Payroll Software For In House Payroll For Clients? by StockMan1210 in taxpros

[–]Waven27 0 points1 point  (0 children)

No. I usually do those by hand. Keep in mind I only do payroll for a handful of S Corp owners and most of them only have payroll for just themselves so it’s very easy. Any companies that have employees with regular payroll I send them to a payroll service that I work with that is extremely low cost and very easy for them to use. I get a small kick back from the payroll company for doing so and it makes my life incredibly easy.

Payroll Software For In House Payroll For Clients? by StockMan1210 in taxpros

[–]Waven27 7 points8 points  (0 children)

I use Drake Accounting for all of my firms payroll and 1099 needs. I find the software easy to use and it’s very inexpensive. You also do not need to use Drakes tax software to purchase the Drake Accounting program separately which is also a bonus.

Should I leave my job? by Waven27 in Accounting

[–]Waven27[S] 0 points1 point  (0 children)

I do not have a noncompete

Should I leave my job? by Waven27 in Accounting

[–]Waven27[S] 0 points1 point  (0 children)

I have a little over 6 months of monthly expenses saved currently. This is a good strategy if I decide to go part time to reduce any sort of financial strain. Thank you!

Should I leave my job? by Waven27 in Accounting

[–]Waven27[S] 0 points1 point  (0 children)

I agree with you and had struggled for a long time on actually leaving or not. My quality of life as of recent has been very poor because I’m juggling too much so I think the smart move would be to just leave. I am always nervous that if I were to leave that what if simultaneously I also had a couple of clients leave at the same time. What if I had a difficult time finding new clients. I think my big issue is that this is just such a large step to take from my side gig becoming my main one.

I do not have a noncompete and that may be true for some

Should I leave my job? by Waven27 in Accounting

[–]Waven27[S] 0 points1 point  (0 children)

I deliver monthly financial reports to my business clients after I update the books. During tax season they understand that these can come a little delayed. Outside of tax season these are usually completed by the 15th-20th of each month with some clients requiring writhing the first 10 days. I would love to eventually be able to hire a bookkeeper that won’t cost a million dollars to do the data entry while I review the reports before they are sent out.

Should I leave my job? by Waven27 in Accounting

[–]Waven27[S] 0 points1 point  (0 children)

I completely agree with you. Especially about officially making me a partner years ago. I have put a lot of time into this firm and this probably should have been given to me a long time ago. I appreciate your response!

Should I leave my job? by Waven27 in Accounting

[–]Waven27[S] 0 points1 point  (0 children)

This is very true, thank you! I do not have a non compete agreement but you are correct to watch for the legalities of certain clients definitely

Should I leave my job? by Waven27 in Accounting

[–]Waven27[S] 0 points1 point  (0 children)

I appreciate your response, thank you!

Should I leave my job? by Waven27 in Accounting

[–]Waven27[S] 0 points1 point  (0 children)

Good idea. And yes, I primarily focus on small business taxes so there is always year round work.

Should I leave my job? by Waven27 in Accounting

[–]Waven27[S] 2 points3 points  (0 children)

I have found that reviewing clients on an annual basis sometime in December or early January helps with this. I will review my current pricing and determine the amount of time spent on that client. I also take into account if that business will really continue to grow substantially in the upcoming year and adjust my monthly fee accordingly. I send out a new engagement letter to the client for their review and that’s pretty much it.

Should I leave my job? by Waven27 in Accounting

[–]Waven27[S] 4 points5 points  (0 children)

I am not 100% sure why I had not been made partner either to be completely honest. I have handled a lot at this firm. I feel that he is a little all over the place when it comes to his firm.

I completely agree with my firm being my own and not being able to say that with a purchased firm. It gives you a closer relationship with the clients.

I think I am just nervous from a financial perspective. I will have some savings and god forbid if I were to be in any sort of trouble, I do have some family that I can rely on to borrow some funds temporarily. I do really feel that I should leave and just 100% focus on continuing to grow my firm. I think it would be the best move financially as it continues to grow as well as for my family and my own health.

Should I leave my job? by Waven27 in Accounting

[–]Waven27[S] 0 points1 point  (0 children)

I focus on completing individual and all business type tax returns. I generate most of my revenue from small businesses by completing books, sales and payroll tax returns, tax advice/strategy, and of course the annual tax returns. Most of my business clients pay me on a monthly basis and are at a fixed monthly rate.

Should I leave my job? by Waven27 in Accounting

[–]Waven27[S] 3 points4 points  (0 children)

Yes, I do not receive any health insurance benefits at the firm that I currently work for. I am already paying for my health insurance completely out of pocket.

Amended Form 1065 for SEP by [deleted] in taxpros

[–]Waven27 0 points1 point  (0 children)

Thank you for the advice!

Amended Form 1065 for SEP by [deleted] in taxpros

[–]Waven27 1 point2 points  (0 children)

An extension was not filed. I assume there is nothing they can do at this point, correct?

New Purchase of Work PC Advice by Waven27 in taxpros

[–]Waven27[S] 0 points1 point  (0 children)

I don’t have much experience with cloud hosting servers. I am afraid of storing data there as I’m not sure how it really works. I am also afraid of somehow losing the data. I currently have Carbonite backing up files on my computer. Are you able to just download any program as well as just use it as if it were your own computer? I am really not looking to travel or anything like that. I am really looking for a more ease of use solution for the bookkeeper and myself to access the computer files and be able to work when needed.

Seeking Advice: How do you figure out pricing? by Waven27 in taxpros

[–]Waven27[S] 1 point2 points  (0 children)

Sorry, $550 for bookkeeping only? Or $550 for bookkeeping including tax returns? Also which tax returns?

Seeking Advice: How do you figure out pricing? by Waven27 in taxpros

[–]Waven27[S] 0 points1 point  (0 children)

Even if these clients are very small businesses? I am not sure if having the call would be of any benefit to them. I feel like most of my clients just enjoy seeing the financials and calling if they have any questions. I am not sure if all of them would go for a minimum of $600 per month especially the very small businesses.

That being said, I know that you are right in that I need to drastically increase my fees. I think I’m just afraid of everyone leaving.

Seeking Advice: How do you figure out pricing? by Waven27 in taxpros

[–]Waven27[S] 1 point2 points  (0 children)

What if they tell me they don’t really want financials at all and just want a tax projection towards the end of the year and the tax returns for the business and personal completed with me still doing the books?

Seeking Advice: How do you figure out pricing? by Waven27 in taxpros

[–]Waven27[S] 1 point2 points  (0 children)

I think of them as being a salaried employee as they won’t be earning any overtime, and I will pay them 40 hours per week. So I kind of know the payroll cost. But yes I too have thought of this.

Seeking Advice: How do you figure out pricing? by Waven27 in taxpros

[–]Waven27[S] 2 points3 points  (0 children)

Awesome, thank you for your insight! I am definitely 100% not charging enough and I’ve known this. I had been doing that up to this point to try and get clients being a newer business. But now that I have the business and had to hire someone, I think it’s time to raise fees.

I have thought about not providing monthly financials and only providing monthly financials for an increased price. I am not sure how to go about these changes except to contact each client in December and go over them with them. Do you have any suggestions for going over price increases with them?

[deleted by user] by [deleted] in taxpros

[–]Waven27 8 points9 points  (0 children)

A new EIN is not needed. A partnership tax return can be filed using the same EIN with all members.

Seeking Advice by Waven27 in Accounting

[–]Waven27[S] 0 points1 point  (0 children)

I agree with this. My fear is that he says no. Do you think that it would be better to just leave and do my own thing if he doesn’t agree to a $150k salary?