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25910 Oak Ridge DR., The Woodlands, TX 77380

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L&Y Tax advisors

Quickbooks & Bookkeeping Services

Quickbooks & Bookkeeping Services

Before an entity can file its respective tax return, the entity must have clean books. As such, the software we see utilized the most for small and mid-sized organizations is Intuit Quickbooks. One of the proverbial questions that we are asked is, what version should I use, and online or desktop. Additionally, clients want to know which version they should use for Intuit QuickBooks, and when to update the license.

This can oftentimes become very confusing, as Not only will our QuickBooks professionals help you make that decision on which version to use today, they will factor in your short and long-term goals that will enable you to transition to more robust Quickbooks software, but we can assist you with setting up your accounts properly and train you if necessary.

Before an individual can have their taxes prepared & filed, the organization must prepare & compile clean & accurate financials. This includes ensuring that an organization has properly reconciled their accounts and classified their financial transactions in accordance with GAAP or IFRS standards, depending on if the organization is a domestic or foreign organization. In today’s era, the terminology of Bookeeping and Bookeepers is a term that is loosely defined.

Someone knows someone, who is a bookkeeper, and they are willing to prepare the books at a heavily discounted rate. 2 words on that topic. “Buyer Beware.” All too often our office must fix the clerical mistakes made and the overall time and financial cost becomes substantially more than whether our firm or a firm that has “real accountants” prepare the organization’s financials. We often uncover double entries, debits where credits are and vice-versa, over stating of income or expenses, misclassifications, as well as contra assets and contra liabilities.

At any rate, our recommendation is to have them done right, the first time. In addition, we recommend having your financials reconciled, compiled, and reviewed month-over-month in a comparative fashion. In addition, not only should tax strategizing be implemented; growth discussions, margin expansion, improvements in efficiency, etc., should be performed in unison with careful review and analysis driven by reviews of the organization’s profit and loss, balance sheet, cashflow statement, fixed asset statement, as well as understanding the drivers behind the compiled financials.

Tax compliance is a basic task that most firms can do. Being an intrinsic partner and extension of the organization whereas we are involved in the various business cycle phases and are seen as value adders to the vitality of the organization is what makes us difference. We act as fiduciaries that works in the best interest of the client, whereas we have a 360-degree approach in tackling the most robust pitfalls and hurdles that come around with every business is what a true tax and business advisory firm’s true value is. Ultimately, we just care more.

Need help navigating a tricky tax problem with the IRS?

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