S.O.S. offers bookkeeping set up and assistance to small businesses and individuals. Whether you are self-employed or work for a large company, you need to know how your money is being spent in order to make important business and personal decisions.
When accounts are up-to-date and balanced, questions like: “Can I afford to expand my business?” or “How will I cover my child’s college tuition?” become clear. Income and expenses must be tracked to establish the foundation needed for a sturdy financial future and to assist in the daunting task of tax preparation.
- Evaluate the best system to track your data (electronic or paper)
- Set up and implement the system
- Set up a tax maintenance plan
- You will have a system that will help you track your monthly net income
- You will know what your monthly income and expenses are
- You will be able to start saving for the future through budgeting
S.O.S. was contacted by a small business owner who needed help with his bookkeeping. This client had already been working with a bookkeeper for many years, when the bookkeeper went out of business.
By the time the client contacted S.O.S., his books were long out of date, and he had not filed taxes for several years. Further complicating this case, the bookkeeper had kept the client’s books on an old computer that the client could not access. Therefore, the client had no idea what had been tracked before the bookkeeper’s departure.
S.O.S. was able to access the data on the old computer and convert the file to QuickBooks on the client’s current computer. S.O.S. worked with the client to update the last several years of data in order to file the client’s corporate and personal taxes. S.O.S. then set up an automated process to streamline bill payments online as well as a system that allows S.O.S. to update the client’s finances every two weeks in a cost-effective and timely manner.