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THE SMART BUSINESS OWNER’S LIST OF TAX DEDUCTIONS

For a business owner, taxes can be overwhelming and cumbersome. Tax deductions allow you to save thousands of dollars each year on your taxes and make tax filing a much more bearable experience. In this post, we'll list some of the tax deductions you can use to...

The Smart Business Owner’s List Of Tax Credits

One of the best ways to cut costs as a business owner is to take advantage of all the tax deductions and tax credits for which you're eligible. As a business owner, you're concerned with the bottom line--increasing your net profits. That probably means you spend most...

PRESS RELEASE: Cassidy Jakovickas, CPA of Fresno, CA Appointed to Intuit’s Accountant Council

Select Panel Advises on Products and Services that Accountants and Their Clients Want Most             FRESNO, CALIFORNIA – June 4, 2019 –Today, Intuit, Inc (Nasdaq: INTU) announced that Cassidy...

Beyond The Numbers: What We’ve Been Reading

Although our team loves using numbers and spreadsheets to help our clients make the best financial decisions, we also enjoy reading great books. Staying well read on both fiction and non-fiction books helps us hone our imagination and introduces us to new, sometimes...

Looking Back At April

It’s hard to believe that we’re at the end of April, but it’s true! This month, we helped our clients wrap up another great (and busy) tax season. There was, as always, a lot of paperwork, emails, and nail-biting involved in the days preceding April 15, but that’s all...

5 Last-Minute Tips For Filing Taxes in 2019

Well, April 15 is almost here, and the tax-related panic is thick. If you haven’t filed your 2018 tax paperwork and are rushing to get your taxes in by the deadline, we’ve decided to give you some last-minute tax advice that will hopefully help ease your stress....

An Introduction To Cybersecurity for Business Owners

Keeping your sensitive business and customer data secure has never been more critical. Whether you are a small business or a national corporation, you can't relax your defenses against those criminals seeking to take advantage of lazy cybersecurity policies. Virtually...

March News Roundup

Wow! It seems like we just started March and we’re already moving into April! As we move into the final stretch of tax season, we’re recapping this month’s news for you, just in case you missed it amid the tax-related hubbub. MBS Accountancy: November Review This...

4 Key Changes To Depreciation Under The TCJA

As the Tax Cuts and Job Act (TCJA) continues to be unraveled by tax professionals, it’s important to review the changes and their implications on business operations and tax strategies. In this article, we’ll highlight TCJA’s changes to first-year bonus depreciation,...

3 Ways A CPA Can Make Your Business Successful

It can often seem unnecessary to hire a certified public accountant (CPA) since bookkeepers and accountants are frequently believed to be the be-all-end-all for a business’ finances. However, there are certain advantages to having a CPA by your side. While we...

Get Your QuickBooks Ready for your Accountant

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Finalizing your books for the year has already been on your mind since perhaps the beginning of the last quarter of the year. And now you have to have your QuickBooks file ready for your CPA. How can you make it easier for them to prepare your annual financial statements and tax returns?

Most accountants do not want you to bring in a vault of receipts. Today QuickBooks makes it really simple to streamline your business and will contain a lot the pertaining information your accountant needs. Providing PDFs of your bank statements, credit card statements and loan statements, especially for the last month of the year. Do not forget to include the W-3’s, W02s and 1099’s.

Review your Accounts Receivables and Payables

By reviewing the activity in your AR and AP will help reveal any old, outstanding items that need to be written or further action taken. You can access these accounts in QuickBooks by selecting:

Reports > Vendors & Payables > Unpaid Bills
This will you the balances you need in detail that is summarized by your vendors.

In order to open a report of the balance details for your customers, select:
Report > Customers & Receivables > Open Invoices

Balance Sheet Comparison and Review

You balance sheet is an important document in QuickBooks that provides a valuation for your business and accounting for your assets, liabilities and retained earnings.

This is the first account to review, retained earnings. The most recent balance sheet should be equal to the ending balance report on last year’s tax return. If there is a discrepancy, you’ll have to dig deeper to reconcile the differences. What about any adjusted journal entries created by your accountant? Have these been posted to your QuickBooks? Some of the more common transaction are perhaps checks that been voided, or additional bills…however there are a number of reasons.

P&L Statement Review

As with the Balance Sheet, you should normally only see positive numbers, where negative numbers should be reviewed. Look for accounts in the income section that might contain money that was loaned to your company…and these should be reported in the liabilities section and not in the income section.

Bank and Credit Account Reconciliation

This is a recurring activity and standard good practice that you should be doing monthly at your company. It is sometimes overlooked at the flurry of the year-end activities. Pay attention to the uncleared transactions with both payments and deposits.

This simple checklist of activities will help save your accountant many hours of work and go a long way to ensuring that you are getting the complete and accurate financial reports not only at the end of the year, but on-demand through the year.

Got a QuickBooks question? We’re Certified Quickbooks® ProAdvisors®

If you’re ready for comprehensive accounting services aided by superior technology, we are eager to work with you.

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