04 Jan Monthly Bookkeeping Maintenance
Troy owns a small real estate investment company. He is very good at what he does and maintains a $2 million portfolio of properties.
There are many tax benefits that are available to Troy, but he needs to make sure that his expenses and purchases are booked correctly in order to legally keep as much of his money as possible.
Troy spoke with me about maintaining his books. He wanted all of his expenses entered, income tracked and financial statements prepared each month. He had trouble finding a bookkeeper to take care of this for him because he found that few bookkeepers understand how to maintain his assets properly on the balance sheet and the cost to have his accountant maintain his books was out of his budget.
Monthly, I meet with Troy and he hands me all of his receipts, bills, invoices, bank statements and trust account statements. On a monthly basis, I enter in all of this data and prepare financial statements for Troy.
Additionally, we have the data in the correct place so that Troy knows each month what the proper book value of each of his assets is and how much depreciation he can take each month.
Last year, when his accountant finished up his taxes he found that he had been able to take an additional $85,000 in credits because he had properly maintained books. Furthermore, he doesn’t have to worry about the headache of maintaining his QuickBooks file anymore.
Troy knows that keeping his assets correctly is the foundation to his bookkeeping and…
…Your business THRIVES on a solid FOUNDATION!!!