Considering QB

[Rafael Imelmann]

Have a one man sub S business and been using daceasy accounting and payroll
for some years now and then I have an accountant do my year end corp returns
, K etc etc..I present him with my printouts and he moves it to the IRS
forms...not much labor on his part but a pretty fee for me and reducing
expenses is now an issue for me.

In reading the intuit web site I get the impression that QB can do returns
and also the quarterly payroll stuff. If true I may save myself some $$ and
pay a more reasonable annual fee to Intuit. Penny wise pound foolish?

Anyone moved from Daceasy and what if any pitfalls or advice would you give
in making the switch.

Also at present daceasy doesn't allow for much customizing of forms like
invoices, statements and I am tired of waiting for them, not to mention
their huge upgrade fees...

Thanks for any input

Bill

[HeyBub]

William wrote: Have a one man sub S business and been using daceasy accounting and payroll for some years now and then I have an accountant do my year end corp returns , K etc etc..I present him with my printouts and he moves it to the IRS forms...not much labor on his part but a pretty fee for me and reducing expenses is now an issue for me. In reading the intuit web site I get the impression that QB can do returns and also the quarterly payroll stuff. If true I may save myself some $$ and pay a more reasonable annual fee to Intuit. Penny wise pound foolish? Anyone moved from Daceasy and what if any pitfalls or advice would you give in making the switch. Also at present daceasy doesn't allow for much customizing of forms like invoices, statements and I am tired of waiting for them, not to mention their huge upgrade fees... Thanks for any input

We switched three years ago.

I got tired of asking for financial reports/comparisons from the bookkeeper
and being met with glares. Several days later I eventually got something
remotely similar to what I wanted. Subtle suggestions to switch, over a
five-year period, were met with even more steely glares, defiance, and even
tears. Finally, I put my foot down.

We investigated a conversion service - mucho bucks (about $2k to convert Dac
Easy files to QB). Ended up doing the conversion ourselves. Here's what we
did:

1. Added minimal customer info to QB (just the name). We filled in the rest
as necessary, like when we needed to send them an invoice, over the next few
months.

2. Started each customer with an opening balance as shown by the Dac Easy
(D-E) year-end report.

3. Essentially copied the Chart of Accounts from D-E, along with the D-E
balances.

We (the bookkeeper and I) were able to get QB up and running, with current
data, in one day.

Points to ponder:

A. You need to be intimately familiar with QB or have access to someone who
is. You can't be learning the program during the conversion process. I
strongly suggest a Learning Annex or community college course or, in the
alternative, a QB expert who can mentor you. QB is a full-featured, powerful
system that has more than two knobs.

B. There is much you can do before the cut-over date: Learn the system, of
course. But you can build the COA, customer records, inventory items, etc.,
before the switch.

C. You may need to adjust your thinking if you are used to viewing
everything in terms of debits/credits and off-setting transactions. D-E is a
bookkeeping system; QB is much more user-friendly and doesn't conform to the
quill-pen methods of 200 years ago (for example, QB lets you easily void an
issued invoice, or any other transaction).

D. QB can prepare routine payroll reports to the feds and your state. It
can't print a tax return, though! You'll still need to send stuff to your
accountant. BUT: QB-savy accountants have a special program from Intuit that
takes your QB backup file and does most of the work!

You simply burn a year-end QB backup to a CD and send it along (with the
accountant's fee). Presently (and I'm not kidding here), a 50-100 page tax
return comes back from your accountant ready for your signature. Your
accountant will also return a sheet of transactions for you to enter
(depreciation amounts, write-offs, fudge-factors, etc.) to make your records
current.

When we converted, we elected to NOT enter any prior transactions. This
worked amazingly well. You will still need to keep D-E available in case you
need to re-print an invoice from last year or review some complicated series
of events, but the instances of this were remarkably few. After the first
year, we've not had to run the D-E program even once.

Upgrades: Yes, D-E charged a bunch for upgrades. QB does too, but QB is more
clever. QB simply quits supporting versions more than 3 years old (including
payroll data), so you have to buy a new version - or upgrade - about every
two to three years.

Bottom line: Our bookkeeper, who had resisted the change-over forever, gave
the ultimate approval: "We should have done this years ago!"

[Rafael Imelmann]

"HeyBub" <heybubNOSPAM@gmail.com> wrote in message
news:11m72asp48vg67@news.supernews.com... William wrote: Have a one man sub S business and been using daceasy accounting and payroll for some years now and then I have an accountant do my year end corp returns , K etc etc..I present him with my printouts and he moves it to the IRS forms...not much labor on his part but a pretty fee for me and reducing expenses is now an issue for me. In reading the intuit web site I get the impression that QB can do returns and also the quarterly payroll stuff. If true I may save myself some $$ and pay a more reasonable annual fee to Intuit. Penny wise pound foolish? Anyone moved from Daceasy and what if any pitfalls or advice would you give in making the switch. Also at present daceasy doesn't allow for much customizing of forms like invoices, statements and I am tired of waiting for them, not to mention their huge upgrade fees... Thanks for any input We switched three years ago. I got tired of asking for financial reports/comparisons from the bookkeeper and being met with glares. Several days later I eventually got something remotely similar to what I wanted. Subtle suggestions to switch, over a five-year period, were met with even more steely glares, defiance, and even tears. Finally, I put my foot down. We investigated a conversion service - mucho bucks (about $2k to convert Dac Easy files to QB). Ended up doing the conversion ourselves. Here's what we did: 1. Added minimal customer info to QB (just the name). We filled in the rest as necessary, like when we needed to send them an invoice, over the next few months. 2. Started each customer with an opening balance as shown by the Dac Easy (D-E) year-end report. 3. Essentially copied the Chart of Accounts from D-E, along with the D-E balances. We (the bookkeeper and I) were able to get QB up and running, with current data, in one day. Points to ponder: A. You need to be intimately familiar with QB or have access to someone who is. You can't be learning the program during the conversion process. I strongly suggest a Learning Annex or community college course or, in the alternative, a QB expert who can mentor you. QB is a full-featured, powerful system that has more than two knobs. B. There is much you can do before the cut-over date: Learn the system, of course. But you can build the COA, customer records, inventory items, etc., before the switch. C. You may need to adjust your thinking if you are used to viewing everything in terms of debits/credits and off-setting transactions. D-E is a bookkeeping system; QB is much more user-friendly and doesn't conform to the quill-pen methods of 200 years ago (for example, QB lets you easily void an issued invoice, or any other transaction). D. QB can prepare routine payroll reports to the feds and your state. It can't print a tax return, though! You'll still need to send stuff to your accountant. BUT: QB-savy accountants have a special program from Intuit that takes your QB backup file and does most of the work! You simply burn a year-end QB backup to a CD and send it along (with the accountant's fee). Presently (and I'm not kidding here), a 50-100 page tax return comes back from your accountant ready for your signature. Your accountant will also return a sheet of transactions for you to enter (depreciation amounts, write-offs, fudge-factors, etc.) to make your records current. When we converted, we elected to NOT enter any prior transactions. This worked amazingly well. You will still need to keep D-E available in case you need to re-print an invoice from last year or review some complicated series of events, but the instances of this were remarkably few. After the first year, we've not had to run the D-E program even once. Upgrades: Yes, D-E charged a bunch for upgrades. QB does too, but QB is more clever. QB simply quits supporting versions more than 3 years old (including payroll data), so you have to buy a new version - or upgrade - about every two to three years. Bottom line: Our bookkeeper, who had resisted the change-over forever, gave the ultimate approval: "We should have done this years ago!"


Many thanks for the time and effort for your advice. You have raised some
salient points. I am basically a reseller and do not carry inventory. For
this I set up products like "each' ; 'box'; 'ctn' etc and leave the
description line blank, and fill it in when I do invoices. This has
eliminated the purchase step.

Converting would then be a matter of moving D-E ending balances over to QB
opening and then ensure they balance.

Based on what you said I would still need an accountant and this is what I
would like to eliminate of possible.

I couldn't find a demo at intuit to look at the software, but I think I
could handle it, having a strong PC/software background.

Thanks again for your great input. I have printed same for guidance.

Bill

[Allan Martin]

"William" <alone@home.com> wrote in message
news:o6K8f.24615$x6.19655@bignews6.bellsouth.net... Have a one man sub S business and been using daceasy accounting and payroll for some years now and then I have an accountant do my year end corp returns , K etc etc..I present him with my printouts and he moves it to the IRS forms...not much labor on his part but a pretty fee for me and reducing expenses is now an issue for me. In reading the intuit web site I get the impression that QB can do returns and also the quarterly payroll stuff. If true I may save myself some $$ and pay a more reasonable annual fee to Intuit. Penny wise pound foolish? Anyone moved from Daceasy and what if any pitfalls or advice would you give in making the switch. Also at present daceasy doesn't allow for much customizing of forms like invoices, statements and I am tired of waiting for them, not to mention their huge upgrade fees... Thanks for any input Bill


If you switch to QB you will be able to say good-bye to your accountant,
your lawyer and if you ever get sick, just swing the retail box around your
head three times, scream like a chicken and you will be cured. I remember
when I first switched over to QB. The next day I could speak a second
language, play guitar and the chicks really started digging me.

[Rafael Imelmann]

"Allan Martin" <Allan@GreatGuy.com> wrote in message
news:GYM8f.17972$rE2.16337@fe10.lga... "William" <alone@home.com> wrote in message news:o6K8f.24615$x6.19655@bignews6.bellsouth.net... Have a one man sub S business and been using daceasy accounting and payroll for some years now and then I have an accountant do my year end corp returns , K etc etc..I present him with my printouts and he moves it to the IRS forms...not much labor on his part but a pretty fee for me and reducing expenses is now an issue for me. In reading the intuit web site I get the impression that QB can do returns and also the quarterly payroll stuff. If true I may save myself some $$ and pay a more reasonable annual fee to Intuit. Penny wise pound foolish? Anyone moved from Daceasy and what if any pitfalls or advice would you give in making the switch. Also at present daceasy doesn't allow for much customizing of forms like invoices, statements and I am tired of waiting for them, not to mention their huge upgrade fees... Thanks for any input Bill If you switch to QB you will be able to say good-bye to your accountant, your lawyer and if you ever get sick, just swing the retail box around your head three times, scream like a chicken and you will be cured. I remember when I first switched over to QB. The next day I could speak a second language, play guitar and the chicks really started digging me.
Well I already play the guitar, keyboards, drums, and chicks dig me a lot
so I guess I am ahead :-)

Bill

[Allan Martin]

"William" <alone@home.com> wrote in message
news:1%M8f.24643$x6.10123@bignews6.bellsouth.net... "Allan Martin" <Allan@GreatGuy.com> wrote in message news:GYM8f.17972$rE2.16337@fe10.lga... "William" <alone@home.com> wrote in message news:o6K8f.24615$x6.19655@bignews6.bellsouth.net... Have a one man sub S business and been using daceasy accounting and payroll for some years now and then I have an accountant do my year end corp returns , K etc etc..I present him with my printouts and he moves it to the IRS forms...not much labor on his part but a pretty fee for me and reducing expenses is now an issue for me. In reading the intuit web site I get the impression that QB can do returns and also the quarterly payroll stuff. If true I may save myself some $$ and pay a more reasonable annual fee to Intuit. Penny wise pound foolish? Anyone moved from Daceasy and what if any pitfalls or advice would you give in making the switch. Also at present daceasy doesn't allow for much customizing of forms like invoices, statements and I am tired of waiting for them, not to mention their huge upgrade fees... Thanks for any input Bill If you switch to QB you will be able to say good-bye to your accountant, your lawyer and if you ever get sick, just swing the retail box around your head three times, scream like a chicken and you will be cured. I remember when I first switched over to QB. The next day I could speak a second language, play guitar and the chicks really started digging me. Well I already play the guitar, keyboards, drums, and chicks dig me a lot so I guess I am ahead :-)

Then I for you the ability to leap tall buildings in a single bound. By the
way I was just kidding about the saying good-bye to your accountant. After
investing in QB you will not wake up the next moring with the years of
education and training your accountant has. Also accountants (at least this
one) does not simply move your information to the tax forms any more than an
artist simply moves the paint from the tubes to the canvas.
Bill

[Golden California Girls]

HeyBub wrote:
We switched three years ago. I got tired of asking for financial reports/comparisons from the bookkeeper and being met with glares. Several days later I eventually got something remotely similar to what I wanted. Subtle suggestions to switch, over a five-year period, were met with even more steely glares, defiance, and even tears. Finally, I put my foot down. We investigated a conversion service - mucho bucks (about $2k to convert Dac Easy files to QB). Ended up doing the conversion ourselves. Here's what we did: 1. Added minimal customer info to QB (just the name). We filled in the rest as necessary, like when we needed to send them an invoice, over the next few months. 2. Started each customer with an opening balance as shown by the Dac Easy (D-E) year-end report. 3. Essentially copied the Chart of Accounts from D-E, along with the D-E balances. We (the bookkeeper and I) were able to get QB up and running, with current data, in one day. Points to ponder: A. You need to be intimately familiar with QB or have access to someone who is. You can't be learning the program during the conversion process. I strongly suggest a Learning Annex or community college course or, in the alternative, a QB expert who can mentor you. QB is a full-featured, powerful system that has more than two knobs. B. There is much you can do before the cut-over date: Learn the system, of course. But you can build the COA, customer records, inventory items, etc., before the switch. C. You may need to adjust your thinking if you are used to viewing everything in terms of debits/credits and off-setting transactions. D-E is a bookkeeping system; QB is much more user-friendly and doesn't conform to the quill-pen methods of 200 years ago (for example, QB lets you easily void an issued invoice, or any other transaction). D. QB can prepare routine payroll reports to the feds and your state. It can't print a tax return, though! You'll still need to send stuff to your accountant. BUT: QB-savy accountants have a special program from Intuit that takes your QB backup file and does most of the work! You simply burn a year-end QB backup to a CD and send it along (with the accountant's fee). Presently (and I'm not kidding here), a 50-100 page tax return comes back from your accountant ready for your signature. Your accountant will also return a sheet of transactions for you to enter (depreciation amounts, write-offs, fudge-factors, etc.) to make your records current. When we converted, we elected to NOT enter any prior transactions. This worked amazingly well. You will still need to keep D-E available in case you need to re-print an invoice from last year or review some complicated series of events, but the instances of this were remarkably few. After the first year, we've not had to run the D-E program even once. Upgrades: Yes, D-E charged a bunch for upgrades. QB does too, but QB is more clever. QB simply quits supporting versions more than 3 years old (including payroll data), so you have to buy a new version - or upgrade - about every two to three years. Bottom line: Our bookkeeper, who had resisted the change-over forever, gave the ultimate approval: "We should have done this years ago!"

Above, you have it from the horse's mouth.

Below, you have it from the horse's ass.


Allan Martin wrote:
If you switch to QB you will be able to say good-bye to your accountant, your lawyer and if you ever get sick, just swing the retail box around your head three times, scream like a chicken and you will be cured. I remember when I first switched over to QB. The next day I could speak a second language, play guitar and the chicks really started digging me.

[John]

Wow! Not often I get to LOL to three message in a row :o)

But hay William, No kidding . . . I learned Quickbooks in about a week
buy just reading the users manual during my 2 hour lunch break every
day. QB was my first Financial Software package so you should learn it
faster than I did. Before that I used a pencel and paper ledgers for
20 years and still never needed an accountant. But I did take an
accounting class in collage (35 years ago). _And_ I read a lot of IRS
publications.

If your a one-man-band you could get rid of your accountant if you
want to but you have to be certain that you understand everything he
has ever done for you in the past. If you don't understand the what
and why of what he does than you still need him.


On Sat, 29 Oct 2005 15:28:11 -0700, Golden California Girls
<gldncagrls@aol.com.mil> wrote:Above, you have it from the horse's mouth.Below, you have it from the horse's ass.

-
____ _
| __\_\_o____/_|
<[___\_\_-----<------------------<no spam please><
| o'

[Allan Martin]

"Golden California Girls" <gldncagrls@aol.com.mil> wrote in message
news:4363F769.8A83089B@aol.com.mil... HeyBub wrote: We switched three years ago. I got tired of asking for financial reports/comparisons from the bookkeeper and being met with glares. Several days later I eventually got something remotely similar to what I wanted. Subtle suggestions to switch, over a five-year period, were met with even more steely glares, defiance, and even tears. Finally, I put my foot down. We investigated a conversion service - mucho bucks (about $2k to convert Dac Easy files to QB). Ended up doing the conversion ourselves. Here's what we did: 1. Added minimal customer info to QB (just the name). We filled in the rest as necessary, like when we needed to send them an invoice, over the next few months. 2. Started each customer with an opening balance as shown by the Dac Easy (D-E) year-end report. 3. Essentially copied the Chart of Accounts from D-E, along with the D-E balances. We (the bookkeeper and I) were able to get QB up and running, with current data, in one day. Points to ponder: A. You need to be intimately familiar with QB or have access to someone who is. You can't be learning the program during the conversion process. I strongly suggest a Learning Annex or community college course or, in the alternative, a QB expert who can mentor you. QB is a full-featured, powerful system that has more than two knobs. B. There is much you can do before the cut-over date: Learn the system, of course. But you can build the COA, customer records, inventory items, etc., before the switch. C. You may need to adjust your thinking if you are used to viewing everything in terms of debits/credits and off-setting transactions. D-E is a bookkeeping system; QB is much more user-friendly and doesn't conform to the quill-pen methods of 200 years ago (for example, QB lets you easily void an issued invoice, or any other transaction). D. QB can prepare routine payroll reports to the feds and your state. It can't print a tax return, though! You'll still need to send stuff to your accountant. BUT: QB-savy accountants have a special program from Intuit that takes your QB backup file and does most of the work! You simply burn a year-end QB backup to a CD and send it along (with the accountant's fee). Presently (and I'm not kidding here), a 50-100 page tax return comes back from your accountant ready for your signature. Your accountant will also return a sheet of transactions for you to enter (depreciation amounts, write-offs, fudge-factors, etc.) to make your records current. When we converted, we elected to NOT enter any prior transactions. This worked amazingly well. You will still need to keep D-E available in case you need to re-print an invoice from last year or review some complicated series of events, but the instances of this were remarkably few. After the first year, we've not had to run the D-E program even once. Upgrades: Yes, D-E charged a bunch for upgrades. QB does too, but QB is more clever. QB simply quits supporting versions more than 3 years old (including payroll data), so you have to buy a new version - or upgrade - about every two to three years. Bottom line: Our bookkeeper, who had resisted the change-over forever, gave the ultimate approval: "We should have done this years ago!" Above, you have it from the horse's mouth. Below, you have it from the horse's ass.


Well at least I know now, for sure, that I have your ear.
Allan Martin wrote: If you switch to QB you will be able to say good-bye to your accountant, your lawyer and if you ever get sick, just swing the retail box around your head three times, scream like a chicken and you will be cured. I remember when I first switched over to QB. The next day I could speak a second language, play guitar and the chicks really started digging me.

[Rafael Imelmann]

I have many years in banking (commercial credit and audit) so accounting
procedures etc is not new to me. As for learning the software that would not
be too difficult either.

I got hooked up with an accountant because our sons both played for a junior
football team so I thought it nice to give him some business. I know the IRS
pubs can be a nightmare to read and sort through, but my business isnt that
complicated that I could not do it myself. I got the impression from the QB
specs that the program could or would complete the basic IRS forms. But no
biggie if it doesnt.

Appreciate the input
Bill



"John" <seetheplane@my.sig> wrote in message
news:and8m1t0fjtl2bm4odh4t12p4tcvbnt5ni@4ax.com... Wow! Not often I get to LOL to three message in a row :o) But hay William, No kidding . . . I learned Quickbooks in about a week buy just reading the users manual during my 2 hour lunch break every day. QB was my first Financial Software package so you should learn it faster than I did. Before that I used a pencel and paper ledgers for 20 years and still never needed an accountant. But I did take an accounting class in collage (35 years ago). _And_ I read a lot of IRS publications. If your a one-man-band you could get rid of your accountant if you want to but you have to be certain that you understand everything he has ever done for you in the past. If you don't understand the what and why of what he does than you still need him. On Sat, 29 Oct 2005 15:28:11 -0700, Golden California Girls <gldncagrls@aol.com.mil> wrote:Above, you have it from the horse's mouth.Below, you have it from the horse's ass. - ____ _ | __\_\_o____/_| <[___\_\_-----<------------------<no spam please>< | o'

[Kent Finnell]

"William" <alone@home.com> wrote in message
news:i909f.30487$Pp1.2979@bignews3.bellsouth.net...I have many years in banking (commercial credit and audit) so accountingprocedures etc is not new to me. As for learning the software that wouldnot be too difficult either. I got hooked up with an accountant because our sons both played for a junior football team so I thought it nice to give him some business. I know the IRS pubs can be a nightmare to read and sort through, but my business isnt that complicated that I could not do it myself. I got the impression from the QB specs that the program could or would complete the basic IRS forms. But no biggie if it doesnt. Appreciate the input Bill
You've gotten some good advice and met the resident clowns. Allow me to add
to that good advice.

Spend the extra $100 and get the Premier edition that comes closest to your
business description or the Premier Accountant edition which covers the
whole gamut. Get the CPA911 book "Running QuickBooks 200x Premier Editions"
by Kathy Ivens (assuming she will write the 2006 version). The book that
comes in the Premier box from Intuit sucks.

One piece of advice from her is, assuming an accrual basis, to put open
individual transactions at the end of the year in both accounts payable and
receivable instead of lump sums. Her books are easy reads. Oddly Intuit
uses her to write the Standard and Pro in the box books but not the Premier
book.

While QuickBooks don't actually prepare the Federal income tax forms, you
can assign the tax form line numbers within the program. Then you install
the proper year TurboTax for Business which can then import the QuickBooks'
figures.


--
Kent Finnell
From the Music City USA

[Rafael Imelmann]

"Kent Finnell" <kentfinn@bellsouth.net> wrote in message
news:tD39f.28080$ty1.27054@bignews1.bellsouth.net... "William" <alone@home.com> wrote in message news:i909f.30487$Pp1.2979@bignews3.bellsouth.net...I have many years in banking (commercial credit and audit) so accountingprocedures etc is not new to me. As for learning the software that wouldnot be too difficult either. I got hooked up with an accountant because our sons both played for a junior football team so I thought it nice to give him some business. I know the IRS pubs can be a nightmare to read and sort through, but my business isnt that complicated that I could not do it myself. I got the impression from the QB specs that the program could or would complete the basic IRS forms. But no biggie if it doesnt. Appreciate the input Bill You've gotten some good advice and met the resident clowns. Allow me to add to that good advice. Spend the extra $100 and get the Premier edition that comes closest to your business description or the Premier Accountant edition which covers the whole gamut. Get the CPA911 book "Running QuickBooks 200x Premier Editions" by Kathy Ivens (assuming she will write the 2006 version). The book that comes in the Premier box from Intuit sucks. One piece of advice from her is, assuming an accrual basis, to put open individual transactions at the end of the year in both accounts payable and receivable instead of lump sums. Her books are easy reads. Oddly Intuit uses her to write the Standard and Pro in the box books but not the Premier book. While QuickBooks don't actually prepare the Federal income tax forms, you can assign the tax form line numbers within the program. Then you install the proper year TurboTax for Business which can then import the QuickBooks' figures. -- Kent Finnell From the Music City USA

I guess every NG has them or at least one :-)

Advice noted with thanks

Bill

[Allan Martin]

"William" <alone@home.com> wrote in message
news:i909f.30487$Pp1.2979@bignews3.bellsouth.net...I have many years in banking (commercial credit and audit) so accountingprocedures etc is not new to me. As for learning the software that wouldnot be too difficult either. I got hooked up with an accountant because our sons both played for a junior football team so I thought it nice to give him some business.


So you engaged a professional for the sake of team sprit. All I can say is
Bulla Bulla.


I know the IRS pubs can be a nightmare to read and sort through, but my business isnt that complicated that I could not do it myself.

You know this isn't like my Louis Pasteur imitation, where if I get it
wrong, no one will know the difference. The IRS is watching you very
closely. Beware!



I got the impression from the QB specs that the program could or would complete the basic IRS forms. But no biggie if it doesnt. Appreciate the input Bill

[HeyBub]

William wrote: Many thanks for the time and effort for your advice. You have raised some salient points. I am basically a reseller and do not carry inventory. For this I set up products like "each' ; 'box'; 'ctn' etc and leave the description line blank, and fill it in when I do invoices. This has eliminated the purchase step.

Cool. Don't maintain an "inventory" if you can avoid doing so.
Converting would then be a matter of moving D-E ending balances over to QB opening and then ensure they balance.

Yep.
Based on what you said I would still need an accountant and this is what I would like to eliminate of possible.

Bill,

You may not NEED an accountant, but you sure should USE one. Here's why:

1. You pay the accountant to prepare the tax forms. Whatever you pay him,
it's far less than YOUR time is worth. We pay, for a regular "C"
corporation, a bit over $500 for our annual returns. And this is paid to a
CPA/Tax Attorney.

2. The accountant will spot areas where savings can be made. One of my
associates got into a snit with the IRS and hired a tax attorney to sort it
all out. He paid the attorney $5,000. The attorney got the tax bill reduced
from $280,000 to $3,000 (I'm not kidding!). In the process of fooling with
all the financials, the attorney discovered my friend was paying too much
local property tax and got his annual LOCAL property tax bill reduced by
OVER $5,000 per year. My friend is way ahead. Because he hired somebody who
knew more than he.

3. Most importantly (in my judgement), the preparer's signature at the
bottom of the form is crucial. The IRS maintains a list of righteous
preparers and if your preparer's name is on the form, the return is passed
without inspection, requests for more information, audits, penalties,
interest, or contract killings. Your signature *alone* at the bottom of the
return generally yields cries of "Fresh Meat!" and "I made quota!" around
the IRS office.

[Rafael Imelmann]

"HeyBub" <heybubNOSPAM@gmail.com> wrote in message
news:11ma77es3oao8ea@news.supernews.com... William wrote: Many thanks for the time and effort for your advice. You have raised some salient points. I am basically a reseller and do not carry inventory. For this I set up products like "each' ; 'box'; 'ctn' etc and leave the description line blank, and fill it in when I do invoices. This has eliminated the purchase step. Cool. Don't maintain an "inventory" if you can avoid doing so. Converting would then be a matter of moving D-E ending balances over to QB opening and then ensure they balance. Yep. Based on what you said I would still need an accountant and this is what I would like to eliminate of possible. Bill, You may not NEED an accountant, but you sure should USE one. Here's why: 1. You pay the accountant to prepare the tax forms. Whatever you pay him, it's far less than YOUR time is worth. We pay, for a regular "C" corporation, a bit over $500 for our annual returns. And this is paid to a CPA/Tax Attorney. 2. The accountant will spot areas where savings can be made. One of my associates got into a snit with the IRS and hired a tax attorney to sort it all out. He paid the attorney $5,000. The attorney got the tax bill reduced from $280,000 to $3,000 (I'm not kidding!). In the process of fooling with all the financials, the attorney discovered my friend was paying too much local property tax and got his annual LOCAL property tax bill reduced by OVER $5,000 per year. My friend is way ahead. Because he hired somebody who knew more than he. 3. Most importantly (in my judgement), the preparer's signature at the bottom of the form is crucial. The IRS maintains a list of righteous preparers and if your preparer's name is on the form, the return is passed without inspection, requests for more information, audits, penalties, interest, or contract killings. Your signature *alone* at the bottom of the return generally yields cries of "Fresh Meat!" and "I made quota!" around the IRS office.


Fully understand and appreciated.....

Thanks again.
Bill

[Allan Martin]

"HeyBub" <heybubNOSPAM@gmail.com> wrote in message
news:11ma77es3oao8ea@news.supernews.com... William wrote: Many thanks for the time and effort for your advice. You have raised some salient points. I am basically a reseller and do not carry inventory. For this I set up products like "each' ; 'box'; 'ctn' etc and leave the description line blank, and fill it in when I do invoices. This has eliminated the purchase step. Cool. Don't maintain an "inventory" if you can avoid doing so. Converting would then be a matter of moving D-E ending balances over to QB opening and then ensure they balance. Yep. Based on what you said I would still need an accountant and this is what I would like to eliminate of possible. Bill, You may not NEED an accountant, but you sure should USE one. Here's why: 1. You pay the accountant to prepare the tax forms. Whatever you pay him, it's far less than YOUR time is worth. We pay, for a regular "C" corporation, a bit over $500 for our annual returns. And this is paid to a CPA/Tax Attorney. 2. The accountant will spot areas where savings can be made. One of my associates got into a snit with the IRS and hired a tax attorney to sort it all out. He paid the attorney $5,000. The attorney got the tax bill reduced from $280,000 to $3,000 (I'm not kidding!). In the process of fooling with all the financials, the attorney discovered my friend was paying too much local property tax and got his annual LOCAL property tax bill reduced by OVER $5,000 per year. My friend is way ahead. Because he hired somebody who knew more than he. 3. Most importantly (in my judgement), the preparer's signature at the bottom of the form is crucial. The IRS maintains a list of righteous preparers and if your preparer's name is on the form, the return is passed without inspection, requests for more information, audits, penalties, interest, or contract killings. Your signature *alone* at the bottom of the return generally yields cries of "Fresh Meat!" and "I made quota!" around the IRS office.

Actually the IRS maintains a list of the questionable preparers and returns
prepared by them are more likely to be subject to audit. On the other hand
it is Santa Claus that keeps a list of those preparers that are nice.