Due to my experience in personal and business accounting, I figured there would be no better person than me to create this site, and explain the different skills that a superior Charlotte accountant can give to families and businesses alike. In the current down economy the last thing anyone needs is an IRS auditor knocking on their door to analyze and verify many years worth of tax returns and bank statements.  That is what brings me to my first reason in my life that I needed the best CPA I could find in the Charlotte North Carolina area.

Seven years ago is when I received the letter from the IRS.  I actually thought that it might be a tax return check, but I was sorely mistaken when I read that I would be the subject of an audit.  What I feared most was the potential time and effort to collect all of the receipts from the year they were requesting, as I have never been the most organized bookkeeper.  I knew that my financial management skills were reasonable as I had taken some classes in college, but with the new job I had just taken, the last thing I needed was any type of internal audit.

Lucky for me I had just transferred to a popular online accounting software package, so I knew that my records were going to be there.  I had even paid extra for their audit protection, where they say that they will protect you every step of the way if you do get audited.  What a joke.  My first three calls to the company were unreturned, and their ability to provide sound tax accounting advice was subpar to that of a local certified public accountant.  I realized that I may have saved a couple of hundred dollars going with the cheaper accounting software, but I would probably have never been in this auditing mess if I had hired a quality and reputable Charlotte, NC accountant.

The financial advisor(she was not a CPA) from the online company said that while my information had been filled out correctly, that my ex-wife had also taken some of the same deductions.  This is an immediate red flag with the IRS, and is what ultimately singled me out to be audited.  Her advice was to simply have my things in “order” and get ready to explain things to the IRS auditor who I would be meeting with in six weeks.  This did not give me the confidence that I expected when I paid my extra fifty dollars to the company.  Following this conversation, I called the first three certified public accountants in Charlotte that I found on the internet.  Believe it or not, none of them took my business as they had separate accounting specialties that did not involve defending my tax returns that I did myself.

Luckily, a friend of mine referred me to his business accountant who was willing to go over all of my financials, and attempt to give me a chance at not getting trounced by the IRS.  She may have been a little further out from Charlotte, NC than I wanted, but we were able to do much of the work via fax, email, and phone conversations.  We only had to meet three times in those six weeks in person, mainly to sign over the private financial documents she needed.  She also let me know that if I had gone in alone, there would have been a very good chance the IRS auditor would have chosen to audit previous tax returns to make sure similar errors were not made.  The thought of a can of worms opening like this had me sweating, and I was so glad to have found such a great accountant. The fact that she belonged to a major accounting firm didn’t hurt either.  I later found out that certain evidence has  more clout if reputable accounting firms have been involved in the project.

Six weeks went by relatively quick, but I met with the auditor, along with my newly hired certified public accountant, in Charlotte at the IRS building.  I could not believe how quickly things moved along, and in the end the IRS actually ended up oweing me money!  My hired gun had done an amazing job representing me, and it paid off well for her shortly thereafter.

I may have had to learn the hard way why having an excellent Charlotte, NC accountant was important, but I didn’t forget the lesson.  After my auditing, I made sure to stay with the accounting firm, and to continue to have them do my personal taxes each year.  As the tax laws continue to change I know they will be up on all of the latest changes in the tax code, and I no longer worry about getting audited.

As I mentioned earlier, the CPA benefitted greatly by taking on my hard luck case. Just two years after my financial ordeal, I began a small internet business out of my home which fortunately grew much faster than anticipated.  Using the same accounting firm, I was able to properly incorporate my business and take advantage of many of the benefits that I had no idea existed for moderately sized businesses that are continuing to grow.

Due to me being able to count on a certified public accountant, I was able to not have to worry about the large amount of outsourcing work to other countries I had to do, and that truly gave me peace of mind.  It allowed me to focus on internal hiring which gave my startup the necessary push to attract significant investors.  Starting a new business can get very stressful at times, but it should never stop anyone from trying.  Having the right financial experts who were able to problem solve all the issues that came up, allowed for relatively easy growth and expansion.

This success has given me the need to actually have my Charlotte, NC certified public accountants not only do my recordkeeping, but also do my estate planning.  I also began to understand the value and importance of gift giving, as it’s not only good for the soul but great for tax deductions.  With all of these massive changes to my life and the business structure, we have even hired our own internal auditors to watch over all of our transactions.

While most people do not need a Charlotte, NC accountant for everything that I have utilized them for, you can rest assured they are well worth the time and money.  If I had not gone through the auditing a few years back I would hate to guess how badly my financial picture would be in shambles, and I doubt that I would be heading an internet startup today.  Now that I have the best accounting team I know of on my side, and on the side of my business, I have absolutely no fear of being audited again.  I also believe that hiring a good CPA, if you are in Charlotte, NC can possibly deter an audit from even happening.

Financial planning and accounting software has certainly come a long way from seven years ago, but it is my opinion that you are best to leave it to the actual professionals.  Whether it is for tax planning, investing or investment planning, they can help you.  Audit defense?  They will really have you covered, and any expense happens to be tax deductible as well.  Hiring a Charlotte CPA will be money well spent, as you will get much more than you asked for.

Finding a qualified certified accountant doesn’t have to be hard, and it is my belief that Accountant Charlotte NC can help you find exactly the person and company you need for your finances.   Whether it be personal or business tax planning,  understanding the ever changing laws and regulations are vital in the growth and success of your company. And, to further assist you, I plan to periodically add new articles and videos, and to even make recommendations of reputable accountants in the Charlotte area to save you many hours of research.

We would also like to recommed, Accountant Greenville SC, if you happen to live in the Upstate of SC

Accountant Charlotte NC Wants To Ask…Is Do It Yourself Bookkeeping Right For You??

As a business owner, you may decide not to use a bookkeeping service or elect not to use a Quickbooks Proadvisor Team, or in-house accounting department. It may seem that you have saved money by having a family member do the company’s books and pay the taxes to the government as they come due.

However, it must kept in mind that when capital is needed and your company tries to obtain a loan, banks insist on detailed financial records. This is frequently when problems arise. If one does not have electronic records or financial statements have not been accurately prepared, the bank is more likely to lose faith in the applicant’s claims of solvency and deny the company credit.

The Internal Revenue Service conducts audits. Small Business owners who are not using software such as Quickbooks have a harder time defending their deductions as computerized records are not available. Misclassified transactions on tax returns result in deductions being forfeited, and back taxes being owed. This can ruin a good credit rating, and possibly result in hardships which could easily have been prevented by a qualified bookkeeper managing the account.

Outsourced bookkeeping is a cost effective solution in many cases. Transactions are properly categorized. Relationships are not put under strain by having spouses doing the bookkeeping. Money is saved as vendors tend to be 30 percent less expensive than an in house bookkeeper who is paid benefits as well as a salary.

Outsourcing to a qualified accounting professional provides peace of mind, as that professional will be there to prepare for any audits. Transactions under scrutiny are explained to the government. Professional advice is dispensed to provide for better bookkeeping, in a manner that is cost effective and in accordance with accounting principals and standards.