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Do you have a bookkeeper (whether in-house or outsourced), or do you do your own books?
Bookkeeping
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Thanks Brian. Thats interesting...it never occurred to me to have a quarterly CPA audit. What sort of things does he pick up on? As small as my business is, would it be worthwhile, or can I rely on a pretty sharp bookkeeper to notice things?
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Scott,
He usually catches small mistakes in entries, like an expense being recorded as an asset or things of that sort. There is seldom anything major.
The big advantage for me is it saves many, many hours at tax time. I previously would spent hours and hours looking up receipts, tracing through paperwork, etc. at tax time. Since we now keep everything up to date, taxes are very simple. It costs me more over the course of the year, but the time savings makes it worth it.
My business isn't huge but I still think it is worthwhile. Not only because of the time savings, but he can also make tax recommendations during the course of the year.
Brian Phillips
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As usual, Brian is spot on! I used to use one of those Dome Budget books and write everything in, worked ok. I got QB, my accountant helped me set up and I love it. The reports you can generate are very helpful to track your business. I email my QB file every qtr and at tax time. We review every qtr to make sure I am on track paying my taxes. They also do my payroll and send in taxes and UI insurance. I know at tax time I won't be in for a shock.
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RC
That sounds like a really good model. There is some security in knowing that you will not be blindsided on payroll taxes or workers comp. All it takes is one unfiled report to start the penalties and interest rolling! Avoiding that risk is worth every penny of whatever professional bookkeeping or accounting services you pay for.
That sounds like a really good model. There is some security in knowing that you will not be blindsided on payroll taxes or workers comp. All it takes is one unfiled report to start the penalties and interest rolling! Avoiding that risk is worth every penny of whatever professional bookkeeping or accounting services you pay for.
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I use a payroll company for payroll and taxes (they send in all the state and fed. reports). It's very reasonbly priced and worth every penny for the time it saves.
I used to use QuickBooks until I made the mistake of buying a computer with Vista--QB won't load on it and they want $300 to upgrade.
I found "Mind Your Own Business" (MYOB) which offers some reasonbly-priced software and bought the basic "Business Essentials" ($99). I'm still learning my way around but it seems to do everything I need, including jobs, customer names, job costing.
I use an accountant to prepare state & fed. taxes.
I used to use QuickBooks until I made the mistake of buying a computer with Vista--QB won't load on it and they want $300 to upgrade.
I found "Mind Your Own Business" (MYOB) which offers some reasonbly-priced software and bought the basic "Business Essentials" ($99). I'm still learning my way around but it seems to do everything I need, including jobs, customer names, job costing.
I use an accountant to prepare state & fed. taxes.
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Same here:thumbup:Ben
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HMM, I have vista and QB works fine?
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We use Quickbooks with Vista and its great. I guess I dont understand why any quickbooks user would not want to be downloading the latest versions/upgrades...lets face it, the older versions are a bit archaic after you use the new stuff.
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$300 is why.
That's what they wanted for the upgrade they say is compatible with Vista.
A. Why should I pay $300 to buy a software upgrade that's necessary only because they didn't write XP-compliant code?
B. I used few of the features in Quickbooks and find MYOB satisfactorily meets my needs.
I've got software that I probably paid over $1000 for that I can't use now because of Vista.
I plan to later buy an XP machine or give Linux a shot.
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In house book keeper then everything is sent yearly to cpa
quickbooks 08 was on sale at amazon for $149 2 weeks ago, its compatible.
quickbooks 08 was on sale at amazon for $149 2 weeks ago, its compatible.
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I thought the same before we upgraded QB and found that there was alot more that came with that upgrade than simply Vista compatability. Its a much better package and Intuit is really good to deal with on it support-wise.
But I am hearing you on your situation...whatever works!
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I hate bookeeping. I have a college girl come to my office once per week to sort everything out and put into Quickbooks. She takes inventories and sorts through and categorizes expenses. The only thing I enter into QB myself are my invoices. I use a corporate card for all of my business purchases and transfer money digitally as much as I can. All checks are disbursed through QB. My accountant does quarterly reviews, prepares P&L statements and lets me know how much to pay in taxes. Left to my own device, I admit, my books would be a mess. Its my weakness so I have to pay people to handle this task.
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We have been using QB Pro or Acct's versions since 95' and the only reason I would update is that Intuit phases them out after three years. You can still use the program but they disable the payroll functions so it will not operate without the constant payroll updates, and you can no longer get the payroll updates after they phase it out.
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