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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:
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
Furrer & Associates, Inc. | 28045 Clemens Road Suite B , Westlake, OH 44145 | Phone: (440) 899-7116 | Fax: (440) 899-7182 | firstname.lastname@example.org