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YOUR BOOKKEEPING OPTIONS
Below is a list of documents and information needed to complete your bookkeeping in full and generate accurate records for your business. CASH BUSINESSES (MEANING BUSINESSES THAT DON'T ACCEPT DEBIT/CREDIT CARDS) NEED SOME SORT OF INCOME RECORDS, WHICH ARE TYPICALLY INVOICES ISSUED TO CLIENTS.
Invoices issued to your clients--Cash businesses only; we only need a few, not every invoice.
Bank statements.--Can be received/gotten electronically.
Zelle transactions (or bank statements for the account the funds are deposited into).
Cash App transactions (or bank statements for the account the funds are deposited into).
Company credit card statements.
Check stubs and deposit books.
Receipts for all purchases of “big ticket” items--can use bank statements, or online purchase accounts. Think:
Receipts for meals, office supplies, materials and other purchases.
Vehicle information (i.e. lease documents, purchase contract).
Loan documentation (operating lines, mortgages, installment/car loans).
Insurance (liability, business, automobile).
Advertising & promotional expenses.
Loans to the company from shareholders.
Payments to shareholders.
Wages and salaries paid, including casual labor.
Payments to contractors.
Electronic bookkeeping files (Simply Accounting/QuickBooks, Excel etc.).
Pay only for the things you need, and nothing you don’t! Our packages start at just $59 and $85 per month.
At Howard Tax Prep LLC, we do bookkeeping, & accounting a little bit differently than our competition. We specialize in serving only small business owners just like yourself.
We’ve been taking care of hundreds business owners across the country since we offered our first tax services in 2004. To keep things simple and flexible, we have created a menu of services that you can bundle into a package completely customized to your needs.
You didn’t start your business because you wanted to spend late nights hunched over spreadsheets, reconciling accounts. The thrill of the sale is what excites you. However, bookkeeping is unavoidable, and negligence will come back to bite you – in the form of lost money, fraud or even the very existence of your business. A Bookkeeper maintains records of financial transactions by establishing accounts; posting transactions; ensure legal requirements compliance.
“It’s amazing the trouble your business can get into if you neglect your bookkeeping chores,” says Stephen King, president and CEO of GrowthForce™. “While day-to-day compliance can seem boring and not worth focusing on, there is nothing more important than understanding your financial KPIs and cash flow situation. For that, your books need to be accurate and up to date.”
COMMON MISTAKE #1 “I can reconcile the bank statement and my books any time. Let’s get that sale made.”
If you’re not reconciling your bank statement and company books each month, you’re missing one of the most fundamental aspects of bookkeeping. Reconciliation is critical to spotting and correcting errors and theft that can be costly to your business.
COMMON MISTAKE # 2 “It doesn’t matter how you enter expenses; just get them down somewhere.”
It does matter, not only to make sure the financial statements you rely on are accurate, but also to pay only your fair share of taxes, and not more. You need to become acquainted with general bookkeeping guidelines and standard categorizations for entering expenses. Follow the guidelines and generally accepted accounting practices.
Develops system to account for financial transactions by establishing a chart of accounts; defining bookkeeping policies and procedures.
COMMON MISTAKE # 3 “I don’t need to pay a bookkeeper. I can do this myself.”
You sure can! Just like you can grow your own food, make your own clothes, repair your own car, generate your own electricity, and a host of other things. However, when you're in business to make money, you need to ask yourself WHAT IS MY TIME WORTH? Can you make more money doing the things that you’re good at? A competent bookkeeper has the skills you likely lack and can do the job quickly and efficiently. In addition, your bookkeeper is your second set of eyes to find errors and make suggestions.
A good bookkeeper is a valuable asset to a company and can provide the following:
Visit us at our South Loop Chicago Location (1136 S. Delano Ct W), or our Homewood Il location (1800 Ridge Road for our south suburban & Indiana clients).