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Importance of Reconciling Accounts

Not reconciling accounts is a commmon mistake I see with small businesses.

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My goal is to allow you to do what you do best... obtaining sales and getting the work done while I assist you with bookkeeping & payroll services. As a small business owner you have more important things to do than to keep your own books. I take care of your books for you, so you can get back to the job of running your business and generating profits!

Importance of a Good Bookkeeping System

I have heard many small business owners say "a good bookkeeping system is not just “important” for a small business", but having a good bookkeeping system in place can mean the difference between success and failure. Successful companies with good internal bookkeeping systems have better control over their cashflow and understand their profitability. Companies with no bookkeeping or record keeping system do not understand their costs and are often unable to stay on top of the many tax deadlines that they must manage.

Out of Pocket Expenses

Working with businesses I have found many small business owners frequently pay for business expenses out of pocket or with their own personal credit card, then make the mistake of failing to track these expenses. Usually these expenses are not submitted to the company for reimbursement.

This is a common bookkeeping problem that loses business owners money from their own pocket every month!

Federal Employer ID Number

If you are planning on changing your business structure and already have an FEIN, you may need to get a new one if the business organization or ownership of your business changes. If you incorporate a sole proprietorship or form a partnership, you must get a new FEIN. However, do not apply for a new FEIN if:

 

You change only the name of your business

A partnership or corporation declares bankruptcy

A corporation chooses to be taxed as an S corporation

You elected on Form 8832 Entity Classification Election, to change the way the entity is taxed

You change the business location or add locations

You elect to be taxed as an S corporation

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Testimonials

Queen Anne’s County Christian Assistance, Inc.

My name is Krista Pettit.  I am the Executive Director of a nonprofit organization in Queen Anne’s County, MD.  We have used monthly reporting from Superior Bookkeeping Services for three years.  Our group has been very pleased with the work produced by Superior Bookkeeping.  The employees have always been willing to work with us when changes were necessary.   They have always been courteous and ready to answer questions.  The work is timely and professional.    I know if there is a bookkeeping issue, they will work with me to

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