Tip #2

Tip #2 is here! Your clients are the backbone of your business. It is important that you keep all client records as current as possible. Accurate client lists ensure that all your marketing efforts are being received, and we all know how important those personal touches are. While you are updating your list, it is the perfect time to create a schedule of clients you anticipate receiving a 1099 from as well as the amounts to be reported. As you start to receive your own 1099s in January, you want to have a verification method set up. This will allow you to spot any inaccuracies in a timely manner. The most crucial task in analyzing your client list is reviewing any contracts that you may have as well as auditing your job costing reports to verify that your profit margins are where they should be. If you are not able financial audit your business, you are unable to see not only where you have been but ultimately, you are blind to where you are going.