Accounting Compliance Fiduciary Responsibility

A lot has been said about QuickBooks, QB Pro-Advisors, accountants, and Intuit bookkeepers expertise, but nothing about their responsibility for errors and omissions reporting to government agencies. If Intuit does not provide this type of application, they feel safe. Not true anymore according to attorneys looking for a new revenue source in today’s economy.

Generally accepted accounting principles (GAAP) do not support compliance regulations. And, these bookkeepers hide behind their Intuit programs so they won’t have to deal with their businesses being vulnerable to audits. Simple put: they do not want to get sued by their clients.

The small business in any industry is subject to 1099 audits by the Department of Labor and state agencies through classification audits and penalties from ‘Insufficient Records Keeping’ totaling about $1000 each occurrence for either an employee or independent contractor.

There are Cloud programs that meet this fiduciary responsibility that feed into the Intuit programs. Most are very inexpensive and are on smart phones, time equipment, and payroll accounting programs.

So ‘get with the program’ and start telling your bookkeepers to use these SaaS cloud programs and demand your bookkeepers and accountants start becoming risk classification compliance before you get audited by the government and then have to turn around to sue them for their fiduciary responsibility.

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