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  • Is Your Bookkeeping In Order For Year End? October 2018

    As we enter the 4th quarter, we wanted to remind you of a few of the best practices in terms of your accounting system so that you don't end up with a bookkeeping horror story as you near the end of 2018.

    As important as maintaining a timely and accurate bookkeeping system is throughout the year, it is even more important as you wind up the year to have your "ducks in a row" so that decisions related to business and tax planning are based on accurate information. Without accurate, up to date information, the ability to make ongoing decisions and obtain needed financing is greatly impaired and impacts your credibility with financing sources. You will be unable to complete accurate tax filings and will subject yourself to senseless penalties. In addition, having your bookkeeping accurate and up to date saves you additional fees that will be incurred by having your accountant straighten out your information just so that they are able to make sense of your records. Lastly, when you want to evaluate potential sale and exit strategies you will need accurate, timely records and all buyers will expect the same.   

    Ask yourself the questions below. These are some basics of a good system and will help you determine if you are on the right track:

    1. Are transactions posted to your accounting system on a consistent basis?
    2. Does someone other than the person entering the transactions prepare monthly bank account and credit card account reconciliations?
    3. Does someone other than the person entering transactions review new vendors monthly?
    4. Is there a periodic payment and approval process in place for all disbursements?
    5. Is there a consistent process for review of the monthly financial information and posting of period-end adjusting entries?
    6. Are you able to use the financial information to assist in making decisions to run your business?
    7. Can you seamlessly use the information to prepare required tax filings without going through a fire drill or needing to have numerous adjustments?
    8. Can you generate needed reports from your system without having to involve others?
    9. Is your system accessible to the key players in your decision making? 

    With respect to question #9, we have found that with the ability to have your accounting "hosted", both you and your bookkeeper (and your CPA) can have access to the exact same information concurrently. This saves time having to copy and transfer your file and then have the other party do the same.

    If you answer even one of these questions with a no or even a hesitation, then you need to work on your system. Your system needs to work for you so that you can better operate your business. We are here to help. Should you have specific questions about your bookkeeping situation, or you are interested in learning more about the option of Hosted QuickBooks, please contact your Furrer & Associates, Inc. advisor at 440-899-7116. Thank you.

    *This information is intended to provide generalized information that is appropriate in certain situations. It is not intended or written to be used, and it cannot be used by the recipient, for the purpose of avoiding federal tax penalties that may be imposed on any taxpayer. The contents of this post should not be acted upon without specific professional guidance. 

    Steve | 10/29/2018

    Westlake, OH Accounting, Furrer & Associates, Inc.

    Furrer & Associates, Inc. | 28045 Clemens Road Suite B , Westlake, OH 44145 | Phone: (440) 899-7116 | Fax: (440) 899-7182 | meghan@furrercpa.com