Your tax preparation fees are high in relation to the complexity of the return being prepared, or each year you receive multiple adjusting journal entries from your CPA to record after your return is prepared –
It is possible that your staff are not tax-savvy enough to correctly record your normal business activity in a way that works for your tax preparer. If so, you are paying your tax expert to correct or overcome bookkeeping issues.
Karen at CentsAbilities has extensive tax preparation experience plus decades of creating and maintaining accounting systems that provide what you need to know about your business as well as what your CPA needs for tax prep. She knows the critical information that must be provided for the completion of a business tax return and how to capture it from your daily activity. She can provide training and support to your staff so that they learn how to record things correctly, thus eliminating costly adjustments at tax time. In addition, she can provide services to periodically review your books, make adjustments timely, and then run the reports your CPA will need to efficiently prepare your tax return.
"Karen with CentsAbilities provided an exceptional set of eyes and ears for my company for many years. I always thought that having Karen reviewing our data entry and making suggestions as to how to improve and maintain our bookkeeping was the best money we were spending. Then when it came time to sell our business, I really found out the value of that relationship. The company's books and inventory were in such flawless condition that the sales process when off without a hitch. I can't thank Karen enough for her support."
You have a really great staff, but they are not trained as accountants. Meanwhile, your bankers and your CPA need and expect financial reports about your business that comply with generally accepted accounting principles.
Karen at CentsAbilities is a degreed accountant with a public accounting background and decades of accounting and bookkeeping experience with small to medium businesses and high net worth clients. She can clean up your books to make sure that what belongs on the balance sheet is accurately reported and that your income statement fairly represents the net profit of your business. She can organize your chart of accounts and format your financial reports so as to meet the expectations of your business associates.
Like many business owners, you selected QuickBooks because it is cost-effective and intuitive to use. When your staff relies on their instincts or intuition instead of on a true understanding of the critical functions in QuickBooks, they might actually undermine the power of the program in the way they set up lists and then enter activity. Their jobs will be harder and inefficient, and you will be frustrated by the lack of quality in the reports you get about the business.
Karen at CentsAbilities has created or cleaned up QuickBooks company files for a broad range of businesses – professionals such as doctors, attorneys, or psychologists; retailers; manufacturers; non-profits; real estate developers; restaurants; and family limited partnerships, to name a few. She is familiar with each function in QuickBooks, and has learned how to maximize their use for the type of business at hand. In addition, she can train and assist your staff in using the software effectively.
You run a pretty small office. Sometimes there is a special project that is either beyond the capability of your staff or that would overwhelm their workload.
Karen at CentsAbilities can assist you with this special project. She has prepared budgets, gathered data for loan applications and property refinance packages, prepared quarterly and annual reports for lenders, assisted with the transition between departing and new staff, assisted with sales tax and workers compensation audits, traced and documented embezzlement activity, and has helped her clients with a variety of other issues. In short, Karen is the "Go To Person" when a challenge arises.
You only have one accounting person, so she does everything – opens the mail, deposits the receipts, writes the checks, and reconciles the bank statement. You trust her, but you are aware there is room for mishandling with one person performing all these critical functions.
Consider opening the mail yourself, signing all checks personally, and outsourcing at least the monthly bank reconciliation process to Karen at CentsAbilities. With you knowing what is actually coming in the door and an experienced and objective party reconciling the bank account, misappropriation of funds by staff is much less likely.
As a high net worth individual who values privacy, there are things you do not necessarily want your staff to know, but it is unreasonably expensive and sometimes inefficient to have your CPA handle these affairs.
Karen at CentsAbilities has worked with people just like you for decades. She has paid personal bills, assisted with medical insurance claims, monitored oil and gas royalty interests, and organized personal tax data for preparation by the CPA while maintaining strict confidentiality and discretion on behalf of her clients.
You are currently handling some of the more sensitive accounting functions (such as payroll) for your business, but it costs you the opportunity to do the specialized or technical owner-level work you are best suited for.
Karen at CentsAbilities can take over these sensitive functions and free you to do what only you can do for your business.