Posing this question to managing partners of accounting
Posing this question to managing partners of accounting firms.....it's a two part question.1. I am interested in striking a deal with an individual who would work for my firm only during tax season (he's retired from a teaching job, but has done taxes for years). He has a small book of business he could bring to the table. He would like to receive a bonus at the end of tax season each year based on the new business the firm will have as a result of his employment. I feel this is fair, considering we otherwise would have never had these clients. Note, they are all simple 1040's. He will be paid by the hour, probably about $12.50/hour. What is a fair percentage to pay, based on this additional clientele, considering that it will be done annually? Does anyone have any history with this sort of arrangement?2. I would also like to offer a new business incentive bonus to my full time staff accountants, along with some sort of productivity bonus for billable hours exceeding certain benchmarks. Is there some sort of formula or guidelines for employees that do both billable work plus firm management? My firm is little so we must all multi-task. Thanks!
I am working with a company and we have received a bunch
Hi ThereI am working with a company and we have received a bunch credits for faulty goods from our supplier. Then on our next invoices with the supplier, we have been applying those credit notes to the invoice. Effectively reducing the amount we pay for the next invoice.The question I have is that our accounting package (Xero) is applying these credits to our revenue accounts. Which doesn't seem right to me. We are not receiving revenue from our supplier. We are basically cancelling out a previous purchase. So I believe it is falsely reporting our revenue. Which is not good.Do you know what account this should be going under, so that we are accurately recording? COGs?
JD, MBA, CFP, CRPS
If I have a invoice for $550.00 and the IRS off set 549.00
If I have a invoice for $550.00 and the IRS off set 549.00 of it. How should I write the GL and should I remove the invoice from my AR as paid in full or should I apply the dollar they paid and write off the 549.00 the IRS took.
Vocational, Technical or Trade School
We occasionally buy product with the sister company credit
We occasionally buy product with the sister company credit card and then pay them back. The issue I have, is I need to post in the inventory which then creates an invoice to pay. So will it mess up the accounting to delete the invoice since it's already paid with a credit card and I need to pay our sister company for our portion of the credit card.
Bachelor's Degree Equivalent
I drive and want to deduct deadhead miles - if audited, do I
I drive for Uber and want to deduct deadhead miles - if audited, do I need a record of each individual trip (for example, driving around with my Uber app online on the way to a passenger or to find a better location), or is keeping a summary for each day of the number of miles I drove deadhead while working for Uber sufficient in case I get audited? I can easily track the trips, since Uber provides a summary for each one with starting location, ending, etc. I don't mind copying those into a log book - the real question is about deadhead miles.
A prospect asked me invoice to submit to investors who
a prospect asked me for an invoice to submit to investors who were interested in financing their project. But the prospect needed approval on the cost of working with me as the designer, so i sent out an invoice to them like they asked so they can get it approved. my question is this...i was told from a friend that this person could be a fraud and that i shouldve sent them an estimate invoice instead of a regular invoice...because they can go to the tax man and say that i paid them so they can get some type of return on an amount that included in the invoice. is this true? am i at risk?
We are preparing audit of our books, to include fixed
We are preparing for an audit of our books, to include fixed assets. The audit will be looking at financials from three years back to current. The problem we are encountering is with fixed asset purchase invoices. There are some fixed assets where the purchase invoice cannot be located and the vendor is unable to supply a copy. How do we explain, or "talk off", this situation to the auditors? We have much better processes in place today to track fixed assets. Unfortunately, two and three years ago was a different story.