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What does an outsourced controller do?

There are three groups of services that we provide here at Lionshare Bookkeeping, but one of them can sometimes be a mystery. Let’s look at those services, then dive deeper into what an outsourced controller actually does.

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Financial reports for investors

When you get right down to it, there are three basic levels of financial reporting. Level one is property or project manager reports, level two is accountant or controller reports, and level three is CFO reports. It’s best to figure out the first level before progressing on to the next.

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How can financial statements be used to make decisions?

Financial statements help you make smarter business decisions. In your business transactions, you will basically have three types of cashflow activities: financing, investing, and operating. A statement of cashflows shows all three together and helps you make balanced decisions and grow your business.

Let’s take a look at each of those three types of activities, then we’ll talk about balance and making smart decisions overall.

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Are bookkeeping services tax deductible?

Part of the magic of professional services is that depending on the structure of your business, you may or may not be able to claim them as expenses that are tax deductible. With bookkeeping specifically, it really depends on whether you’re doing them for a business entity or on a personal basis.

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How to avoid being ripped off by your bookkeeper

Separation of duties has to do with separating out accounting roles so that you use everybody for what they’re best at, but not everyone has access to everything. If you don’t do it the right way, you’re exposing yourself to a lot of fraud and liability that you just don’t want.

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House flip math the right way

I deal with a lot of house flippers and even rental owners who are doing their math the wrong way. It ends up with them paying less taxes at first, but eventually they pay more than they otherwise would. It also causes more work for them on the bookkeeping side of things!

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Are you using QuickBooks effectively?

If you’re a business owner, it is very likely that you use an accounting software such as QuickBooks to handle your accounting needs. It is also likely that you, as a business owner, have been handling the bookkeeping of your business on your own rather than outsourcing it to someone else.

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Making taxes easier for business owners

It’s every business owner’s favorite time of year—tax season! Business taxes were due back in March, and you might have found yourself in a slight panic (or a major panic) trying to gather everything you needed to file.

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