A quick checklist for the small to medium business owner

Are you confused as to what you need for a healthy accounting picture?  Join the club, there are many business owners that are so focused on business that they neglect the day to day accounting.  That’s where I come in.

If you need honest, dependable and accurate accounting services use the contact form below or visit my website at http://www.mobileaccountantaz.com

In the meantime here is a short, but by no means inclusive, list of items you will need for my staff and i to get started on getting you on the path to your CPA’s door to file your taxes on time.

Whether you are a new business just starting out with accounting or an established business seeking to get a better picture we can help.

Because we work remotely we can offer you fast and accurate accounting but don’t let the remote work fool you.  Just because you can’t see us doesn’t mean we aren’t there for you.   Have a question?  We are just a phone call away.   Are you stuck on an entry for your day to day accounting in Quickbooks?  No problem!  Give us a call and let us log in through our remote host then sit back, grab your cup of coffee and watch as we walk you through what you need to do.  Want us to print a report or have some checks to print?  NO PROBLEM!  We can do all of that and so much more with just one phone call.

To get you started here is a short checklist of items that we will need to get you on track

Loan balances and original loan documents with terms if available.

Bank statements if no longer available online

Last known tax return

Review all personal bank statements and CC statements and provide a list of any business related expenses or deposits to be accounted for as a member / owner contribution.  For example, if a payment is made to a business CC or loan out of the owners personal funds this would be classified as a member / owner contribution.   Additionally if a business card or bank account is used to pay the owners mortgage (for example) that would be considered a member / owner draw and then become income to the owner.   The mingling of business and personal funds is discouraged but in the event that it does happen good records should be kept to match the accounting files. 

Review all Office expense, office furniture, and office supplies for amounts over 500 each to be adjusted to fixed assets for depreciation purposes.

Review all Meals and Entertainment expenses for determination of business related vs employee related.  IE:  A business lunch is 50 percent deductible, an employee related lunch is 100 percent deductible.

Review all Accounts Receivable and Accounts Payable for reasonable balances.  Obtain statements from vendors if possible or provide MobileAccountantAZ with the email addresses and contact information to be able to do so.

Review all 1099 vendors for up to date EIN / SSN and addresses

Review any cash withdrawals for owner draws vs cash taken out for business expenses.  Client should have all receipts to back up any cash spent

If the vehicle used is not owned by the business with exclusive use of the business a mileage log should be kept in an appt book style or excel spreadsheet for proof of business mileage.  Mark all mileage for the purpose: medical, charitable, business, meetings.  The CPA/Tax preparer should be provided this file for year end tax processing and apply the current IRS mileage allowances.







One thought on “A quick checklist for the small to medium business owner

  1. Pingback: Dreading tax season? Who doesn’t? | mobileaccountantaz

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