Money, taxes and insurance · 10 guides
Bookkeeping: problems and fixes, explained by Monis
Monis Zaidi is the only bookkeeping member of BNI Preston Center. These guides are written for a Dallas–Fort Worth reader who has the problem right now: what is happening, what to check, when to call, and what it costs.
- What monthly bookkeeping costs a small business, and what a flat fee should cover The monthly number matters less than what it buys. Here is what moves the price of bookkeeping, what a flat fee should include and how to compare two proposals fairly. The short answer on priceFive things that move a bookkeeping quote up or downWhat the monthly fee should includeUsually priced separately, so ask
- The monthly close, step by step, and the reports you should receive every month A monthly close is the routine that turns a pile of transactions into numbers you can trust. Here is what happens, in what order, and what should land in your inbox when it is done. What closing the books meansWhy a monthly rhythm beats a year-end scrambleBefore the month ends: what the owner can doThe close in order, from transactions to sign-off
- QuickBooks says reconciled, but the numbers feel wrong: signs your books are off The bank account reconciles, yet the profit makes no sense and the tax preparer keeps finding problems. Here is how to tell whether your books are wrong and where to look first. A checkmark is not the same as correctWhat reconciliation proves, and what it does notTen signs the file needs attentionWhy it happens even with careful owners
- Pennies on the dollar? What is true and false about settling back taxes with the IRS The radio ads make it sound easy. The truth is that the IRS does settle some debts for less, under strict rules, and for most people a different option fits better. Here is how to tell. Sometimes, but rarely the way the ads describeMyth: anyone who owes can settle for a fractionMyth: a company can guarantee you qualifyMyth: penalty relief wipes out the whole balance
- Owe the IRS? When you can set up a payment plan yourself and when to get help Plenty of people can set up an IRS payment plan on their own in an afternoon. Others are one missed step away from a levy. Here is how to tell which situation you are in. Many people can do this on their ownThe plans the IRS offers, in plain termsSigns a do-it-yourself plan will workWhere self-service usually goes wrong
- Collecting Texas sales tax: how to track it in the books so filing is never a guess Sales tax is not your money, but it sits in your bank account until the return is due. Here is how to record it so the numbers match the return every time. Treat it as money you are holding, not money you earnedThe Texas rules worth knowing firstFiling dates and what late costsSetting up the books so sales tax tracks itself
- Cash or accrual accounting: which method tells the truth about your business The same month can look profitable under one method and like a loss under the other. Here is what cash and accrual really measure, who has a choice, and how to pick. The difference in one paragraphHow the same month looks under each methodWhat the IRS says about who may use eachWhen cash accounting is the sensible choice
- Busy all year and unsure which jobs paid: setting up job costing that works The company made money last year, but nobody can say which jobs carried it and which lost. Job costing answers that, and setting it up is less work than most owners expect. Job costing in plain termsWhat belongs to a job and what does notThe labor problem most owners underestimateSetting it up in QuickBooks
- Before you hand over the books: questions to ask an outsourced bookkeeper Most bookkeeping problems start with a hire nobody vetted. These are the questions I would ask any firm, including mine, before giving it the keys to your accounts. Ask about the person, the process and the paper trailWho will actually touch my books?What credentials does the team hold, and do they matter?What do I receive, and by what date?
- Your books are months behind and a tax deadline is coming: how to catch up without panic Falling behind on the books is normal for a busy owner. Staying behind is what costs money. Here is how a cleanup actually works and what it takes to never need one again. The shoebox, the unopened QuickBooks and the letter you have not readWhy owners fall behind, and what it quietly costsWhat you can do this week to get your arms around itWhen you can wait a month, and when you cannot