Im in my first year at a smaller cpa firm doing a mix of audit work and some tax preparation. This was good to see I seem to get quite a few returns put on my desk with negative expenses and revenue items. Also love when they have one line item called "meals and entertainement" or "Travel and entertainment" and the client has no clue how much of it was actually entertainment and how much was travel or meals or the nature of these meals to know whether its 50% or 100% deductable who the hell knows. Ive seen a $5,000+ expense under the line item "ask my accountant" and also revenue item called "reconciliation adjustment" lol. It's wild out there man.
Thank you for your comment -- you gotta love those "reconciliation adjustments"! Be sure to subscribe to the channel for more videos if you haven't already! :D
As someone with only 2 years experience. I'm happy I'm doing most things right. The only thing I need to take from this is making sure we have multiple equity accounts for multiple partners/shareholders.
I have bachelors degree in accounting doing bookkeeping for a company. I’ve seen CPAs made obvious mistakes. It’s both ways but a CPA is held a higher standards.
Strongly agreed, in Indian accounting I have also faced same challenges. A funny one I can share is a cash expense is debited to head "Bribe to govt officer " 😂😂. Although love your videos. I am EA aspirant and would like to learn more stuff from you. Keep going
Thank you for watching and for your comment! Haha ""Bribe to govt officer" -- amazing, you really can't make this stuff up! :D :D Good luck on your EA exam. Be sure to subscribe to the channel for more videos if you haven't already!
Yes, we work with clients in all 50 states. Please feel free to schedule a free 15-minute phone consultation here: calendly.com/efrosfinancial/free-15-minute-phone-consultation?month=2023-10. You may learn more about our bookkeeping and tax services here: www.efrosfinancial.com/bookkeeping2/.
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I have seen sloppy quickbooks. This video gave me so much confidence that I know what I am doing.
You have a great sense of humor. Cracking me up right now.
Thank you for your kind words - I'm glad you enjoyed the video! :D
Im in my first year at a smaller cpa firm doing a mix of audit work and some tax preparation. This was good to see I seem to get quite a few returns put on my desk with negative expenses and revenue items. Also love when they have one line item called "meals and entertainement" or "Travel and entertainment" and the client has no clue how much of it was actually entertainment and how much was travel or meals or the nature of these meals to know whether its 50% or 100% deductable who the hell knows. Ive seen a $5,000+ expense under the line item "ask my accountant" and also revenue item called "reconciliation adjustment" lol. It's wild out there man.
Thank you for your comment -- you gotta love those "reconciliation adjustments"! Be sure to subscribe to the channel for more videos if you haven't already! :D
As someone with only 2 years experience. I'm happy I'm doing most things right. The only thing I need to take from this is making sure we have multiple equity accounts for multiple partners/shareholders.
I have bachelors degree in accounting doing bookkeeping for a company. I’ve seen CPAs made obvious mistakes. It’s both ways but a CPA is held a higher standards.
Strongly agreed, in Indian accounting I have also faced same challenges. A funny one I can share is a cash expense is debited to head "Bribe to govt officer " 😂😂.
Although love your videos. I am EA aspirant and would like to learn more stuff from you.
Keep going
Thank you for watching and for your comment! Haha ""Bribe to govt officer" -- amazing, you really can't make this stuff up! :D :D Good luck on your EA exam. Be sure to subscribe to the channel for more videos if you haven't already!
Hey Efros I love your videos. I just wanted to ask where I can take practice exams for the SEE exam to become an Enrolled Agent. Thank you so much!
are you taking any bookkeeping and tax clients from georgia?
Yes, we work with clients in all 50 states. Please feel free to schedule a free 15-minute phone consultation here: calendly.com/efrosfinancial/free-15-minute-phone-consultation?month=2023-10. You may learn more about our bookkeeping and tax services here: www.efrosfinancial.com/bookkeeping2/.