Bookwork

[Shelly]

I just waded through a month's worth of paperwork, sorting income from expenses and putting it in an accounting book. I do this at the end of each month, so come income tax time, I can just hand the book into the accountant. I know of some people around here who just throw everything into a shoebox all year, then darn near pull their hair out trying to do it all at once before April 30th. What about all you's?

 

[Mike]

Shelly, We hire our bookwork out to an accountant.

Everything we do is paid by check. When turning the cancelled checks over to the accountant each month, I code each check stub with one of the various categories he has assigned for ny business needs.

When he balances check book, he inputs all the codes and amounts.

Only costs about $40 bucks per month and he already has all the info to do the tax returns come tax season.

I get a complete printout of Profit/Loss, Cash Flow Analysis, Income Statement, etc. each month.

Cheaper than I can do it...................................... :wink:

 

[Anonymous]

Yep About the same here Mike-- and most purchases I charge and pay the bills once a month (gas, feedstore, hardware, electric, partsstores, etc.)-- so only have one check a month to each....

And it helps to have a CPA as a SIL..... :wink:

 

[Les]

Hey shelly actually farmers in canada dont have to have thier income tax done till i believe june 15... a lot of people dont realize this.

 

[Faster horses]

I used to wait til the end of the year, then grit my teeth a lot and pull my hair out...but now I send it each month to an accountant. It really doesn't cost, because he has all the info to file taxes and he charges a lot less for filing because he has all the info from throughout the year right at his fingertips.

One of the best things I've ever done!! I recommend it highly.

 

[Cowpuncher]

My bachelors degree is in accounting and I worked for 25 years as an accountant and tax analyst. I do it all myself.

But I absolutely won't do it for anyone else or give advice to others.

When I hear of something a little strange, I suggest they talk to their accountant.

Most of the more successful ranchers have a pretty good knowledge on taxes though they usually pay an accountant.

 

[Hanta Yo]

I do all the bookwork on the computer, I do so more than once a month. At the end of the year I make an accountant's copy (I use Quickbooks) and take it to him. He just loads it on his computer and voila!

I get my books to our accountant in early, Jan or Feb. That way I don't have to worry about it.

 

[Faster horses]

Well, Hanta, I tried that method. I didn't know a thing about Quickbooks.
And apparently the woman I hired to help me didn't either. WHAT A MESS!!! :shock: :?

 

[Northern Rancher]

Shelley how did you know I just finished my second quarter GST lol.

 

[DJL]

You and my hubby too, NR! Of course he had to do the first quarter as well... No use rushing to do books - gotta wait until you're close to a nasty phone call from the GST people!

 

[Northern Rancher]

I sent my income tax in then a week or so later a plane flew over and dropped off some powdered milk and rice lol.

 

[Kato]

:clap: :clap: :clap: :lol2: Good one!

I try and do them once a month, but don't always get it done. :roll:

I use Agexpert accounting software for our books. GST time is so easy! If you're up to date on your entries it takes about two minutes to have it all done. Otherwise I don't think you save a lot of time with it until you get to year end, then it's worth having. It'll do CAIS, as well as the supplementary forms, which is pretty nice.