As you start compiling information to produce your income tax returns, below are just a few of the common problems we frequently solve for owners that utilize our bookkeeping services.
- The balance sheet and income statement do not match the “month-end DRS report”:
- In the event of an audit, this discrepancy will open you up for questioning on your submitted income tax information and will likely lead to audit complications and, ultimately, will cost you money.
- Revenue is being recorded incorrectly on the income statement:
- Providing an inaccurate valuation of the business that may cost you dearly at the time of sale.
- Gift cards for promotional use and tax consequences of “shrinkage” are not being handled correctly:
- Not knowing the true outstanding balance of gift cards due, whether they have been used multiple times, or if you might even have fraud or theft occurring in your store.
- Balance sheets and income statements are prepared too late for it to even matter:
- Best in class franchisees are using their balance sheet and income statement to make the right business decisions quicker than the competition.
- This should occur within the first ten days of the month following based on trends.
BerganKDV understands Franchise Bookkeeping and provides one-stop solutions that will give you confidence in your financial information.
Next step: Download Our Winmark packet for more information on pricing and services. www.bergankdv.com/winmark
Contact our franchise team to discuss
Mike Duscher
mike.duscher@bergankdv.com
612-803-4442
