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Tax prep question
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Posted 3/26/2020 17:08 (#8140929 - in reply to #8140765)
Subject: RE: Tax prep question

I was hoping you’d reply and I appreciate your response. Let me preface this with I am a hell of an AC technician but I am a piss poor accountant (money manager). If I have $100 I’m prone to spend $100.

For the past three years my wife and a part time girl (now full time) have entered every debit, check, withdrawal and deposit and we reconcile monthly. We also use one credit card and it gets reconciled monthly as well. Our charge accounts at the supply houses also get reconciled. The only thing I think that could get a little fuzzy is where we’ve tagged things at times as far as COGS, Inventory, Parts/Supplies. Last year we bought two new trucks and a trailer but we had them set up the accounts in QB as soon as we bought them.

The only thing that I can think of is last August we switched banks and began using a system called Profit First created by Mike Michalowitz. We essentially opened 7 accounts at a new bank all tied to the business. The accounts are: Income, Profit, Owners pay, operating, taxes, vendors, strategic reserve. If you’ve never heard of it before it’s basically forced budgeting by dispersing the income twice a month into the various accounts based on a set percentage of total income and being forced to live with what’s in the account. It helped us put away almost $60k into savings by years end. But, every one of those accounts is also reconciled.
I’m really just trying to figure out if it’s something I’m doing wrong or are they just really proud of their services. Their invoice isn’t detailed either so I don’t know if maybe they spent 10 hours trying to figure out why I had so much cash on hand this year or if I’m a real dummie and had everything wrong. I am going to pay them for this year but I am going to expect a sit down meeting to discuss how to get that to a realistic number next year or I’m going to find a new CPA.
If there are specific things I can look at in quickbooks that would give y’all a better idea of how good or bad my books are I’d be happy to check.
Thanks for your replies.


Edited by caleb2684 3/26/2020 17:10
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