money matters

[sanford]

My question has to do with accounting. I know everything I read says I have to have an accountant. My question is about the bookkeeping aspect of the business. I feel confindent enough keeping the books and at the end of the year let a CPA take care of the year end stuff. Any suggestions would be helpfull. Thanks again

[thelawnguy]

If you start with a good accounting program (Peachtree, Great Plains, Quickbooks etc) then at the end of the year just bring your accountant the disk and let em go to work, if you feel more comfortable by using an accountant. His/her fees will be less also, because your ducks are in a row vs a shopping bag full of receipts.

I am comfortable enough working with tax code that I do my books and taxes myself.

[sanford]

Thanks for the info, I feel about the same way you do. However, I know what a major issue good accounting practices can mean for a businesses future. Thanks again.

[GroundKprs]

Go to talk with an accountant about your setup. Maybe you will want the advice of an accountant in the future, and having your records in standard form will be very helpful to the accountant then, and a lot cheaper for you also.

I spent over an hour with a good accountant 15 years ago, and I wasn't even charged for the advice that I didn't need an accountant. But I did learn several useful things from the visit.

[mmorgan]

If you hire an accountant for your taxes, pick a good one!! Obvious advice I guess, but in the event of an audit, make sure he will "go to bat for you". I have heard of some accountants saying, "gee that's too bad, let me know how you turned out". I feel that it is a good idea to hire an acct. Their job is to know all the tax laws and changes. My job is to run a lawn care company. Paying a professional is many times money well spent. Besides you can write off his fees!! LOL

[thelawnguy]

As with most any other professional, the time you realize you hired a bad one, the damage has already been done.

Any ideas on getting a good one the first time around? I understand how they like to be creative, but the bottom line is your signature is on the tax return and you as the business owner are ultimately responsible for what happens and it is you, not the accountant, who will serve 30 days (extreme case) or have your property attached if fines and penalties arent paid.

[eggy]

Ohh my this almost gets me sick....We are growing fast and need help on that end..payroll acounting taxes..ughh..I have to make the time to see one....Do any of you run guys threw a temp agency to handle payroll?

[TJLC]

I found my accountant by word of mouth. So far he has been great. He makes me call him throughout the year to keep him posted. Whenever I call he takes the time to help me. I just give him all my stuff at tax time and he takes care of it. So far I feel confident with him. My first accountant I picked at random. What a mistake!

[Greenkeepers]

Having an accountant is a good Idea if you don't know what your doing. If you have a clue then I would sugguest doing all your bookeeping all year and take the info to an accountant at year end.

Eggy-

Why don't you look into a payroll service such as paychex,adp, ahola they do it all for you....

[TGCummings]

I'm a solo operator with a good head for numbers and enough computer savvy I can do all my own bookkeeping and tax prep. In the beginning (oh, 6 or so years ago), I had a monthly bookkeeper and an annual tax prep guy. As soon as I figured out how/what they were doing, I got all the software myself and rolled my sleeves up. I use Quicken Home & Business to track finances then ship it all to TurboTax for the annual business.

When I stop being solo, I'll probably go back to a tax guy, though. When I grow, I'm going to want the security of the audit protection that goes with a good accountant...

-TGC

[Turfclippings]

Guess i am lucky, first 3 or 4 years i paid the accountant once a year to prepare my taxes. I use quickbooks. 2 years a go he built a new house on a accre and quarter lot now i cut his residence and get paid all year and give him a credit for April mowing and write his service off the next year. Not a bad deal.

[Mueller Landscape Inc]

Hey TG,

Couple of years ago I used the Turbo Tax software to see what the return would be like. Then I had my regular accountant do it. Turned out the accountant saved me about $1500 more on the tax. Don't know why and I didn't really look into it. I probably didn't put the numbers in correctly.

I am considering going to an S-Corp this year. Anyone else do this?

Anyone ever hear of the National Audit Defense Network?

John

[thelawnguy]

"Don't know why and I didn't really look into it"

You really should be aware of what you are signing.

Somebody else mentioned audit protection. I said it before and Ill say it again, hope it sticks: You and only you are responsible for what is on that return. Regardless of what a cpa tells you, it is you who will have liens placed on your property not the cpa, and it is your credit rating which will hit the dumpster not the cpa, and it is you who will sit in the federal "country club" if there is fraud not the cpa.

If something seems odd, ask questions and be sure you understand the rationale behind the answers.

[Ssouth]

went to see my accountant for the first time today for an initial consultation. WOW. This guy was a wealth of info. He will be in charge of all my accounting needs for this year and maybe forever if he's half as good as he sounds.

[Mueller Landscape Inc]

Bill,

The point was that I wasn't really sold on Turbo Tax.

I am ALWAYS aware of what I sign my name to.

Prior to my experiment with Turbo Tax, I had the same accountant. Been using the same CPA for 15 years. Never a problem.

Your advise is good. Taxes are not something to fool with. However, I believe I have a duty and a right to find every possible, tax saving, tip there is.

John

[TGCummings]

John,

Could be I had a lemon accountant, but my numbers the last couple of years have been in line with the numbers he had for me the previous couple, so I considered it a wash.

Strange thing is (and this has gotta prove I'm clinically insane if nothing else has), I enjoy doing my own taxes. I guess I just feel I'm even more involved in the whole business aspect if I've got my hands on that, too. Truth to tell, the last couple of years I've taken to doing taxes for a couple of family members with my Turbo Tax because I love to crunch the numbers, and they tend to cringe at the process...

Maybe I should start charging. ;)

-TGC