The Blog Of TL Wall Accounting

Archive for November, 2012

Why T. L. Wall Accounting & Tax Corp?

Over this past year we’ve given a lot of advice on budgeting, bookkeeping and accounting, as well as having a post on how you can protect yourself with collection agencies. One thing we haven’t done this year through this blog is talk about ourselves all that much. We’d like to take some time to talk about us and why we feel we’re one of the top small accounting firms in the Syracuse and central New York area.

We don’t have multiple offices around the state; we sit right on Main Street in North Syracuse. We don’t have dozens of specialized accountants. We have who we need to address the issues that small to medium sized business owners and individuals have, and we’ve proven over the years that we’re as accurate as anyone else.

Terry Wall has been a small business owner for over 15 years. She has worked with a partner and worked as the head of her own corporation. She also has worked in corporate accounting, starting out in that world, so she has the benefit of experience in that area. Frankly, it’s the combination of both that helps to set her and her company apart from many others.

One thing that benefits many small business owners is working with someone who is just like they were. It’s not easy starting one’s own business and even harder making it a great success. Being able to work with someone who’s been there and is now doing well on her own is inspiring and comforting.

Something else that’s to our benefit is that our customers aren’t just customers, but become friends. We can take the time to not only work with you but discuss issues that bother you. We can usually find a quick 5 minutes to address a question you might have, but will always get back to everyone within 24 hours, except during holidays and of course tax season. We get to understand how you like to do business and what your strengths and weaknesses are, and we make sure we keep in touch with you with a quick phone call or email, if that’s your preferred way of being contacted.

Finally, we’re an affordable choice for all our clients. We can offer as much or as little time and advice as you need, but we’re always there for your tax needs and will make sure to keep you and your business on time and in line, safe from tax penalties. We’re also there if you need help with budgeting or bill paying, Quickbooks training, and any other type of financial consulting you need for your business.

Versatile, friendly, accurate and local; what more could want in an accounting company? We’d love to have your business, and we’re just a phone call away at 315-314-7253. We hope you enjoy our blog, and we’d love to work with you.

The Art Of Bookkeeping

Handling the bookkeeping for many small to medium sized businesses is something that T. L. Wall Accounting does, and we believe we do it well. Bookkeeping really isn’t difficult if you have the time to keep up with it, and yet we find that there’s also an elegant art in doing it that can help our customers. If you’re predisposed to do your own bookkeeping, here are a few ideas that might help things go smoothly.

1. Categories. There are two things we find that people do which can throw them off immeasurably. The first is not having any breakdowns in their income and expenses so they know more about their money. The second is having so many categories that it feels like a miasma when trying to figure out where something should go, which often means another category ends up being created because it seems like the easiest way to go.

For most people, you should only consider breaking things into your top four areas of concern, and throwing everything else into miscellaneous. If you are a photographer for instance, probably your top four expenses are equipment, marketing, photo processing and binders/frames, if you’re a portrait photographer. If you have a full time assistant you might need to have a category for that. If you have a website but only pay for hosting and your yearly domain payment (which you might only pay once for upwards of 3-5 years in advance), you could list that under miscellaneous because it’s a minimal cost and not something that overtly stands out. As long as you have the ability to write a brief note next to it you can get by without having to create another category. Travel is something that also goes under miscellaneous since you can only list mileage and not the actual cost of gas or maintenance.

2. Receipts. We get receipts from everywhere but when we need them for accounting purposes, we need them to prove what we’re claiming. There needs to be a repository somewhere in your office or home where you throw all receipts in, no matter what they are, until you have time to look at them. To steal from Judge Judy, if it’s not on paper it doesn’t exist.

You also need to make sure you mark certain receipts that might not look like they’re business related on the surface. For instance, if you met someone for lunch or dinner and the discussion was business related, you can write that off and thus you need to label that receipt for both your accountant and yourself, as you might not remember two months later that you’d had that event.

3. Invoices. Invoices may or may not be different than invoices. If the work you do means that you give someone a small invoice after you do work for them, you’ll need to make sure you hold onto that invoice book. If you take checks you’re covered, but if you’re being paid cash you might need the extra proof. Invoices also help you prove when money you’re given is payment or is for expenses, on which you don’t have to pay taxes.

4. Dates. Going back to writing notes, you need to make sure everything has a visible date on it, or else you need to write it on there. Dates are proof that something happened in a particular month and year, and you might forget when things actually happened.