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Spotlight: Rebecca “Becca” Williams

Rebecca Williams is a tax specialist at TL;DR: Accounting. She’s an important part of our team and we’re excited to introduce her to our clients! She is cracking jokes and keeping us entertained in our Slack channel.

Why did you decide to become an accountant?

I like order and I like solving puzzles. This way, I get to do both!

When were you hired for TL;DR?

January, 2019.

What made you decide to want to work for TL;DR?

I immediately fell in love with the culture.

What do you enjoy most about TL;DR?

I love the team and being able to work from anywhere.

What is a typical work day like for you?

Everyday is different! And really enjoy that.

What is your favorite tip for small business owners?

If you don’t know how to do something, find an expert that does. Doing something right the first time tends to be easier than cleaning up a mess later.

How do you stay informed about developments and changes in the accounting world?

I subscribe to a lot of lists and attend in-person classes and webinars.

What is your biggest achievement to date – personal or professional?

Keeping a small human alive for 3 years(to date).

What do you do outside of work?

I enjoy reading and getting out in nature with my family.

If you could be any fictional character, who would you choose?

Batman. You get to be a billionaire and play with cool gadgets.

Bookkeeping_ What Should I Be Keeping Track Of_

Bookkeeping: What Should I Be Keeping Track Of?

As a small business owner, should you be keeping records or copies of:

  • Receipts?
  • Bank statements?
  • Everything?
  • Nothing?

The answer is: all of the above. You should be keeping any receipts, copies of your bank and credit card statements, and any information that will be used to prepare your tax returns.

What is Bookkeeping?

Bookkeeping is the keeping of a business’s financial records. It involves keeping track of your income, expenses, receipts, and balances in all of your accounts.

When we advise clients to follow proper bookkeeping procedure, they often ask:

  • What is the easiest way to keep track of things?
  • Do I need to get Quickbooks?
  • I have a practice management software — that’s enough, right?

 

The type and size of your business dictates what specific bookkeeping and accounting system I recommend you put in place.

Before recommending a system, I typically ask questions such as:

  • How many transactions a month do you have?
  • Do you have a practice management system like SimplePractice?
  • Are you keeping your receipts?
  • Do you like DIY recordkeeping or do you hate manually recording transactions?

We recommend that you put a system in place to help you keep track of all of the above. It can be as simple as saving photos of receipts in a Drive folder and updating your Excel sheet each month. It can also be as automated as taking pictures of a receipt using an app that connects to QBO so it pulls a copy into your Quickbooks file before working through your income and expense items each month.

When you are just starting your practice, using a simple Excel sheet to record your transactions works well since you tend to have more time to do things related to data entry. I also always recommend keeping copies of your receipts for business expenses for up to three years after we file your tax return.

Boom — there is an accounting system for you.

You might be thinking, “well that sounds like more work then I want to do.”

If so, we do offer some alternatives:

1Tap – $45/year

This lets you take pictures of your receipts and then creates a spreadsheet for you. When you take the picture, the software asks what type of expense it is. This is super handy for those who don’t want to do a ton of data entry or go the Quickbooks route. We have a firm license for this software so we offer it to our clients at $45/year.

Quickbooks Online – Monthly fee $20-25/mo

We recommend Simple Start for small businesses. It connects with your bank account and pulls transaction info automatically. You will need to classify each expense, but then you will be able to pull reporting to track your business expenditures and goals.

The above includes only a few options that are easily available.

TL:DR: The default answer is yes you should keep a copy of that. Setting up a recordkeeping system is an important step for your business.
Important Due Dates for your Taxes!

Important Dates and Deadlines for the 2019 Tax Season

We are in the count down of tax season 2019 and your 2018 taxes are coming due.

With the new tax law, the government shutdown, and changes to the tax withholding tables, it’s been an interesting tax season so far. There are six weeks left to file individual tax returns and two weeks remaining for most business returns.

While things are a little hectic here at TL;DR: Accounting, we’ve been well-prepared for a crazy tax season and we’re more than happy to work on your taxes.

Filings submitted after the below due dates may incur penalties and fees for late filing. (*Cue scary background music.*)

Taxes: Due Date: Deadline for Submitting Your Information to Us:
Individual 4/15/19 3/15/19
Partnership 3/15/19 ASAP
S-Corp 3/15/19 ASAP

Partnerships and S-Corporations are due in less than 2 weeks, so if you have not gotten your information to us, please do so as soon as possible.

If you are filing your taxes with us, you must submit your information to us within the next two weeks to guarantee your taxes will be filed on time. If you miss this deadline, your return might require an extension.

Are you still taking on new tax clients for the tax season?

We are still accepting new tax clients for the current tax season. If you are a business return it will go on extension but we will work to complete it by the individual due dates so your personal return doesn’t go on extension. This may change depending on how many additional clients come to us between now and 4/15. I highly recommend that you book an appointment with us sooner rather than later if you would like help with your taxes.

TL;DR: You need to get moving on your taxes: the sooner the better. If you are still looking for an Accountant, schedule a meeting with me here.