How to prepare your business for the taxes

When you have a small business, the usual practice is to have an accounting service to take care of all relevant paperwork for you, because the intricacies (especially if you’re not that familiarized with it) can be tricky and confusing. But if you want to venture on your own – nothing wrong with that! Who doesn’t appreciate a risk-taker?

We do, that’s for certain. That’s why we assembled a list with a few useful tips for you to keep in mind when preparing your financial records. The most important one, of course, is to be organized! Don’t wait for the last minute panic to get your financial records together.

The golden tip here is to keep it all in one place, so it’s easier to put it in the right order when the need arises. Keep it all together in a physical sense, and in a digital one, too. Like in a folder (or several inside a main one) on Dropbox, or by using an app – there are a lot, actually, created for this purpose, like Neat, H&R Block, Expensify, and Shoeboxed.

Also, always check and recheck all the information you write down on the official documents. It is very easy to put a wrong number – and then the headache is endless. And be sure to separate all the bills and invoices that are apt for tax deduction, so you are certain that you didn’t forget anything. Remember that if you do, you’ll lose the opportunity to get some of that money back!

And the silver tip: be prepared to justify every deductible expense. It happens, and it can be a nightmare – unless (notice the emphasis) you already have everything organized. See how important it is? And if it’s on a digital platform, it’s even better, because then you can search the information you need by amount, vendor, date or any other relevant keyword.

So, moral of the story: don’t panic. You can do this; although, like we said, it’s better to have specialized help if you’re not sure what you are doing – by the way, did you know that Start-in-Brussels offers accounting services? Just kidding. Well, we do offer this service, but this blog is not a self-promoting platform.

Anyway. We hope to have helped you with this tiny -but substantial- article. Have a nice day – and go get your files organized.

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