The World of Bookkeeping

You can focus on running your business and delegate the bookkeeping to someone who will do it accurately and give you a clean set of books.

If you do it yourself, you may make mistakes, and your CPA may charge more to clean up your books, than an experienced remote, bookkeeper, like myself, would.

A bookkeeper can advise on business expenses you never knew you could deduct, or expenses you were never aware of, by using Quickbooks.

Not many bookkeepers will run your payroll, but we offer that service, in addition to remote Quickbooks training and admin services.

Most bookkeepers work with only local clients. Although, we work remotely and we have the expertise to help a variety of small businesses located anywhere in the U.S., including a specialty with restaurants and hair salons.

Other bookkeepers get busy and full, Although, we have experienced team members to help and we have plenty of availability, including catch-up and rush work.

We can refer you to CPAs. Also, we can direct you to QuickBooks Online re-sellers that offer discounts!

To schedule a Free 30 minute consultation phone call to discuss how we can meet your needs and increase your profits by streamlining your bookkeeping, click the button below. We look forward to talking to you!

Paying for personal expenses through the business account is co-mingling funds. The IRS dowes’t like this at all.Keep personal transactions separate from the business transactions.

Often it is forgotten to carefully create an advanced plan for associated expenses like payroll and extra office space.

If you don’t plan for taxes ahead of time, you may find yourself in a situation where you’ve already spent all of your profits and you end up stuck with a big tax bill.

Reconciling not only bank accounts, but also credit cards, loans, and other balance sheet and Profit / Loss statements’ accounts so no transactions are missing or have been recorded incorrectly. Reconcile monthly to catch these discrepancies.

Keep all receipts. Take a photo or scan them in to your chosen filing system quickly before you forget. Remember, paper receipts will fade quickly, often before tax season. Keep a paper trail for any audits or future questions.

When caragorizing transactions, make sure to choose the correct account! Placing the amount in an incorrect account can throw off the financial statements and report an incorrect profit or loss. Misclassified Transactions can lead to undesired tax deduction outcomes.

To avoid late fees and penalties, keep up with the deadliness to file taxes. One aspect to help with this is to check your books regularly. Do not wait until the last moment to record a shoe=box full of receipts. That will take more time than realized and then the tax filings are late.

How are taxes being filed for the business? Is it in the Accrual method or Cash method. Use the Accrual method when using Accounts Receivable and Accounts Payable.

You must know the financial health of the business. You also need to catch errors early. One way to accomplish this is to make sure to review the financial statements monthly.

Failure to keep up with new Accounting Standards and Regulations can lead to errors in the financial reporting. For example, entertainment used to be tax deductible, now it is not. Another example: meals used to be 100% deductible during COVID times, but are now only 50% deductible.

Not Keeping in touch with the Bookkeeper on staff or outsourced can lead to answers to questions missing. The Bookkeeper needs to know what a transaction was for to Categorize it correctly. The business owner needs to know about cash flows in the business to make purchase decisions. Communication is the key!