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Rising profits through planning

Rising profits through planning

If you own a small business, you probably need professional bookkeeping services. The problem is that many small business owners put bookkeeping/ accounting services low on the to do list. This, of course, is very understandable in this difficult economy. However, this is a big mistake.

At Joseph F. Fragnoli, CPA, PC in Hendersonville, TN and Franklin, TN, we continually try to show small business owners how properly maintained books and the utilization of the information contained therein can save them money that is a multiple of the costs of quality bookkeeping services.  The tax planning, business planning and operations analysis that can be derived from the financial reports generated by the accounting records can result money to the bottom line.  This blogger has stated many times, business owners have to look at their outsourced bookkeeping services (accounting services) as a profit tool rather than an expense.  Too many small businesses are being short sighted by ignoring the need for quality bookkeeping services.

A new client is going through an installment agreement negotiation with the IRS for back taxes (not a client of ours during these years). Both taxpayers own and operate a small business reported on schedule C. One of the things the IRS agent told them was that they needed to maintain their accounting records on Quickbooks and should consider outsourcing their bookkeeping services. This is so true.  One of the things I have seen is that many small business owners try to maintain their books on their own or utilize an inexperienced clerical person to do the bookkeeping.  They do this to avoid the expense of hiring outside accountants or bookkeepers. This is a mistake.  The problem is that compiling a proper set of books is only the first step in accounting/ bookkeeping services. It is the planning and analysis that can be done once the books are compiled that can make the small business owner money and it takes a professional to go to this next step.

If you realize that you and your small business must take the step to hire a professional to perform your bookkeeping services and do the related analysis, business planning and tax planning services, we at Joseph F. Fragnoli, CPA, PC would love to hear from you.  Joseph is a Certified Quickbooks Online Pro Advisor and has more than twenty years experience with Quickbooks. Please call us at (615) 513-5522 or go to our website and fill in the contact information at Certified-QuickBooks-Online-ProAdvisor