Frequently Asked Questions
Do I need a bookkeeper or accountant for my business?
It depends. If you need someone to enter day-to-day transactions into your accounting system, a book keeper is likely your best bet. But if you need someone to interpret and analyse your financial data, a business accountant is almost certainly the answer.
What should my business expect during an audit?
An audit can be a scary thing for business! In summary keep these things in mind:
Can I afford to have KelliWorks handle my company's books?
I made a mistake on my tax return. What should I do?
First, don't panic! Your required action will depend on the type of mistake you made.
How long should I keep my financial records?
The IRS gives a number of differnt guidlines for keeping financial information, and this information waries depending on whether you are an individual or a business.
How should I seperate my business financies from my personal finances?
It's importnat to avoid mixing your business and personal finances, espe cially if the IRS comes knocking. Consider operating seperate checking accounts and accounting systems for your business and personal needs. You can also set up a home office dedicated exclusively to your business. A business credit card is another option!
What is the differnce between a bookkeeper and an accountant?
Bookkeeping are responsible for recording and organizing financial data. Accountants, meanwhile, are responsible for interpreting that data. A throrogh bookkeeper will make sure your books look good. However, a licensed account can help you make financial decisions about your business. In other words, bookkeeping lays the foundation for account.
What receipts do I need to bring for my personal taxes?
Even if you don't own a business, there are many types of receipts you should keep for tax purposes. You should keep receipts of medical expenses, for example, as well as for childcare. Depending on your circumstances, there may be numerous receipts that will help you get the best deductions.
Should I want to get my books cleaned up before I bring in KelliWorks?
The answer is NO!.
Does my accountant have access to my books?
Only with your express permission! By allowing your accountant to access your data, your accountant can can review or change your data files while you are also using the accounting software. This can be accomplished without you having to make a backup or having to stop using the system while your accountant is working on your data. You can continue with your work without any interruptions.