Cranmere Accounting & Tax Services
UPDATE – Until December 31, 2011 we are offering up to 4 hours of tune up for a flat rate of $99. Call for an appointment.
With the end of the tax year getting close for a lot of businesses now is a good time to consider getting a QuickBooks® tune up. Your Certified QuickBooks ProAdvisor® or accountant have some tools available in their version of QuickBooks® which will help identify and resolve any problems in your QuickBooks® accounting system.
Doing a tune up now will help identify any problems before the rush of getting all your information together for your tax return. For those businesses with a December 31 year end doing the tune up now will also enable any adjustments to be done before the year end so that their effect on your tax position can be reviewed before it is too late to make any changes.
The tasks that your Certified QuickBooks ProAdvisor® or accountant can do include:-
- Troubleshoot Prior Account Balances – This will ensure that transactions have not been been misposted to the wrong year or if there are prior year changes they a reflected in the correct tax year.
- Clear Up Undeposited Funds Account – As we discussed in a previous article this is one of the key accounts in QuickBooks®. Errors in this account could lead to too much income being reported.
- Fix Unapplied Customer/Vendor Payments and Credits – Correcting these will clean up your accounts receivable and accounts payable listings so that you can better focus on the real outstanding invoices. With cleaner listings it will be easier for you to efficiently manage your cash flow.
- Reclassify Transactions – For the preparation of your tax return this can be important as recording a transaction under the wrong heading could mean you miss out on a tax deduction. Also, a misanalysis might increase the chance of the return being selected by the IRS for an audit.
- Chart Of Accounts and Item Lists – Reviewing these will help make sure that your QuickBooks® accounting system is working to give you the best information to help you run your business.
There a lot of benefits to having a QuickBooks® tune up done at least once a year and even more so when done before the tax year end as part of your year end tax planning.
If you would like a QuickBooks® tune up please call us on (480) 363-4808 or email us.
Posted By Mark Smith
Mark Smith, EA is an Enrolled Agent and accountant with over 30 years tax and accounting experience. He is the owner of Cranmere Accounting and Tax Services LLC. He can be contacted on (480) 363-4808 or by email at info@cranmereaccountingandtax.com if you need assistance with any of the above.
