Now this is probably going to sound strange but I actually enjoy tax time. I like summing things up and looking at where the year has brought us. It also gives a me chance to look at my bookkeeping and decide if I need to make adjustments. It also sets us up the information for our annual shareholder’s meeting where we look at the year past and plan the next.
All my record keeping for our Corp and our real estate investments is kept in Quickbooks. My version is still the QBPro2005. There are several reasons for this. One, QB lets me tailor the program to our particular needs and stores and reports all the info in accountant’s terms. Two, I can use it as a file cabinet that stores all the relevant data: the bills, the sales, the inventory of equipment, the bank and credit card accounts, and the payroll and tax information. Three, I can keep it simple. By that I mean I don’t let the program nor the company behind it, Intuit, tell me what to do. I am not really interested in the constant innovations or updates that the company keeps sending me. I have learned through use of the earlier versions that like most computer programming it is designed for common use not for individuals. It assumes to do the accounting so given certain input it is programmed to interpret and handle that input a certain way. I am not an accountant nor do I want to be. Luckily, QB lets me set up my company as a cash business. That means everything we do, every piece of info I input is right in front of me all the time. No hidden accounting practice requiring double entry. No lag in reviewing or comparing the data. And really, no need for the constant stream of updates.
So here it is tax time again. With a few clicks and a quick review of the company’s finances we are on our way to our tax accountant. Like I said, I love doing taxes, here it is January and I am already done.