Imagine this scenario: you currently use a bookkeeper you love, who seems knowledgeable and who provides regular reports to you and financial statements to your CPA for the preparation of your tax return. To the best of your knowledge, everything is great.
A few years into business your tax return is randomly selected for audit. You feel you have little to fear as the tax return filed by your CPA lines up perfectly with the reports from your bookkeeper. After all, you hired two professionals you feel you can trust!
However, as your CPA begins reviewing the details of your books in order to represent you in the audit, it becomes apparent that the job your bookkeeper has done is far from thorough and perhaps not even all that accurate. Your CPA informs you that this audit may end with your business paying thousands of dollars in penalties and interest.
How did this happen? Maybe your bookkeeper failed to ask you the right questions, or perhaps their pleasantness or professional demeanor masked inadequate experience. In any case, it seems your bookkeeper did not know enough about your industry or the ever changing tax code, and now it’s costing you money.
You may think that this example is extreme, but over the last 26 years we have found ourselves representing some of our clients under these circumstances in audit situations. Often, a closer look at their books has revealed major errors which were not readily apparent on year end reports and without access to their accounting software.
Finding the right bookkeeper can be a challenge for a business owner. This is especially true since many bookkeepers (even some with years of experience) have only limited tax knowledge. The large majority of these bookkeepers tend to focus on the details of the business at the expense of the big picture.
This means there are many bookkeeping services which seem to do an excellent job but, in reality, open up their clients to potential problems with the IRS or other taxing authorities.
It is with this insight that Alfano & Company LLC offers clients all-in-one accounting services from bill pay to bookkeeping to payroll to tax preparation. A business owner who works with one of our in-house bookkeepers will enjoy the following benefits:
- Their books are triple checked by qualified tax professionals
- Potential problems are identified and handled before they become costly
- Reports and financial statements are demystified
- Prepared for a worry free tax season
- Thorough planning, including answers to questions such as:
- How can I improve my cash flow?
- How can I increase my profit margin?
- Should I incorporate?
- What marketing strategy should I pursue?
- How much will it really cost me to hire employees?
- How is my business really doing?
If you have struggled to find qualified, reliable bookkeepers to produce thorough, accurate, and detailed books or if you would like to experience the peace of mind of knowing your books are being maintained by true professionals then we should talk – you deserve better. E-mail us at firstname.lastname@example.org to schedule a complementary consultation.
If you have confidence in your current bookkeeper but are unsure as to how to truly assess the quality of their work, we can help! E-mail us at email@example.com and we can discuss scheduling an in-depth review of your books.
You have enough to think about – having the right bookkeeper on your side can ensure that the numbers don’t drive you crazy!