Three Ways to Clean Up Your Books for Next Tax Season
Congrats—you made it through tax season! Whether you tackled both personal and business taxes or just one, it’s a feat worth celebrating.
How did it go? If you’re one of the few who can say, “We did well. It was busy, but the good kind,” congrats again. But if it felt like a chaotic mess and you’re still crossing your fingers that those numbers made sense—this one’s for you.
If 2024 was your production company’s breakout year, your financials probably got a lot more complex. And that’s okay—you're not a CPA, you're creative. That’s where we come in. At SYZYGY, we’re production accountants—not tax accountants—but we specialize in keeping your records clean and clear all year long, so tax time isn’t a scramble.
Here are three things to start doing now:
1. Reconcile your bank activity every month.
Take time each month to review what’s coming in and going out. Are there any errors? Did something get voided or deleted by mistake? Does your bank statement match your books?
Catching issues early prevents you from having to dig through a year’s worth of transactions come tax time. Think of it as regular maintenance—your future self will thank you.
2. Keep an eye on what’s outstanding.
Are there unpaid bills? Invoices you’re still waiting on? Don’t rely on projected income—track what’s actually in the bank. Each month, review your accounts payable and receivable. What’s missing from the picture? Follow up. Make a plan. Adjust your expectations based on what’s real, not what’s hopeful.
3. Upgrade your accounting software.
If your business is growing, your tools should grow with it. QuickBooks, FreshBooks, and Xero are all widely used and accountant-friendly. Great software keeps your books clean and helps you generate key financial reports (like a profit & loss statement or balance sheet) with just a few clicks. At SYZYGY, we utilize a custom and more robust accounting software that is unavailable to consumers. If you’re doing it solo, the right tools are essential. If you follow these three steps all year long, you’ll head into next tax season with a full, accurate financial picture—and way less stress.
If you're ready to clean up your books and build smarter financial habits, let’s talk. SYZYGY partners with production companies at every stage of growth, helping you stay organized, stay informed, and stay creative.
Schedule a call with us today—and take tax season off your list of things to dread.