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Cost of Bookkeeping/Tax Prep
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dpilot83
Posted 8/17/2017 10:13 (#6192756 - in reply to #6192647)
Subject: RE: Who does the bookkeeping for the corp?



It takes a LOT of time to be extremely precise on business accounting.

Everyone who has purchasing capabilities for our operation (my wife and I, my parents and my full time employee all have a farm credit card) is a part of a group text message. Whenever we purchase anything we:

1. Write on the receipt describing what piece of equipment the purchase is for. Sometimes this requires creating a legend if there are many items for different pieces of equipment
2. Take a picture of the receipt
3. Put the picture in the group message

From there it is entered into Quickbooks. Every item on every receipt is put in the correct account and class. We have classes for every piece of equipment and several other things.

Since purchases are made in several ways (credit card, charge accounts, checkbooks, occasionally cash) and it's time consuming to continually scroll back through the text message thread looking for a certain purchase, we just enter purchases in Quickbooks as they come in to the group text message. This means creating bills from vendors for businesses we have charge accounts with but that is really no more complex or time consuming than entering everything separately when the bill comes to us and we pay it via check because when we write the check we write it against expenses that are already categorized and it prevents us from having to search back through the group message.

We have only recently refined this process so I don't have long term data on how many hours a week this takes but I suspect it's 3 to 5 hours a week or 12 to 20 hours a month. If you are being very precise like that and if your time is worth anything it's going to be more expensive than most on this thread are talking about.



Edited by dpilot83 8/17/2017 10:16
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