Case Study #1
What you don’t know, can hurt your bottom line. In one case, a client had been shown how to record deposits into an accounting system. When we met with the client to review the income and expenses for the quarter we identified that the client had been recording personal injections for his start up company into the accounting software as income. We explained that those cash injections were considered loans, that the business would need to repay. Without our thorough review of the entries and the income reported, our client would have paid much more income tax than was due. We further worked with our client to ensure these items were entered properly in the future.