This is part four of our interview with H. A. Beasley, founder and director of H.A. Beasley & Company, PC, an accounting firm in Murfreesboro, Tennessee and ICS Law Group, PC.
Question: I’m sure your meetings with business owner clients help maximize your chances to file a client’s tax return on time.
H.A. Beasley: Yes. For many clients, one of the simplest ways to help a timely filing of a business tax return is to hire someone to just be responsible for the bookkeeping and hold them responsible for it.
If you hire someone to come in and do your books, and they make a mistake and it’s all on you. But if you hire a professional firm to help you with bookkeeping, payroll tax compliance, sales tax compliance, and all of the various state and federal regulations—they’re responsible.
If our firm makes a mistake on behalf of a client, it is up to us to fix it. Since the accounting firm takes the burden off of the business owner, the owner is free to run the business.
In addition to taking care of the tax forms, we get our business owner clients regular financial statements. We help make sure bank accounts are all balanced, that there’s a list of who owes money to the business and how much. So not only is the business owner’s time freed up, he or she gets the financial tools needed to help effectively run the business.
Question: In your experience with a lot of business owners, do they try to use a program like QuickBooks and does that help in the process?
H.A.: QuickBooks is like a real fine automatic weapon that really will hit what you point it at. It is definitely one of the best financial management tools that have ever been created for business owners. There are other tools on the market that are similar, but QuickBooks is the standard.
While QuickBooks is a great tool, when it is improperly used, it can also cause financial heartache for the business. For example, it has the ability to download transactions from your internet banking or your internet credit site and really populate a database with a lot of entries, whether right or wrong.
Many of our clients use QuickBooks. When they do, we encourage them to allow us to do a monthly rigorous review of the entries. One simple way for us to check that QuickBooks is being used properly is to just print out a copy of the company’s QuickBooks balance sheet. We’ll review it with the business owner to make sure it looks right to them.
Question: H.A., I really appreciate you coming on the program today and I expect that we will invite you back because I know that there are lots of other topics related to taxes but in the meantime if a listener wants to learn more about you or get in touch with you, how can they do that?
H.A.: Go to HAbeasley.com and click on “Contact Us” on the left side. You’ll be able to see our telephone number, address, and you can also submit an email inquiry from our website.