Tag Archives: Bookkeeping

Naperville, Illinois Accounting Firm Providing Cpa, Tax Preparation, Bookkeeping, Audits, Quickbooks, Strategic Business Planning And Payroll

Naperville Illinois Accounting Firm vs. Online Tax Providers

For those who live in or around Naperville, Illinois, an accounting firm that can handle your taxes is available to offer you service, attention to detail and quality over what you’ll get with online tax providers.  No matter where you’re located, in fact, accounting firms are available to handle your tax preparation needs.  Though many people use online tax providers, there are some differences that may make you want to hire a Naperville, Illinois accounting firm to do your taxes this year instead.

Millions of Americans use a professional tax preparer each year, and for a good reason.  Having a professional in Naperville, Illinois or anywhere across the country to do your taxes minimizes the chances that there will be an error in your tax filings.  Accountants are well versed in tax law and on top of any changes made to the tax code each year.  They’re professionals, and not likely to make a mistake.

But when you use online tax providers, you’re essentially using that provider’s software to prepare your taxes.  You’re inputting the information according to the questions asked by the software.  If you’re usure about something asked or confused, despite the things built into the software to make sure nothings missed, you could make a mistake that the software won’t catch.

The tax code changes regularly, and professionals like those in a Naperville Accounting Firm keep abreast of all the latest changes and developments to make sure you get every deduction possible and don’t overpay.  Online tax providers update their software too, but if you come to something you’re unfamiliar with, you might miss something that a professional wouldn’t.  Online tax providers also can cost more than a person thinks at the outset.  There might be extra fees associated with electronically filing the state form, or certain forms necessary to complete your taxes, as well as extra fees if the returns are rejected and need to be filed again.  You should read the fine print before preparing your taxes with an online provider.

And while it doesn’t happen often, if your taxes are audited you’ll definitley see the benefits of hiring professionals.  If you used a Naperville, Illinois accounting firm, that firm and all of your tax records are right there to back you up and make sure everything is taken care of.  If you’ve done your own taxes through an online tax provider, mistakes you’ve made can cost you in late fees and penalties.  You can get auditing back-up from online providers, but typically that incurs an extra charge, bringing the price up.  When you use a Naperville, Illinois accounting firm, you get not only personalized service and attention to detail that can save you headaches later, but the utmost in security and professionalism regarding your financial matters.

Elle Wood alerts you to businesses and organizations that offer exemplary services and value. Find out more about finding an Accounting Firm in Naperville, Il by visiting www.LewisCpa.Us

Increase your Business Success – Use Outsourced Accounting and Bookkeeping Services


Good accounting and bookkeeping services can considerably increase the likelihood of business success.

The following two tables from The Small Business Book (Robert Hamilton and John English) make the point eloquently.

Survival Related To frequency of accounting Report

Frequency Survival Rate %

At Last month – 79

Quarterly – 71.5

Half-yearly – 49.9

Annually – 36.0

Survival in relation to accounting records

Accounting Records Survival Rate %

Excellent –good — 63.0

Average — 49.8

Inadequate — 20.1

Poor – non existent — 2.5

As one can see the difference between average and good accounting can make a 25% difference in business survival.

Until recently small businesses could not afford best accounting or bookkeeping services. Small companies had to rely on part-time bookkeeping services, with no guarantee that the person will be available when needed. Part-time bookkeeping or accounting service providers cannot provide the diversity of accounting and bookkeeping experience needed.

Even for larger companies, there is a shortage of accountants. The number of accounting graduates is down 25% and the number of CPA candidates is down 22%. Since the need for accounting expertise is going up and the supply is down, the salaries for US accountants are increasing faster than inflation.

Companies like General Electric pioneered outsourced accounting and bookkeeping services. Many large companies have followed suit. Typically they have created captive operations with at least 300+ employees.

There is now a new class of vendors (primarily from India) who provide outsourced accounting and bookkeeping services to clients who may need only a quarter-time accountant to clients needing three hundred accountants.

Outsourced accounting and bookkeeping service firms have several advantages:

1. They can train their staff consistently in accounting, bookkeeping, or tax return preparation.

2. They are much less vulnerable in case of employee absences, illnesses etc.

3. The outsourced accounting and bookkeeping service firms have to invest in quality control to retain clients.

4. For one price the customer receives a bundle of necessary skills, all the way from clerical level to controller level.
Outsourced accounting and bookkeeping service firms provide:

1. Flexibility in manpower requirement – one can buy only the required services from outsourced accounting and bookkeeping service firms.

2. The client is relieved of the need to hire, train, and manages staff.

3. The client is also relieved of rent, computers etc.

4. Considerable cost-savings. Outsourced accounting or bookkeeping services cost as little as 1/3rd. the cost of comparable US resources.

One of the arguments against using Outsourced accounting and bookkeeping services is security or loss of control of data. Outsourced accounting and bookkeeping services firms spend considerable time and energy to keep their data secure.

To summarize, use of outsourced accounting and bookkeeping services, can give the business owner a key tool that he can use to get timely, actionable information. It raises the probability of success at an affordable price.

Outsourcing firms offer various versions of outsourcing bookkeeping. The bookkeeping outsourcing firms provide small business owners several benefits.

Looking for a Bookkeeping / Accounting / Cpa Firm – Which Works for Your Best Interest?

Looking for a Bookkeeping / Accounting / CPA firm – which works for your best interest?

Hiring the right Bookkeeping firm is an important aspect of your business. What do we look for in the firm we select to serve our business? Is it their business knowledge, skill sets, their approach & attitude, their passion towards work, customer service, price or a mixture of everything?  You ask me, I’d say everything!

A lot of things from these mentioned points can be found out only by talking with them or by passage of time. However you can make an initial decision to go with them based on some skills and knowledge related questions.

Why does it become so important to test a firm for their knowledge / skills before we outsource our accounting work to them – Well it’s because the costs you pay every time you move your accounting firm can be huge. Also untimely and inaccurate reports can put you under heavy penalties from taxing authorities.

We have used various questions below which will help you when interviewing your bookkeeping / accounting compliance firm in your initial conversation with them. With these questions you can test their knowledge in QuickBooks, Excel and General Accounting / Bookkeeping concepts.

QuickBooks: 

Are you Quick book certified?

Having a QuickBooks ProAdvisor License or a QuickBooks Certified User really differentiates a person / entity with other service providers. After achieving the ProAdvisor or Certified User status these QuickBooks professional gain required knowledge and skills needed to assist you with your Bookkeeping assignment.

Can you show us the process of invoicing and collecting from a customer in QuickBooks?

A QuickBooks Certified user or a QuickBooks ProAdvisor will mention creating an invoice, receiving payment and making a deposit, QuickBooks aging reports and QuickBooks pre-written collection letters.

Can you show us how to use QuickBooks to track or manage employee’s time?

QuickBooks has some neat time tracking features. An experienced QuickBooks have had the opportunity to use them, and if someone can explain you the details of the feature instantly then it is great sign of their knowledge.

We are maintaining our bookkeeping in Peachtree Accounting, can the data be transferred to QuickBooks?

An experience QuickBooks user will instantly say that it can be done. QuickBooks has a conversion feature wherein a data can be converted from Peachtree Accounting or many other similar accounting system in QuickBooks.

General accounting knowledge: 

What is the difference between capital expenditure and regular business expense?

An Accountant should be able to explain you a difference between an asset and an expense. Any expenditure that is associated with that asset usually qualifies as a Capital Expenditure.

Explain the differences between purchasing a computer and a travel expense, with respect to profitability, cash flow and general accounting?

An experienced bookkeeper will understand depreciation and easily talk about this.

Excel:

Scenario: you have a spreadsheet with information on 500 products.  You have a column which says the total available quantity. You want product line arranged in ascending order of quantity.

An experience Excel user will immediately tell you that this can be done by sorting.

General Business Knowledge:

You have a friend who is considering purchasing a company and she asks you to look at the numbers and let her know what you think.  What do you do?

There is no definite answer to this question. However an experience Accountant will talk to you about terms like due diligence, profitability of the firm compared to industry standards, cash flow analysis, balance sheet analysis, etc.

ICS Accounting Team is a group of professionals who are QuickBooks ProAdvisor and Certified Users. ICS, Inc (www.mybizfiler.com) offers a wide range of services typically offered by a Big 5 Accounting firm and a CPA firm in the U.S. ICS offers Incorporation, Book Keeping, Payroll Services, HR & Business Consulting etc.  Contact ICS today at 203 437 4083, e-mail – sales@mybizfiler.com, or by accessing 24/7 chat page on www.mybizfiler.com

 


 

 

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