Prepare for Year-End: Save Your Documents

2019 is coming to a close and we are sure that you have many things on your mind. As you look forward to what 2020 will bring, it is also a good time to look back and think about what happened in your business in the past year. More specifically, it can be a good idea to save the documents you have accumulated over the past year.

If they have not already, your CPA will likely be requesting reports soon to begin tax planning. They may also be requesting other documents such as:

  • Previous year tax returns
  • Bank and credit card statements
  • Receipts (especially for large purchases)

While year-end is definitely a good time to verify that you have all these documents on hand, it is important to think about how you save and store your documents all year long. Do you have a methodology for keeping track of documents? Is it easy for you and your staff to retrieve the necessary documents? Are you still using paper files?

Now is the time to find all your documents and also to think about whether there is a better way to save your documents. We recommend saving and organizing your documents digitally all year long to eliminate year-end stress. A good place to start could be looking into cloud storage options such as Box or Dropbox.  After all, it’s going to be 2020 soon and looking through paper files is so last year.