How many of you watch that show, American Greed on MSNBC? I watch it here and there, when I am flipping through channels. Most of the segments are about men and women, who made a come up in corporate America, but in an illegal way. Majority of these companies were in real estate, foreign exchange, and so on. Yesterday, my boyfriend and I were having a discussion about whether or not these people knew that their company had a specific timeline. Did they write this in their business plans? Is that the reason they opened off shore accounts and moved their money? These were some questions that swirled around our conversation. We always speak about the importance of having an effective business plan, making changes where necessary. So, to you business owners out there, please be mindful of your financial goals, and please keep it legal!
Back in May of 2014, I began working for a local small business, called Friends Helping Friends. They were dedicated to helping veterans and seniors in the local Las Vegas area obtain Home Health Services. During my employment, my boss did not have a proper accounting system in place, until about mid June. We located a local Book Keeper, by the name of Peggy Newman. She was very helpful, and opened my eyes to a much broader area of organization, on a financial level. I recently caught up with Peggy, and asked her to provide some background information about herself and some valuable information. Here’s what she had to say…
I am a bookkeeper. I started out as a tax preparer and over the years I realized that for any business, it is most important to have reliable books so you can make good decisions to grow your business based on real information. I also realized that unless you have a bookkeeper that comes from the tax preparation angle, or knows a lot about tax preparation, you may not get out of your books what you really need. Why else even keep books except that they end up providing information for a tax return filing. Filing a signed tax return with one or more government agencies is a commitment that every business makes and they make it on paper under penalty of perjury, so why not start with a bookkeeper that puts in a system that makes your end product, the filing of the tax return work for you and be defendable? (Just in case)
The other main point about a bookkeeper is that you need to find out early on if they are making sense. In other words, your books are yours and if the bookkeeper/accountant doesn’t take great pains to make sure you understand what he/she is doing and why, then you better run. Unless you really don’t want to know, which is something I have also experienced with clients over the years. However these clients usually aren’t in business very long. In the process of making my clients understand what I am doing and what they are signing when I prepare their tax return with them, I try to involve my client as much as I can in doing parts of their own books. I want to support them, be their partner in the enterprise.
Today, with current technology and the newest programs and apps, you can bill out and collect payments and post transactions and get valuable reports all from your phone. You can have trucks and work crews out in the field and monitor exactly where your trucks are and how long they are at a particular customer job. One thing for sure……starting a business is tough, so taking steps to set it up and get running right is the second most important thing you can to. The first is picking the right business and location and your timing. In other words, there’s a lot of luck in addition to your dedication and hard work to make things prosper.- Interview with Peggy Newman of Las Vegas, NV 02/04/2015