No one wants to deal with an audit but having a great bookkeeper on your side makes the process a lot easier. At Check Off Your List, our bookkeepers can help you stay organized and maximize your savings with their valuable suggestions based on IRS guidelines. That way you don’t have to stress, and there are no red flags!
Why is having a bookkeeper important for your business?
Bookkeepers are important for many reasons, but one of the biggest is that they’re trained to spot potential problems with your books before you even realize it. Our bookkeepers are professionals who have years of experience in their field and will make sure your company’s finances stay on track with accurate reporting.
Our goal is to make sure your books are accurate and to expend as much as possible to help your company grow. IRS has a constantly evolving tax code; it’s nearly impossible to run a business and keep up with everything.
Technology is constantly changing, so it is wise to have a bookkeeper who specializes in these areas. The more streamlined we can make the process for you to save money, the better—it’s a win-win relationship.
How do COYL Bookkeepers process your books?
Each client’s needs are different depending on what pieces of accounting need review. For instance, you may have concerns regarding the accounts receivable, accounts payable, or selling platforms. A typical month’s bookkeeping, then, will review every transaction that comes through your checking, savings, and credit cards to ensure they are categorized properly.
The next step is to break out the principal and interest on any loans to make sure the accounting balances match what is stated by the banks. Our bookkeeper’s role is to verify that there are no duplicates in transactions, which includes credit cards and checking accounts. If there is income posted twice, your income may be overstated, which can cause you to pay more in taxes than is truly due.
If there are double-booked expenses, you may be taking more expense write-offs than there are, which can result badly in an audit. Therefore, it’s important for an expert to review all accounts to ensure that duplicates and mishaps are not overlooked.
Additional roles that COYL Bookkeepers possess are:
- Invoicing and payments
- Mapping products and services
- Booking bills to accounts payable
- Process and manage payroll
- Provide monthly financial reports
It’s essential for clients and bookkeepers to maintain strong and clear communication in their relationship to avoid any issues during an audit. It is always wise to over-share with our bookkeepers so we can acknowledge anything that will impact the books.
What ethical requirements do COYL Bookkeepers abide by?
As bookkeepers, it is our duty to provide accurate information for the client’s books and expend as much as possible to help the business expand. Our clients feel relieved that they can trust Check Off Your List to assess their books and provide monthly financial reports that offer solutions and insight into where their money goes.
What makes us different? Despite it not being a requirement, COYL bookkeepers partake in Financial Accounting Standards Board (FASB) training that provides more insight into how tax laws are acted on. There are IRS articles that keep our bookkeepers up to date on the latest news.
With this information and following the baseline of Generally Accepted Accounting Practices (GAAP), our bookkeepers cross-check all clients’ books quarterly to ensure that the books are transparent, and no questionable items arise.
If you’re interested in our bookkeeping services, don’t wait! Contact us today to get started.