What is a “shoe box” client?

The end of the year is coming, which means taxes will be due in no time. 

        Are you ready?  

        Do you have a box full of receipts?

        Has your QuickBooks not been updated…since maybe January?

If so, it sounds like you could be a “shoe box” client.  The term comes from business owners who didn’t have the time to deal with their bookkeeping during the year, so all of the receipts they had went into a shoe box (file folder, stack on their desk, pile in a drawer, etc. – you get the idea). 

That leaves a big project after the year end to be sorted through and properly categorized in preparation for filing your annual business taxes.  The stack of papers that collected throughout the year can become very stressful for a business  owner.  It can also become very expensive to pay an accountant to sort through it all.  Cue the bookkeeper!

Did you know that there is a big difference between an accountant and a bookkeeper?  Accountants mainly deal with taxes and financial analytics.  Bookkeepers deal with recording the money coming in, the money going out and  categorizing all of the transactions.  

Many businesses use both a bookkeeper and an accountant for their businesses.  It is much more cost effective because a bookkeeper does not charge as much as an accountant.  It also saves you, the business owner the headache of dealing with the books so you can focus on doing what you’re good at – growing your business!  

Modern Ledger Business Services, LLC would be happy to help you with your “shoe box”, so you are ready for tax time.  Your accountant will appreciate it too!

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