Oldenburg Accountants & Advisors acquired a new LLC client that was filing as a sole proprietorship. Their former tax preparer made a $30,000 reporting error. They used the figures from the client’s QuickBooks file without reconciling and tying out the accounts. He just entered the QuickBooks numbers into his tax software. The first step in our process is to tie out the balances so we can be sure that the sales, expenses and net income or loss being reported is accurate. We found the error made by the other accountant right away when we were tying out the previous year’s balance sheet.
If you have any doubts that your financial statements accurate or your business income tax returns were prepared accurately, please call us. We have experience in flushing out errors.