Diamonds Posted May 18, 2015 Report Share Posted May 18, 2015 Hi, my small business has been a learning experience. I have learned: 1. I AM good at driving activity, driving revenue, creating a brand, marketing, etc. 2. I AM NOT good at accounting for revenue/expenditures and paying taxes. Do I need a CPA? If so... can you refer me to one? Thanks! Quote Link to comment Share on other sites More sharing options...
EssFo Posted May 18, 2015 Report Share Posted May 18, 2015 A friend owns this company http://www.bcggrp.com/ His model is doing accounting, payable-receivables for small businesses. Quote Link to comment Share on other sites More sharing options...
wagner Posted May 18, 2015 Report Share Posted May 18, 2015 Hi, my small business has been a learning experience. I have learned: 1. I AM good at driving activity, driving revenue, creating a brand, marketing, etc. 2. I AM NOT good at accounting for revenue/expenditures and paying taxes. Do I need a CPA? If so... can you refer me to one? Thanks! I track all of mine with a pretty simple Excell spreadsheet and set a reminder to pay my taxes every month/quarter when due. The only issue I had was whent he state of Ohio tried to shake me down for $1,500 based on their "estimate" of what I made in taxes when I first formed my LLC. Quote Link to comment Share on other sites More sharing options...
LJ Posted May 18, 2015 Report Share Posted May 18, 2015 Hi, my small business has been a learning experience. I have learned: 1. I AM good at driving activity, driving revenue, creating a brand, marketing, etc. 2. I AM NOT good at accounting for revenue/expenditures and paying taxes. Do I need a CPA? If so... can you refer me to one? Thanks! Quickbooks to track throughout the year, then you should only need tax prep, which if you have tracked everything accurately in Quickbooks throughout the year, you can use just about any knowledgeable tax preparer Quote Link to comment Share on other sites More sharing options...
Miller Posted May 18, 2015 Report Share Posted May 18, 2015 I track all of mine with a pretty simple Excell spreadsheet and set a reminder to pay my taxes every month/quarter when due. The only issue I had was whent he state of Ohio tried to shake me down for $1,500 based on their "estimate" of what I made in taxes when I first formed my LLC. Had the BWC come at me hard for that once. When they get something in their head it's tough to set them straight. Quote Link to comment Share on other sites More sharing options...
zeitgeist57 Posted May 18, 2015 Report Share Posted May 18, 2015 Talk to Mark Massarella at the Accounting Department www.accdep.com 614-759-9967 Quote Link to comment Share on other sites More sharing options...
Mensan Posted May 19, 2015 Report Share Posted May 19, 2015 If you have a good accountant who is familiar with your business he/she can be your go between for the state/federal tax authorities. I found it was worth the money. I used Lee Nash, Nash and Associates in Dublin. I recommend him. Let me know if you want his info. Quote Link to comment Share on other sites More sharing options...
Diamonds Posted May 19, 2015 Author Report Share Posted May 19, 2015 So, I have called around a few places and one has gotten back to me. Do these sound about average for prices? 482.00/month to prepare financial statements 1500.00/year to file taxes for a 3-person partnership (quarterly) Quote Link to comment Share on other sites More sharing options...
Franchi Posted May 19, 2015 Report Share Posted May 19, 2015 The monthly I don't know as I do my own but that sounds about right on taxes. Right about in line with what I pay and I shopped around a good bit with various tax places prior. Quote Link to comment Share on other sites More sharing options...
Zx2guy19 Posted May 20, 2015 Report Share Posted May 20, 2015 So, I have called around a few places and one has gotten back to me. Do these sound about average for prices? 482.00/month to prepare financial statements 1500.00/year to file taxes for a 3-person partnership (quarterly) Seems steep to me...I'd honestly recommend Quickbooks as someone else mentioned. I paid $11 a month for mine and it basically tracks everything and can run about any report your mind can dream up. Get into a good habit and you'll really appreciate saving the $6k per year on the monthly fee. I own 5 rentals and file a separate business (different than the rentals) and I only pay about $400 a year to have my taxes done. Quote Link to comment Share on other sites More sharing options...
Brandon Posted May 20, 2015 Report Share Posted May 20, 2015 So, I have called around a few places and one has gotten back to me. Do these sound about average for prices? 482.00/month to prepare financial statements 1500.00/year to file taxes for a 3-person partnership (quarterly) WHOA.... You can do this all in quickbooks on your own, maybe just pay a book keeper to do a setup (300-500) and then you can do the rest on your own. I setup my own QB's , and only pay my account once a year to file taxes, that costs me 350 a year... Quote Link to comment Share on other sites More sharing options...
LJ Posted May 20, 2015 Report Share Posted May 20, 2015 Seems steep to me...I'd honestly recommend Quickbooks as someone else mentioned. I paid $11 a month for mine and it basically tracks everything and can run about any report your mind can dream up. Get into a good habit and you'll really appreciate saving the $6k per year on the monthly fee. I own 5 rentals and file a separate business (different than the rentals) and I only pay about $400 a year to have my taxes done. WHOA.... You can do this all in quickbooks on your own, maybe just pay a book keeper to do a setup (300-500) and then you can do the rest on your own. I setup my own QB's , and only pay my account once a year to file taxes, that costs me 350 a year... Exactly. Not to mention, that accountant is just going to be charging you $480 per month to put everything in his Quickbooks. No joke, I interned with 2 CPAs in college and that is all we did. Quote Link to comment Share on other sites More sharing options...
1fast5gp Posted May 20, 2015 Report Share Posted May 20, 2015 My wife(CPA) said that you really don't need a CPA to do No.2 They would gladly take your money and do it for you. It's easy and can be done via quick books or a good bookkeeper. They only reason the price is steep is that you are being charged for their time doesn't matter if is bookkeeper/taxes, financial planning, consulting, auditing and assurance services... etc, time is time. My wife is a CPA and we use turbotax to do our taxes. So if that tells you anything.. lol Quote Link to comment Share on other sites More sharing options...
Diamonds Posted May 20, 2015 Author Report Share Posted May 20, 2015 Alright, so I called another guy and he said 125.00/month includes all accounting, summaries/reports, and quarterly taxes! That seems like the right thing to do.... boom. We meet with him on Saturday morning. Quote Link to comment Share on other sites More sharing options...
rl Posted May 20, 2015 Report Share Posted May 20, 2015 What exactly will they do for that money? I assume with whatever you do you use quickbooks or some other software that will generate reports? Any decent software will run reports, generate P/L etc. I have 3 employees and a fairly large small business and I use a CPA to prepare taxes at $500 a year and a payroll company for my payroll as well as deal with BWC at $25/week. Quote Link to comment Share on other sites More sharing options...
zeitgeist57 Posted May 20, 2015 Report Share Posted May 20, 2015 My wife(CPA) said that you really don't need a CPA to do No.2 http://www.reactiongifs.com/wp-content/uploads/2011/09/illK6U.gif Quote Link to comment Share on other sites More sharing options...
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