Professional Bookkeeper and QuickBooks Certified Consultant

Nothing astonishes men so much as common sense and plain dealing.

Ralph Waldo Emerson, ‘Art,’ 1841
US essayist & poet (1803 - 1882)

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Copyright 2006 Bookkeeping R Us All Rights Reserved

If you are like many taxpayers you waited until the very last moment to file your taxes or extensions. The Internal Revenue Service deadline for individual and some business tax returns was April 17th this year. However if you are one of the many unlucky April 16th, 2007 Northeast storm victims you have been given a short reprieve until Thursday, April 19th to file. Should you be located outside of the Northeast but were prevented from filing by this storm you are also eligible for this reprieve. However Estimated tax payments are not included in this relief program and neither are IRA, Roth or Health Savings accounts contributions.

This applies to both mailed in returns and electronically filed returns. Place the phase “April 16 Storm” on the top front of your mailed in federal return. For e-filers, some software packages include a “disaster” feature which allows you to identify your return as being impacted by the storm. However you can still e-file even if you don’t use this option or it is not available.

Please note that interest on underpayment of taxes will not be waived if your taxes that were normally due on April 17th are paid later than April 17th. This will be in effect unless the President issues a disaster declaration.

You should check with your individual state for any available relief of state tax return filing deadlines.

As always, should you have specific questions regarding your personal situation, contact your tax preparer.

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Copyright 2006 Bookkeeping R Us All Rights Reserved

One of the most important tools your business can use is the setting up of budgets for your expenses. QuickBooks handles this task easily and allows you to track how well you are meeting your goals.

To set up a budget in QuickBooks choose Planning & Budgeting from the Company menu. And then choose Set-up.

If you have already set up a budget than the most recent one will be displayed.

Click on the Create New Budget button which will start the Budget Wizard.

If you are using QuickBooks Pro or any higher version you will be able to create budgets from the previous year’s actual data.

After the previous year’s data fills in you can adjust it accordingly. You can increase or decrease the budget by using a dollar amount or a percentage for the entire row by clicking on the Adjust Row Amounts button.

While adjusting or entering your budgets take into account any unusual items that you anticipate. For example are you considering purchasing a new piece of equipment this year? Do not forget to budget for deposits, financing costs and insurance if these costs are likely expenses. Also remember if you are planning on expansion then your overall expenses might increase with the expected increased income. While most business owners plan on cost of materials and labor costs increasing, they may not realize that payroll tax expense, insurance, utilities and office expenses will probably increase as well.

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Copyright 2006 Bookkeeping R Us All Rights Reserved

I am often asked what is a reasonable fee to charge my clients. And on the opposite side of the coin – what should I expect to pay for a bookkeeper? A bookkeeper who is honest, trustworthy, reliable and knowledgeable is worth their weight in gold. You might find a good honest hard working person, but if they don’t have the knowledge and experience that you need then you only have part of the solution you are looking for.

For bookkeepers check with your local CPA’s for a reality check of your worth. They often have a good idea of what the market will bear for your area. Consider your experience and education when setting your fees. If you are just starting out, you might want to consider the lower end of the scale. However if you are experienced in all phases of bookkeeping (generally called a full charge bookkeeper) you are worth more and should charge more. Specializing in niche business types such as construction, retail, artists and art galleries, medical, etc can add even more value to your services.

As for those business owners looking for a bookkeeper, first determine what your needs are. Are you looking for someone to do data entry of receivables and payables and perhaps write checks? You might consider someone with less experience. However, remember your company is probably growing and you should seriously consider your future needs. Will you need someone to process payroll? Make general journal entries? Prepare internal financial statements? Do you need someone who can guide you through your financial record keeping needs as your company expands? Better to hire someone who is more experienced now as they will be a great asset to your growing company.

A good bookkeeper is more than just a data entry person. They are an integral part of your company and as such you should take care to find the right employee or service for your company. Remember the old adage – you get what you pay for!

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The income tax has made more liars out of the American people than golf has.

Will Rogers, Illiterate Digest (1924), “Helping the Girls with their Income Taxes”
US humorist & showman (1879 - 1935)

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