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December Newsletter
Business Insights December is an important month for business owners. With year end officially here and the holidays in full swing, this is the best time to wrap up loose ends and make sure your financials are ready for a smooth start to the new year. Use this time...
Why a 529 College Savings Plan (Like Missouri’s MOST 529) Is One of The Smartest Moves You Can Make for Education Savings
You are probably asking what a local bookkeeping and accounting services business is doing writing blogs about 529 college savings plans. At Melton Bookkeeping and Accounting Services we do more than bookkeeping. I am a Missouri licensed CPA and have been in public...
Understanding the New Trump Accounts
Beginning in tax year 2025, the One Big Beautiful Bill Act (OBBBA) introduces a new type of "IRA" called Trump Accounts. These accounts are designed to help children begin building long-term, tax-deferred financial security before they reach adulthood. While similar...
Top 10 Reasons To Hire A Bookkeeper For Your Small Business
I used to love David Letterman's nightly Top 10. This list won't make the Tonight Show, but if you own a small business I'm hoping you can relate. I didn't realize how much small business owners have to juggle. There are software decisions, marketing decisions, vendor...
Home Energy Credits Expiring – What Homeowners Need To Know
Many homeowners are racing the clock to take advantage of home energy tax credits expiring in 2025. Under the One Big Beautiful Bill Act (OBBBA), several valuable federal incentives will be repealed or phased out after December 31, 2025. If you’ve been thinking about...
IRS 2026 Updated Retirement Contribution Limits
What You Need To Know The IRS has officially released the 2026 cost-of-living adjustments (COLAs) for retirement plans—and the news is good for anyone trying to save more for the future. With inflation and higher living costs in mind, the IRS has increased...
IRS Gives Relief to Auto Lenders for 2025
The IRS announced on Tuesday (in Notice 2025-57) that it’s giving lenders extra time — and penalty relief — as they adjust to new car loan reporting requirements set by a recent tax law. This temporary “transition relief” applies for the 2025 tax year. It’s designed...
IRS Notices for Clerical and Mathematical Errors
The U.S. Senate has passed a law called the IRS Math and Taxpayer Help Act. It will go to the Presdent to be signed into law. The new is designed to make it easier for taxpayers to understand and fix mistakes the IRS finds on their tax returns — especially small math...
What A Healthy Balance Sheet Looks Like And Why It Matters For Your Business
If you’ve ever looked at your balance sheet and thought, “I’m not exactly sure what I’m looking at,” you’re not alone! Your balance sheet doesn’t have to be complicated. Your balance sheet is a snapshot of what your business owns, what it owes, and how healthy your...
This payroll sync was costing a business $256,744 — could yours be next?
What To Do When Your Bookkeeper Or Accountant Is Retiring
If your bookkeeper has shared that they are planning to retire, you may be wondering what this means for your business. I have helped several business owners through this situation. Most of them did not realize how much their bookkeeper handled until they started thinking about the transition. The good news is that with the right steps, this does not have to disrupt your business.
Here are the steps you need to take.
- Make sure your books are up to date. Ask your current bookkeeper to complete all reconciliations through the most recent month. This means your bank accounts, credit cards, loans, payroll liabilities, and sales tax accounts should all match their statements. You do not want to inherit unfinished work.
- Confirm you have full access to everything. That includes your accounting software, payroll system, bank feeds, merchant accounts, and any apps connected to your bookkeeping system. Make sure the login information is in your name or your business name, not your bookkeeper’s personal email.
- Request key reports. Ask for a current profit and loss statement, balance sheet, accounts receivable report, and accounts payable report. These give you a snapshot of where your business stands financially. Save copies for your records.
- Clarify outstanding items. Ask if there are any unresolved issues such as unreconciled accounts, unpaid invoices, missing receipts, or upcoming tax deadlines. It is much easier to address these while your current bookkeeper is still available.
- Create a transition plan. Decide when the last day of service will be and when the new bookkeeper will begin. If possible, allow for a short overlap period so questions can be answered smoothly.
- This transition is also a good opportunity to review your processes. Are your financial reports easy to understand? Are you receiving regular updates? Do you feel clear on your cash flow and profit? A change can be a chance to improve.
- Find a new bookkeeper as soon as possible. The sooner you bring someone in, the smoother the transition will be and the less disruption your business will experience.
If your bookkeeper is retiring and you are unsure what to do next, I can help you review your books, organize your accounts, and create a smooth handoff plan. Schedule a consultation with me. I am here to help you move forward with confidence.
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