Small-Business Accounting

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Train and hire a family member to maintain the books. From a supervisory role and internal control system standpoint, it’s still critical to have a basic working knowledge of the software and procedures.

C. Hire a local college student majoring in accounting. You will typically find student employees to be very affordable. Just remember not to give the student too much latitude with check signing or control of paying bills. Although the student is running the system, you still need to supervise their work to make sure your books are tight.

D. Hire a local bookkeeper to provide the services you need, and turn the books over to your certified public accountant for planning and tax preparation at the end of the year. A bookkeeper will certainly be more skilled and knowledgeable than you or a family member, but your cost per hour will increase. One smart strategy is to negotiate a fixed monthly fee so you can budget for the service.

E. Engage your CPA to provide all ...

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