There are many ways to get organized for taxes. Each person needs to find the way that works for them to ensure that they will stay consistent and current. We will provide you some tips at getting started, you may even find a tip that you like better than your current way of doing things.
Balance your Cash Drawer/Register. Believe it or not, some small businesses feel that this is not important or they simply did not want to fool with the hassle of balancing their Cash Drawer/Registers.
There are multiple reasons why you need to do this. First, if you are not balancing, how do you know that the money is not slipping away? Employees are not dumb and though most people are honest, why put them in a tempting position? Or a position where they will rationalize and borrow money from the register and put it back later? Most of us don’t mind helping out but we should be asked.
Count your Cash Drawer/Register and balance them daily, at the beginning of a business day and at the end of a business day. It is also good to have a second person double checking the final numbers so that you leave no room for error. If you don’t want to do it yourself assign a trustworthy person the task and periodically check them. It is a lot easier to find and fix any mistake today than it will be at a later date. It also makes reconciliation go a lot faster than stopping at that point to find the discrepancy.