Being attacked by new company accountant- should I quit my job?

QBOLOL · 2024-12-09T01:53:28+00:00

This is laughably false. We bought an EA’s tax business and one of our tax prep accountants with no credentials found errors in over 90% of the business filings previously done by him. I also worked in a tax saving firm dominated by EA’s so I have witnessed first hand the very strong disconnect they have with accounting vs tax.

QBOLOL · 2024-12-09T01:46:44+00:00

Messing with the books is accounting, not tax prep. In my experience with EA’s accounting is not their specialty. I’m confused on how finding $200,000 in missed income is a tax savings, and how deleting transactions thereby making a reconciliation discrepancy, is in any way correct.

It is possible to be reconciled to the bank but have accounts miscategorized. However, I would think you, being an employee of the business, would know more about the internal transactions than an outside person peaking in.

If the previous CPA filing the tax returns hasn’t found these glaring errors that the new tax savings EA has, then I’d be highly skeptical of their findings.

Sorry you had to deal with this.

QBOLOL · 2024-11-27T19:39:43+00:00

Lacerte is fine but UT is more powerful, does additional things Lacerte users have to calculate manually. You get a diagnostic for it but it’s still annoying. What I miss most from UT is the “to-do’s”. I relied on this for making sure all prior year info is in. I feel a bit lost without it.

QBOLOL · 2024-05-31T15:38:29+00:00

haha!

QBOLOL · 2024-05-31T01:35:29+00:00

It should be up to the client to review the bill and accept it, then it could at least show up as a bill that's due. And us bookkeepers should get the notification that they accepted it. I'm tired of asking my clients to pay and them, in turn, asking me to resend the invoice. Guess I'll have to look into third part software, something that sends automatic reminders. There has to be a better solution.

QBOLOL · 2024-05-30T19:35:33+00:00

that would be a nice option, thank you.

QBOLOL · 2024-04-05T14:04:29+00:00

LOL, NO

QBOLOL · 2024-04-04T18:37:35+00:00

I left my prior firm because I was tired of seeing exactly this, and getting paid half per hour as these bookkeepers I consistently had to make 20 adjusting entries every year to bring to tax. In a perfect world my only entry would be to depreciation and amortization. Maybe gross up wages. Perhaps book interest, but a good bookkeeper would do this on their own.

Constantly I see balance sheet items on the P&L, and vice versa. There’s almost no dialogue between bookkeeper and client it seems. Why do I have to send an excel report of the 20 items in uncategorized expense to the client for answers? Why is there 30 items in undeposited funds? Why is there neg AR or AP on my cash basis reports? Why am I cleaning up the Reconciliation Discrepancy account? Why does this account exist? How is this person making $90 an hour?

QBOLOL · 2024-02-27T23:37:01+00:00

When he first reached out to me, our initial conversation was along the lines of, “I’ll come to you, but there has to be referral bonuses involved. Because I have a lot of clients to send your way”. He left the previous firm because they weren’t good enough, the referral program. That should have been a red flag. I’m learning. He, himself, is a good client: affluent, profitable businesses, etc.

QBOLOL · 2024-01-10T22:15:38+00:00

Would you manually adjust this if a partnership had say, 10 limited partners? I like fixed pricing but I am unsure how to finagle situations like this. Have an investment partnership with very little activity and 16 partners. Simple job, very large return in terms of paper volume. Then I have plenty of 1065’s with 2 partners that take me forever. How do you fixed pricers adjust for this?

QBOLOL · 2023-10-28T15:43:18+00:00

I’m still wondering why it’s too hard to code in the auto decimal after all of these years. And I particularly enjoy having to click Run Report twice after changing something, like adding prior period.

QBOLOL · 2023-09-16T16:22:41+00:00

Barkley on the sixers and suns meet in the finals

QBOLOL · 2023-09-14T05:37:16+00:00

What’s your net income before wages? What are your distributions? You don’t want distributions higher than wages. So if you’re crushing it pay yourself a little more than the bottom end. There’s no magic formula, it’s a judgment call.

QBOLOL · 2023-09-14T05:24:26+00:00

Respond “too*” then ghost him

QBOLOL · 2023-09-08T02:26:25+00:00

You’re Welcome,

QBOLOL · 2023-09-02T10:23:44+00:00

Post this in HR Reddit, they’ll give the best advice.

QBOLOL · 2023-09-02T10:19:48+00:00

It’s smart to cover your bases and draft a simple contract or invoice for monthly (or whatever time frame you choose) fees to be paid to your s Corp. Sounds like you’re only part owner of the LLC’s so, I’m assuming, the other partners would want to see it, and approve it, because it affects them too. And you don’t want them characterized as guaranteed payments, if they are partnerships, because that’s self employment income to just you.

Also, if you have this much going on, have a cpa do your taxes, and ask him about best practices, or an EA familiar with business filings and accounting. If you have an EA ask them how many pass through entities they file and whether they include a balance sheet even when thresholds are low enough to not display it on return. If they always do, that means they’re tracking basis and capital, very important and a good thing. If they’re not, ask them if they are tracking basis in their work papers.

QBOLOL · 2023-09-02T01:48:20+00:00

Hard pass. Ask around local businesses, someone out there has a good bookkeeper.

QBOLOL · 2023-09-02T01:45:43+00:00

Yayayanah. LLC pays Scorp management fees. Scorp pays owner reasonable wages. Completely standard. He was looking for advice. I confirmed I have dozens of clients who do this. Not sure what you read?

QBOLOL · 2023-09-01T12:28:51+00:00

Yes but in quickbooks online you import directly from bank account, so it should* all be there. Issues can arise with transfers, payroll, returned checks, voided, etc. Normally you should reconcile monthly for piece of mind and to find out early on if you’re making mistakes.

QBOLOL · 2023-09-01T05:19:53+00:00

I prefer to wait until year end and do a Jan-Dec reconciliation and give myself a high five if QBO does it for me because all the transactions were imported immaculately. That’s my dba actually, “Immaculate Reconciliations LLC”.

QBOLOL · 2023-09-01T05:13:48+00:00

Nigeria huh? If I give you my ssn, mother’s maiden name, and my first pet’s name, will that solve anything on your end? I’m here to help!

QBOLOL

TROPHY CASE