January 2024 Client Profile

Sean and Caelin are talented artists who recently launched a freelance creative services business to see if being self-employed full-time could be an option. Sean is keeping the books, and so far, so good. But he sought professional advice to help avoid errors.

During their initial meeting, their CPA shared some systems and processes for Sean and Caelin to implement:

• A receipt capture, filing, and backup system, particularly for digital records


• A checks and balances policy that requires someone other than the bookkeeper to make deposits and review bank statements and canceled checks monthly


• Reconciliation of credit card statements each month and loan accounts at least annually


• Use of accounting software, but avoid overreliance on the software in lieu of professional guidance.

Now, they’re also all set with a professional to do their first tax return.

Client Profile is based on a hypothetical situation. The solutions discussed may or may not be appropriate for you.