Bookkeepers getting ready for Tax Season & Getting our Clients Ready

Here at Remote Quality Bookkeeping (RBQ), we are pleased to serve clients in many different sectors. Our clientele includes health care providers, non-profit organizations and franchise owners.

One thing all these entrepreneurs have in common is the need for accurate and timely financial reporting, especially when tax season rolls around.

RQB works tirelessly to ensure that small business owners can rest easy during this stressful time of year. Here a few key areas we consistently focus on in order to get our clients ready for tax season:

We Save Trees and Time

In 2015, we eliminated the need to produce physical end-of-year reports by purchasing an Enterprise Content Management (ECM) system called Laserfiche. Instead of producing bulky paper files, RQB now ships the same data on CDs. Our clients have reported that this method is much more convenient for the accessing, storing and sharing their financial information.

RQB Founder and CEO, Mark Kilduff, explained that, “this new technology promises to be a very important change in the structure and cost effectiveness of our services.”

Kilduff also noted in Taking the (Note) Books Out of Bookkeeping that “We use [Laserfiche] to automate accounting and bookkeeping tasks we previously spent hours on manually…Having electronic records makes it much easier to assess pending workloads—allowing for much more efficient allocation of staff resources to process them.”

We Have Our Pulse on New Regulations

Tax (as well as labor) laws are ever-changing and we keep a close eye on new regulations that can impact your small business:

Obamacare and new requirements – This year, companies with 51 to 100 employees will face a penalty if they do not offer Obamacare-compliant health insurance.
Extended tax breaks – Section 179 allows businesses to deduct the cost of equipment up to $500,000. In addition, with bonus depreciation, business owners can depreciate 50 percent of the cost of new equipment they bought in 2015.
Labor law compliance – In 2015, the Department of Labor proposed new terms for overtime exemption regulations. The proposed revision raises the salary exemption to the 40th percentile of all weekly earnings for full-time, salaried employees from $455 per week (currently) to an estimated $970 per week.

We Have Your Back

Many small business owners hire part-time bookkeepers, or they manage their company’s finances themselves. However, choosing these conventional methods comes with several risks. Can you truly rely on one individual to keep your books up-to-date and stay informed about changing tax regulations? What happens when that person is out sick or on vacation?

In addition, unless you are a bookkeeper by profession, doing the books yourself may have serious long-term implications on your business. The more accurate and timely your financial records are, the better tuned in you can be with your operations.

Our unique team approach ensures business continuity and also gives you peace of mind. See how our client, Rosemary McLaughlin benefitted from making the switch to outsourced bookkeeping in this article.

If the topics of 1099s, W2s, 941s, 0940s and workers’ compensation audits cause you frequent headaches, then chances are you need our help to put your books in order and avoid the potential for an IRS Audit.