Bookkeeping Expertise in Woodhaven, MI.
Accuracy and integrity. Your back-office partner for the success of your business.
QuickBooks Bookkeeping Services
- Categorize and separate accounts by activity – Chart of Accounts – To give Clients a customized, easily understood list
- Complex and difficult reconciliations for Business compliance
- Error correction and reclassification of transactions
- Inventory clean-up; practical processes and procedures
- Matching transactions to eliminate duplicate entries and overstatements/understatements of Accounts
- Multi-year (more involved) QuickBooks clean-up, maintenance and set-up
Our Bookkeeping Expertise
Bookkeeping may not be sexy – it requires establishing charts of accounts, classifying transactions, reconciling accounts, and adjusting entries. But, bookkeeping is fundamentally important. Without good records and accounting, you literally cannot trust your financials. What are you going to use for a Tax Return if you “cut corners” on having solid records? Pretty risky.
I’ve helped clients understand the importance of using QuickBooks workflow processes and the problems that are created when these processes are bypassed or used in ways, not intended. I’ve resolved erroneous or duplicate entries and corrected books/records for many Clients to preserve their historical data without starting from scratch with a new file.
Accounting vs. Bookkeeping – Is this Distinction Relevant? Business Owners Need Both
Accounting is about applying principles and rules, bookkeeping is about the mechanics. Accounting is not bookkeeping and vice versa. So what? Clients don’t care – they’re not going to draw a distinction between the two and why should they? They have problems to solve and they expect that an outsourced Accountant (or Bookkeeper) has the experience and expertise to solve whatever problem the Client has. And, the Client is correct.
But, in reality, to assume that Accountants are (also) highly proficient Bookkeepers (or vice versa) can be flawed. It’s like saying, “I’m a great Formula-1 Race Car Driver, but I know nothing about Cars.” Outsourced professionals need expertise in both accounting and bookkeeping. Even highly proficient Bookkeepers can create problems for a business’s financial records if they’re not familiar with the proper accounting treatment or how to apply (correct) principles for many transactions they are likely to encounter. This does not even include more complex transactions requiring research.
For the Client, if you’re planning to outsource your accounting/bookkeeping work, ask questions and check the would-be Accountant’s or Bookkeeper’s profiles and reviews (on Facebook, Google, or LinkedIn).
Having and maintaining good records (that tie to your source data) is the fundamental basis toward understanding how your business is performing. Accurate and relevant data also enables you to make better quality decisions. Without an accurate data and record baseline, you’ll be guessing at best and throwing salt over your left shoulder for luck. Save your salt for cooking.
Knowing the Financial/Tax Implications (Before Doing the Transaction) is a Good Thing
As mentioned, bookkeeping is about the mechanics – doing the transaction. But what good is that if your Bookkeeper lacks the foresight and understanding to advise Clients on the accounting and tax implications of certain transactions before they’re executed? Should you elect a Section 179 deduction for some equipment and write the entire purchase price off or take the depreciation deductions over time if the business is expected to perform better or worse in out-years?
As the Client, you may not care or want to defer to the judgement of your Bookkeeper on what to do. But, ask yourself – how well does my Bookkeeper understand my business so that I’m comfortable that the best decision(s) will be made?
