Recently, we sat down with QuickBooks Expert Rose C Huie, CPA. Based in Northern California, Rose has been helping clients with new business set ups, late tax filings, overseas filing and QuickBooks issues for over 30 years.
1) Rose, why don’t we start with a little background on you and your business. What areas do you focus on for clients, how long have you been in business, who do you work with primarily, etc?
I have been in business for 30 years since 1981. The areas we focus on are accounting, taxes, and consulting. We work with small business owners in the areas of professional services, restaurants, retail and non-profit organizations. Most of our clients are in the Bay Area. We also have a number of clients who work overseas and need to report taxes in U.S. We also have clients who own businesses or assets overseas.
2) As we have just come to the end of another tax year, can you give us some tips based on last year’s trends, for small business owners to note as we move into the next tax year?
It looks like both the IRS and the State of California are targeting small business owners for easy revenue generating sources. The return on investment is extremely high. There were more audit letters sent out to small business owners who have not reported their taxes or have them reported incorrectly. It is important that small business owners report their taxes correctly and on-time. The penalty for late or incorrect filing are very high especially in the payroll and sales tax areas. Record keeping is very important to support the amounts claimed on their tax returns. Due to the requirements for more Form 1099 reporting, many more audits are in the works. We also represent clients on IRS audits. It is best to call us to discuss the situation before we meet. We do not charge for initial phone conv ersations.
3) You had said that you do training, reviews and bookkeeping for your small business clients. Do you recommend business owners to use accountants for all their bookkeeping needs, or do you think running QuickBooks with a CPA’s guidance is best?
It is important that small business owners have a good system of tracking their income and expenses, assets and liabilities and reconciling them regularly to their bank accounts. They can do it themselves or hire a good bookkeeper or use Quickbooks. This depends on the amount of time, interest and expertise the business owner has in accounting and computer and what is the best use of his or her time. I do strongly recommend finding a good CPA to provide support on an on-going basis or as needed. It is very hard for a small business owner to keep up with all the changes in tax laws in addition to doing the numerous tasks in running a successful business. One can only so much with the 24 hours and 7 days a week and still have a life to enjoy the fruits of his/her labor.
4) Do most of your clients use basic versions of QuickBooks for their accounting needs, or do you recommend Industry Specific and Premier versions for them? Do you see a valuable difference between the basic and premier versions?
To start with, most small business owners use the basic version as it is easier to learn and use. As the business grows, it may make more sense to go into the more specific and advanced versions. There is always the possibility of upgrading to the next version or getting the QuickBooks special offer code.
5) Thank you for taking the time to answer these questions with us, Rose. We really appreciate it. I hope we will be speaking with you again in the near future.
You are welcome and it is my pleasure to work with you.