A major challenge for bookkeepers, accountants and tax professionals has always been finding a workable solution for sharing a client’s Quickbooks company file. There are a few options, namely:
- Physically exchanging the file
- Emailing or using a portal
- Accessing the file remotely
- Using an accountant’s copy
Each of these methods has its own disadvantages and limitations. The company file may be too large to email. Accessing the file remotely can only be done with Quickbooks Premier and only one user can take control over one remote computer. It requires a user to be physically present at each computer in order to setup a session. Physically exchanging the file is a time consuming and inconvenient. Using an Accountant Copy is just as frustrating. The process of exporting and importing the Accountant Copy is labor intensive and the risk of the file becoming corrupt is relatively high.
One of the leading causes for small business failure is lack of liquid assets. Without cash, businesses cannot pay for their medium and long-term investments and in the worst case scenario it means they cannot meet their regular obligations such as their employee payroll.
THERE ARE TWO WAYS TO LOSE A BUSINESS:
- HAVING TO PAY OUT MORE IN EXPENSES THAN RECEIVED IN INCOME.
- HAVE A SUCCESSFUL (PROFITABLE) OPERATION BUT RUN OUT OF CASH.
CASH FLOW IS THE ABSOLUTE KEY!
Stephen WIlliams, CPA and Partner of GYL Decauwer LLP, discusses the Section 179 tax deduction. This video will explain what Section 179 is, why it’s great for small businesses, and why now is the best time for small businesses to invest in new hardware, software, and machinery.
This article was published at Accounting Services of Charlotte, NC
