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  #31  
Old 01-31-2003, 09:24 AM
HBFOXJr HBFOXJr is offline
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Join Date: Jul 2001
Location: Southern New Jersey
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Bruce

It is my "opinion" that many accountants don't truly understand how accounting information in the retail world should differ in organization/setup from the service and construction worlds.

Is my opinion valid? If so, explain on this site what a business owner should look for or ask for in seeking professional accounting or bookkeeping service.

Two differences between industries that I'm speaking about, are the "cost of goods sold" and some of the overhead issues. There are others as well. Without the proper organization of accounts we can't accurately determine overhead costs, labor costs etc to determine our real costs per hour.
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  #32  
Old 01-31-2003, 10:07 AM
GarPA GarPA is offline
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Location: PA
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Bruce/Herh...thanks much for your excellent perpsectives....yes this guy is 62...perhaps too set in his ways.

My business is small enough that I used a cash basis manual system last year. It worked just fine but as you well know it wont work if the biz grows as planned.

Not sure what I'll do here...think I'll interview a couple other CPA's ..this guy is not a CPA..and yes I know the drawbacks of him not being one.
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  #33  
Old 01-31-2003, 10:39 AM
bruces bruces is offline
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Join Date: Jun 2001
Location: Independence, MO
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Good luck.

The fact that he is not a CPA isn't necessarily bad, but it does sound like he is set in his ways.

There are also other certifications (IRS enrolled agent or EA, etc. )that give some degree of comfort regarding competence.

There are a lot of non cpas who prepare income tax returns that may tons of tax experience and know more than a lot of CPA's.

This gentleman probably knows his tax laws very well if he has been doing it all his life but is not interested in changing the way he does things.
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  #34  
Old 01-31-2003, 11:20 AM
GarPA GarPA is offline
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Bruce...obviously you have the experience in this field..so...if you were my tax person, would you see a problem with me using the manual system one more year?? It worked very well for 2002...and I have to be honest....I am up to my eyeballs in growing the business and I'm afraid I might get off on the wrong foot with QB...that being said, nobody ever said that running a small biz will ever afford me the "free" time to set up my acctg programs as they should be. I am very disciplined and post everything on a weekly basis and I close out each month by the 5th...so am I asking for trouble with the manual system for one more year?...thanks for your help...and no you can't send me a bill for "financial consulting"!!!! but I will trade you insurance points of view if you ever need it...lol
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  #35  
Old 01-31-2003, 11:42 AM
bruces bruces is offline
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Absolutely not.

If the manual system is working, no problem.

Obviously there are gains to be made in using a computerized system (if done right), but there is nothing wrong with a manual system.

You might start tinkering with Quickbooks, maybe just for billing to start to get familiar with it.

You could use a combination, bill in Quickbooks but make entries from Quickbooks in your manual system (for deposits or total billings for the month). This might save you some time and your accountant doesn't even see the Quickbooks side.

Depending on how large your operation is, it could save you time in that aspect. Once you are ready to switch over, you can set up a new company in Quickbooks and export various lists, such as customers, chart of accounts, items, etc. and not have to set everything up again in the new company.

PS

I'd bill you but I realize billing and collecting are entirely different matters! LOL
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  #36  
Old 01-31-2003, 01:16 PM
HBFOXJr HBFOXJr is offline
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Join Date: Jul 2001
Location: Southern New Jersey
Posts: 1,700
Gar

QuickBooks is also forgiving in that if you change your mind about structuring somethings or in categorizing your expenses or revenues it is pretty easy to go back change the affected transactions to fine tune your results.

There are many valid reasons to sometimes defer decisions to move forward on something. However you must ask yourself when will I ever not be too busy growing the business or running it at a larger size or whatever. It is very easy to fall into the trap "I can't right now". The very same can be said for equipment purchases. If you can justify a purchase by increased sales or efficiency why not start making or saving money NOW by moving forward with aquiring the "tool" rather than waiting till next spring or longer.

QB could be a key tool for the growth you plan. It could free up some time for more field work or sales. An accounting pkg eliminates those repetitive tasks you may do dozens to hundreds of times per year. Think about it.
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  #37  
Old 01-31-2003, 05:06 PM
GarPA GarPA is offline
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Harold...you are dead right...I think I admitted this issue in an earlier reponse...I just have to pick my "battles" right now..I'm sure you know what I mean...and thanks again
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