Is an Annual Checkup with your CPA At The End of The Year All your Business Needs To Stay in Good Financial Health?

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By Candace Spencer, CPA & Certified QuickBooks ProAdvisor Many times we hear business owners say that they have an internal bookkeeper who maintains their financial records, and therefore, they only check in with their CPA office at tax time. It’s also possible that your CPA office doesn’t check in with you throughout the year.  But is an annual checkup the best way to utilize your CPA’s skills. Many business owners are missing opportunities simply through a lack of understanding of the different but important roles of an internal bookkeeper and a CPA firm play. If you are among them, trust me - you are not alone. We see a great number of people who are very confused as to what each of these professionals brings to the business industry and how each one helps in the success of any business. A very simple definition of a bookkeeper describes him or her as someone who records financial transactions. This includes banking, sales and purchasing transactions.  The purpose of … [Read more...]

I Used to Feel So Special…

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By Stacey Gorowitz, CPA, MBA After recent CPA firm mergers and ownership changes, often clients end up feeling lonely and lost in the crowd. When this happens, don’t be afraid to seek out a new accounting firm. Mergers and acquisitions happen in every industry, and accounting is no exception. In fact, it has been happening with more and more frequency in the accounting industry over the last few years. So now, it’s not uncommon for a CPA firm that you’ve worked with happily for years to suddenly join forces with another firm in a bid to grow larger and more competitive. That may be good for the firms, but it’s not always good for their clients. What happens after the change may affect you only minimally, with the service you receive and access level to your trusted professionals intact. In other cases, however, you may find you’re not getting the service you deserve or no longer working with the partner or manager you used to. When you start to feel like a number rather than … [Read more...]

Should you outsource your accounting?

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By Stacey Gorowitz, CPA, MBA Has your business needs outgrown the capabilities of your bookkeeper? Do you spend more time that you’d like supervising her? Were you surprised (and unprepared) by unexpected CPA fees and expensive surprises at tax time because your books weren’t in the shape you thought they were? When you are running a business, it’s often tempting to keep a tight rein on your operations by keeping services like accounting in-house. After all, you’re one smart cookie and should be able to handle a few simple debits and credits, right? Not so fast. What often gets owners and managers in hot water at tax time is that, unfortunately, business accounting isn’t always straightforward and very rarely is it simple. For many, outsourcing their internal accounting can be a great way to keep their books balanced and in order while allowing them to focus on providing the best products and services to their clients. Call it leading with your strengths, sticking to your … [Read more...]

QuickBooks 2013: Just Another Upgrade or a Must Have?

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By Candace Spencer, CPA & Certified QuickBooks ProAdvisor QuickBooks is by far the most widely used accounting software for small businesses and individuals. Each year Intuit releases a new QuickBooks’ edition with additional improvements, enhancements and let's not forget…some really cool features. This article will provide you with the tools to decide whether it’s time to upgrade your QuickBooks. It will also highlight the major improvements as well as the new features in QuickBooks 2013. As of May 31, 2013, QuickBooks 2010 is scheduled to be “sunsetted.” This is Intuit’s fancy way of saying that as a new version is released, they will no longer support or provide technical assistance for a particular version that is several years older. Also, certain features in the older, sunsetted versions will no longer function. These include bill pay, online banking, accountant’s copy file transfer, payroll services, credit card processing and emailing of customer invoices through … [Read more...]