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Showing posts from April, 2015

And What Did Your Accountant Say?

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Chances are, you came away from your tax preparation meeting with your enrolled agent or CPA with an accounting "to do" list. Some of the items on your list might be:

Categorize reimbursable and reimbursed expenses.Separate meals when you're traveling from client entertainment meals.Track loans to and from LLC members.Do an inventory countCreate "classes" to track different kinds of clients
Getting the detail you missed in the previous year is one of the best changes you can make in your accounting system. The thing is though, it's the fourth month into the year already! Unless you've already locked in your first quarter financials, you can still make some changes before you close Q1 2015.

You probably don't need to toss out your entire bookkeeping system, even if it may seem pretty flawed right now. If your accountant gave you journal entries to make, do those right away. That should get your basic balances in order.

Some easy clean-up tasks includ…