Your New LLC Must Set Up Its Bookkeeping System

Have you set up your new LLC’s bookkeeping system yet?  If not you should do so immediately.  A good bookkeeping system is a critically important component in the operation of your LLC.  The imperative of business records cannot be overemphasized. Every serious business must maintain proper books and records.  A good bookkeeping system can also prevent or discover theft and keeps things organized.

Effective and efficient bookkeeping practices help to protect your business from internal thief and dishonest employees. Additionally, tracking the transfer of money is important so that the wise business owner knows who received money and if there an inconsistency that need to be investigated or corrected.

One of the first things that members of your new Arizona LLC should do is consult with an experienced accountant to set up or to help set up the LLC’s bookkeeping system using QuickBooks or another good bookkeeping software program. The longer the LLC delays setting up its bookkeeping system, the more expensive and difficult the process becomes.

KEYTLaw, LLC, has used QuickBooks for its bookkeeping system since 2001. We love QuickBooks. Although you can buy a desktop version we use the cloud version, which gives us the benefit of having the program backed up automatically every day and saved in the cloud.

If your LLC sets up its QuickBooks bookkeeping correctly in the beginning and enters all financial information into the system, it will save management a lot of headaches and reduce the cost for the LLC’s accountant to prepare LLC tax returns or Schedule Cs or Es for a personal IRS form 1040. At the end of each year the LLC sends its QuickBooks accountant’s file to its tax accountant as an attachment to an email message.  This digital file is a QuickBooks file that contains all the information the accountant needs to quickly prepare the tax return for the LLC and its members at minimal cost.

Hire an Expert to Set Up Your QuickBooks

If you are not an experienced QuickBooks user you should hire an experienced accountant to set up QuickBooks for your LLC.  We hired Joy Tuttle, CPA, of CPA for Hire, P.C., to set up our LLC’s QuickBooks bookkeeping system.  Her company can do it remotely if the software is on your desktop or set up your QuickBooks on the web so you can access it from anywhere.  Contact Joy at 480-437-9022 or [email protected].

KEYTLaw, LLC, has used CPA for Hire since early 2007 to keep our books in order. Although Joy is a CPA, she and her company do not provide CPA or tax preparation services. CPA for Hire is a Quickbooks consulting firm. They can do some or all of your actual QuickBooks data entry either remotely over the internet or by sending a bookkeeper to your office. Once a month a CPA for Hire bookkeeper comes to our office and reviews our data entry for the prior month and corrects any data entry errors we have made. If we are not sure how to handle a bookkeeping item at any time, we call our CPA for Hire bookkeeper for the answer. Once a year Joy reviews our calendar year books before we give the accountant’s file to the CPA who prepares our tax return.

We highly recommend QuickBooks for small business accounting and CPA for Hire as your part-time professional bookkeeper.