Many small business owners start out doing their own bookkeeping. As business grows, there is often little time to manage the books and the search for an internal bookkeeper begins. While QuickBooks is user-friendly, it’s important to hire a candidate that knows their way around the software.
Our clients often ask us to help prepare their taxes in addition to the small business bookkeeping assistance we provide. Instead, we refer our clients to a CPA firm to provide tax preparation assistance. Why? Let’s look at the primary purpose of a CPA and a bookkeeping firm:
A law firm has a responsibility to not only represent their clients in a just way, but also to manage their clients’ advances/deposits for court fees, fines and other potential payments. Interest on Lawyers Trust Account (IOLTA) is an account in which lawyers hold funds that do not belong to the lawyer right now or are disputed. Without taxing the public, and at no cost to lawyers or their clients, interest from IOLTA is pooled to provide civil legal aid to the poor and support improvements to the justice system. Due to the timing and sensitivity of lawsuits, a client’s funds are held in escrow by their attorney and are protected in a special type of bank account, called an IOLTA.
Many businesses think that hiring an internal bookkeeper will save them money. But, sometimes paying for a full-time bookkeeper with little expertise isn't the best option. That's where BudgetEase comes in. For one Cleveland-based Branding Agency, hiring BudgetEase as their part-time, expert bookkeeper was the right solution because it saved them not only money, but time.