In order for us to complete the accounting work each month, we need the following from you:

1. Full bank statement with an explanation for anything that is not obvious for the expenses (ie. I do not need to be informed that the payment to verizon is a telephone bill) The deposits will be sales (revenues) unless otherwise indicated (ie loans from owner, other type of income).  Typically, the bank statement will show who the direct deposit was from so we can keep track of revenues by company.

2. Credit card statements that have complete description of what the charges were for. 

3. We also ask the client to keep an auto log that shows the actual miles driven for both personal and business.  Mileiq is a good app to purchase.  It is much easier to take the IRS mileage allowance for business miles than using the actual expenses.  Using actual expenses requires maintaining full records of all disbursements and they are limited to the business percentage anyway.  So monthly journal entries will be made to record the allowable auto expenses based upon their mileage log.  The client is encouraged to ask me if they are uncertain on what is personal versus business miles.

4. We ask that the client has one bank account and one credit card account to be used 100% for business revenues and expenses.  Having to police the bank statements and credit card statements for personal expenses run thru is  both inefficient and can result in higher fees from us.  They are encouraged to take a monthly or weekly draw check to their personal account to cover all personal expenses.

5. A cell phone number and email address so my bookkeepers can contact them for any questions should they arise.

6. A copy of last year's tax returns. 

*For business returns (1120, 1120S or 1065) we will need the prior year business return along with a fixed asset schedule and a complete balance sheet.

When handing over your finances to someone else to be cleaned up or overhauled, it can be a bit scary. Your company finances are probably something you don’t talk about with others, but what you can gain when you have current and accurate books is invaluable to your company. So let’s talk about it through our consultation services. 

We offer consultations where you will have the ability to get all your questions answered by an accounting advisor. Not only will your questions be answered, but they will also counsel you on what your best options are moving forward.