money for your business is a great motivator for considering bringing on a virtual bookkeeper or accounting service. Since the beginning of the COVID-19 pandemic, many businesses have wisely shifted to remote work with no plans return to expensive office spaces. A  remote bookkeeper can fit seamlessly into this new post-pandemic work model. They will charge only for their services, and save you money by not having to pay for employee benefits, full-time salaries or the cost of office space and utilities.

Adaptability is Trending

According to Forbes, one of the top business trends in 2022 is going to be a business’s ability to swiftly adapt to the ever-changing economic climate. Businesses that recognize the importance of sustainability will be the ones that thrive, and perhaps one of the biggest ways to be sustainable is to consider the value of a remote talent pool. Even if your business has an in-house finance department with no plans to downsize, you might want to consider an outsourced controller. Virtual controllers oversee bookkeeping and accounting operations to ensure your books and finances are in tip-top shape and in accordance with best practices.

Whatever your goals are for 2022, it’s important to stay flexible and be ready to make adjustments to your business model throughout the year as needed.

Is Your Data Safe and Backed Up?

If you have no idea how to answer that question, it’s time for an audit of your finance department and accounting software! There’s nothing more terrifying than realizing you don’t have access to your books or financial records at the eleventh hour. An outsourced finance department or CPA will keep your data not only organized, but also secure and consistently backed up to a cloud. You will never have to worry about losing important files or accidentally deleting your records. Better yet, they’ll offer you monthly reports so you always know where your business finances stand.

The Thing No One Wants to Talk About in 2022 (or Ever): The Audit

Imagine it: your business is finally starting to recover and run smoothly post-pandemic. Things are looking up. Then, the IRS decides to throw a wrench in things by auditing your business. If you outsource your accounting department, this can be a relatively painless process. If your business has yearly audits or reviews, or if you need to make sure your books are in compliance with the GAAP, you should make hiring a virtual accounting service a top priority this year. Many of the CPAs at Our Bookkeeping Team are actually ex-auditors with experience in managing the audit process and all that comes with it. Having them on your team in 2022 will give you peace of mind (and help you avoid any delays which can lead to costly penalties!).

Assess Your Goals and Establish New Ones for 2023

By the end of the year, you should have a solid idea of how successful your business goals were. Did you exceed expectations, meet them, or perhaps fall a short with profits? Did you decide to downsize your business or upsize and grow? Going back to the concept of adaptability, a successful business is one that learns from mistakes, sets up realistic goals, and is willing to change for the greater good. Hopefully this year you worked closely with your finance team to ensure your books were kept in a good place and can use this model going forward into 2023.

Consider Hiring Experts

Whatever your business goals are for 2022 and beyond, it’s never been a better time to analyze your bookkeeping needs. By outsourcing your accounting department, you will save money and time—and you will discover that they can offer more support than just maintaining your general ledger or payroll. A virtual finance team can also:

• Improve the top and bottom lines of your business
• Work aggressively to control expenses within your company
• Provide support in financial negotiations
• Analyze and project your business cash flow
• Perform accounting for complex debt and equity transactions, as well as for business acquisitions

The experts at Our Bookkeeping Team work hard to provide the accounting and financial services support that your small business needs. They are a low-cost alternative to having an in-house finance team, and their goal is to set your business up for financial success in 2022 and for many years to come. Call Our Bookkeeping Team today to discuss your goals for the new year at 213-468-8316.