This blog post is about everyone’s least favorite time of year: tax season. Do you or your accountant get overwhelmed when you show up with a box full of expense receipts for the year?
Keeping your bookkeeping organized throughout the year has many benefits beyond being ready for tax season.
We’re always within arms reach of a device. This accessibility to the internet makes it very easy to keep tabs on your business from any device on-the-go using cloud services such as My Music Staff or QuickBooks. Instead of scrunching up your receipts, stuffing it in your pocket and hoping you don’t lose it, you can take a photo and upload a copy to My Music Staff. This will add the expense entry to your account. When the time comes to file your taxes, simply create a Revenue & Expense report. This detailed report will include your teaching revenue, expenses and all the receipt photos you took over the year. Tax season done!
Cloud-based accounting services are live and in real time. Your information is conveniently accessible from any device with an internet connection. This means there’s no risk of losing your data because your computer malfunctioned!
Accurate bookkeeping is essential to understanding how your business is performing. It is important to know exactly where your money is going so that you can budget correctly and track your studio’s growth. Are some programs more profitable than others? Know where to put your energy so that your business can flourish.
Get your finances organized with My Music Staff! You can save receipts, create reports, and even track non-teaching income. Try a free 30-day trial now!