Its year-end for most of our customers. Year-end means taxes. Yuk. However, this year will be different. You have a friend when it comes to combatting the evils of tax preparation and the demands for data by your accountant. That friend is the Bee!
The Bee was designed from the ground up to be more than just a pretty invoicing solution. While you’ve been out delighting clients and making money, the Bee has been watching every penny, peso, and lira. Now its time for you to call upon the Bee to help you through this time. Here’s what to do:
Input / Import your expenses.
This is the task most of us put off. Receipts and credit card statements pile up through out the year. Why not take some time now to import those expenses into the Bee. The Bee’s expense import feature makes it a snap. All you do is download a CSV file(s) from your credit card company, and the Bee will walk you through the process.
Have you written checks from a checking account? Simply grab a CSV file from your online banking and import these expenses as well.
Now that you have all your expenses and invoices in the Bee, generating the proper reports for your accountant to prepare taxes, couldn’t be easier. There are two reports you will want to print or export to Excel.
The Accountant’s Export will give you and your accountant a detail listing of all transactions that affect your tax calculation. Your accountant may or may not require this level of detail.
The Profitability Report shows a nice summary view of revenue and expenses by category. Having the expenses grouped by category is ideal for tax reporting purposes. As a reminder, for U.S. tax payers, the Bee allows you to automatically setup the expense categories required by the IRS (Schedule C categories). Finally, when running this report, you will probably select
“Collected (Cash Basis)” as the Revenue Basis. This selection reflects your status as a cash basistax payer.
Should you have any questions about end of year tasks, please don’t hesitate to send an email to our support folks at firstname.lastname@example.org