When Left unattended NUMBERS DO LIE! A client learned a valuable lesson not investing in her bookkeeping. She could have lost thousands of money and probably her business too.
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So, you might think why can’t I have a CPA do this for me and have them prepare my tax as well? Well, just like Doctors there are what we call specialties. There are CPA’s that are focused on Forensic Accounting, Financial Planning, and Tax preparation. Most CPA’s don’t necessarily focus on, unless they chose to, the bookkeeping task. They assume you are doing that or have someone do that for you. They come in, look at your books, and go from there. CPA’s are more like your Doctor’s and your Bookkeepers are your nurses.
Now granted there are bookkeeping businesses out there that are owned by CPAs. Like I said earlier…unless they chose to they don’t usually do the everyday recording of your transactions.
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As a single member LLC you do not pay yourself a salary with a pay stub and payroll tax withholding. No no… You pay yourself an Owner’s Draw. Owner’s Draw that you set aside 15.3% for Self Employment Tax which covers your Social Security and Medicare. Then you report your end of the year Income in your 1040 schedule C.
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I want to show you how I fixed the imported inventory that was done in error and trying to make the Product and services items inactive that affected the Opening Balance Equity.
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frustrated with their books because they have hired a bookkeeper that took too much time to do what needed done or They did not seem to know what they are doing. I’ve seen their work and have cleaned up after them and most of the time I do a face palm because of the huge mess they have created. Not just that but they did not have the courtesy to tell the client they could not do what was asked or needed for the books.
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