A clear and organized chart of accounts will make your accountant very happy during the tax season.
While there is no one size fits all template for a chart of accounts, many categories are standard. Remember, when setting up your chart of accounts in QBO, you will be offered a generic list of categories you can use as a guideline. You will also want to create subcategories for these expenses.
It is important to record specific accountant details when setting up your chart of accounts, so your accountant can make sure they are filing your taxes accurately. For example, Automotive is a broad category that can relate to many different expenses: Gas, insurance, repairs & maintenance, registration, and so on. By creating subcategories, you will be able to hand over your books at the end of the year with a clear picture of where the money was spent.
More details equal fewer questions from your accountant. And, who doesn’t want that?
ZümiFi – working with your team to ensure you are covered and compliant!
Detail your expenses!
ZümiFi’s ongoing bookkeeping services manage your financial activity with a complete turnkey approach. We deliver solid books that provide you with key information in real-time, accessible anywhere, anytime, on any device.
We create a custom combination of online, cloud-based tools, including QuickBooks Online, Bill.com, Box.com, and other tools in unique combinations to truly leverage technology. This enables us to fully automate your system, eliminate data entry, and simplify and facilitate your bookkeeping. And we ensure accuracy and completeness so that every dollar counts.
The Scope of ZümiFi’s Bookkeeping Services:
Accounts Payable Services – Recording, tracking, and paying vendor bills.
Accounts Receivable Services – Recording and tracking customer invoices and payments.
Payroll Services – Processing payroll per each client’s instructions regarding amounts to pay; processing and filing appropriate payroll taxes and tax forms.
Reconciliations – Reviewing and balancing bank and credit card transactions; notifying the client of any discrepancies and resolving discrepancies per the client’s instructions when appropriate.
Reporting – Generating financial reports based on the collected data.