Many small business owners worry their books contain errors. Others hope their tax preparer will catch mistakes when they hand them over at the end of year.
Maybe it’s a problem from when you first set-up QuickBooks, maybe it’s as simple as a coding error that mistakenly categorized an expense as an asset. Whatever it is, we need to find it and correct it!
Whatever the reason, tiny mistakes add up over time leading to huge problems. These errors could cause you to overpay the IRS or, worse, trigger a full-scale IRS audit.
You also want to make sure that you’re making good business decisions based on accurate financials.
Tax preparers rely on accurate bookkeeping to do their job. Presenting them with incomplete or inaccurate financial records makes it more difficult and costs you more money.
Working on the assumption that your bookkeeping is accurate, your tax preparer enters your final numbers and submits it to the IRS.
Over the years of bringing on new bookkeeping clients, we have noticed many common errors. Our clients are often surprised by what we find, even though they suspected something wasn’t quite right. Afterward, they tell us it is a tremendous relief knowing their books are finally accurate.
Based on this experience, we developed a 25-point checklist to identify red flags*. Our aim is to spot potential errors that would increase your taxes and/or audit risk BEFORE TAX SEASON. Sometimes our process even results in finding duplicate expenses that can be eliminated immediately.
We discovered one client had been paying for a monthly subscription multiple times. Through our audit process, we identified $2,980 in erroneous charges and negotiated $2,384 in refunds! We found an invoicing error for another client that resulted in a recovery of $58,195!
* This service is only available for businesses based in the United States who use Quickbooks Online.
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