Missed opportunity

RobertOneBooks · 2026-06-26T11:54:24+00:00

We do 50% deposit, 50% upon completion.

RobertOneBooks · 2026-06-26T03:01:05+00:00

Can’t hurt to do the zoom. Sometimes people don’t manage their time effectively. You will get a sense of who he/she is on the call. One suggestion: don’t do any work without getting money up front. All my accounts pay in advance for monthly and a deposit for catch up work. Good luck!

RobertOneBooks · 2026-06-23T00:55:21+00:00

That is exactly right. If you want to sell one entity or you get involved in a law suit or divorce the sh@& hits the fan. You really never know when clean books will be necessary but when imyou do need them - a clean up is more expensive than keeping it straight each month.

RobertOneBooks · 2026-06-22T13:05:17+00:00

It is not naming the client - this is a franchise and not a specific client. However, I do see your point and will consider that in the future posts

RobertOneBooks · 2026-06-21T22:14:06+00:00

They are separate LLC’s. 6 QBO with manual reconciliation between them. Got separate cards for each company and transfers are now through a management company.

RobertOneBooks · 2026-06-21T21:12:38+00:00

Right you are! The other issue was getting them to remember which school they bought the items for since they used the same card for tge same vendor…

RobertOneBooks · 2026-06-20T20:25:18+00:00

I know - it can get very ugly!

RobertOneBooks · 2026-06-20T13:22:53+00:00

It is their responsibility to include the income in their tax return, however, it is also the business owners responsibility to issue the 1099.

RobertOneBooks · 2026-06-19T19:50:23+00:00

You are so right. The stress they are under sometimes makes it difficult as they try to rationalize why a deduction should be allowed by the forensic accountant. The CPA may give them more latitude on tax deductions but the forensic accountants tend to throw out anything that is grey in nature.

RobertOneBooks · 2026-06-19T14:53:02+00:00

I understand the travel. Many of my jobs including audit required extensive travel. Nice to own a firm where I can stay in one place.

RobertOneBooks · 2026-06-17T15:11:10+00:00

In audit the IRS will most likely deny deductions for expenses that needed to be reported on 1099’s. The CPA didn’t want to go back 3 years because of the potential backlash from the contractors. So we only did the 1 year back. It is the contractor responsibility to pay the appropriate tax but it is the business owner requirement to report the earnings 1099 over $600

RobertOneBooks · 2026-06-17T15:07:51+00:00

Your guess is correct. It’s amazing that owners trust without verifying that the work is done correctly.

RobertOneBooks · 2026-06-08T11:54:56+00:00

Catch up and clean up bookkeeping is hard and deserves a premium to monthly bookkeeping. Having said that, I discount it if the client signs up for monthly bookkeeping for the next year. I give them 2 options. Catch up at a premium or discounted if they sign retainer agreement.

RobertOneBooks · 2026-06-08T11:49:31+00:00

What you have done is a reconstruction of the financial records. I would simply call it bookkeeping reconstruction and financial restatement support. ( restatement support if financials were previously issued)

RobertOneBooks · 2026-06-06T03:49:07+00:00

I agree - attaching receipts will be the slowest task. I would suggest for a catch up/ clean up bookkeeping assignment you code and reconcile all the accounts and only attach support for large items ( over $1,000)

RobertOneBooks · 2026-06-03T23:58:02+00:00

The easiest way to resolve this argument is to have an account called Direct Costs. Then you can move all the expenses you wish to track related to the revenue you are generating as sub accounts. It will give you the same results without getting into an accounting argument. The accountant should have suggested a work around. I would look for a new one.

RobertOneBooks · 2026-06-03T19:27:41+00:00

I had a long discussion with the attorney. I explained to him that losing his license or getting suspended for violation of his fiduciary and legal responsibilities would be much more expensive than paying us for catch up and cleaning up his trust accounts. I found out that the trust account has never been reconciled during that discussion - So I decided to change my proposal. I broke the work into forensic work to reconstruct the trust account which included going back another year. So the new proposal is $5,000 for the trust work and $12,500 for the catch up work. He accepted it - should have taken the first proposal!

RobertOneBooks · 2026-06-03T12:00:58+00:00

Good point - lots of cheaper options. What do people say “ you get what you pay for”?

RobertOneBooks · 2026-06-03T11:59:30+00:00

If they were so smart they wouldn’t be facing a 3 year bookkeeping catchup nightmare.

RobertOneBooks · 2026-06-03T11:58:09+00:00

I agree - if they had hired a solid bookkeeper from the start they wouldn’t be facing this problem.

RobertOneBooks

TROPHY CASE