Of all the business disciplines that are involved with running a start-up, accounting is my weakest link. Even after more than a year at my business, even after buying the book Accounting for Non-Accountants and “reading” it during my time off last summer, I still struggle to understand depreciation and balance sheets. But I have a secret weapon – an accountant.
Every month I drive to my accountant’s office to sign checks and give her a giant manila folder with my expense receipts. Today, I also dropped off a tax form that came in the mail – Package 1096 from the IRS. Package 1096 from the IRS is just one of many, many reasons that I’m thankful for my accountant. I had never heard of this form, had no idea what to do with it or how to file it. Now, it’s in her capable hands and I never have to think about it again. (It turns out that you have to file this form if, among other reasons, you issue a 1099 to an independent contractor.)