【$1M revenue, but tax penalties finally caught up—what’s the middle ground?】 I… · @WeAllSells · TwKit

@WeAllSells

【$1M revenue, but tax penalties finally caught up—what’s the middle ground?】 I run a small IT services company doing ~$1M in revenue with five employees, and this year I paid tax penalties because I kept postponing the filing. What’s the middle ground? I use QuickBooks to invoice customers, but I never reconcile bank statements or record expenses during the year. When tax season hits, I spend a weekend going through 12 months of statements, matching receipts and categorizing expenses before sending everything to my accountant, who charges $2k for year-end filing. I only have about 100–120 transactions per month, including payroll. My accountant asked for $800/month for bookkeeping, but I’d still have to send receipts, bills and statements, and answer emails, so I feel like I’d be doing half the work anyway. Is there a middle ground between doing nothing all year and paying penalties, or paying $9k/year for a bookkeeper while still doing half the work? A commenter said a bookkeeper should be able to do the books for $500 per month with the bank statements and a few questions each month for the first few months. Once she gets to know the business, it should be less work than that.

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