What It’s Like to Work With Lipsey And Associates

A lot of business owners know they need help with accounting, tax, and advisory support, but they are not always sure what that relationship actually looks like.

That uncertainty is understandable. Some firms only show up at tax time. Some bookkeeping firms only categorize transactions. Some advisory firms talk in broad concepts but never get close enough to the numbers to be useful.

Our model is different. At Lipsey & Associates, we work with business owners on an ongoing basis so the accounting, tax compliance, and advisory work all support each other.

That means we need a process. We need access to the right systems. We need clean communication. And we need enough involvement throughout the year to catch issues before they turn into tax season surprises.

We Are Not Just Collecting Documents Once a Year

The traditional tax model is simple: ask for documents once a year, prepare the return, file it, and repeat the same thing next year.

That model may work for simple individual tax returns, but it is usually not enough for business owners.

Business owners make decisions throughout the year that affect taxes, cash flow, deductions, payroll, compliance, and long-term planning. If we only see the numbers after the year is over, many of the best opportunities have already passed.

Our goal is to stay close enough to the accounting and tax picture that we can help clients make better decisions before filing season arrives.

The First Step Is Getting the Right Access

One of the first things we do with ongoing clients is make sure we have the access needed to do the work efficiently.

For bank accounts and credit cards, we generally ask for limited user access. This allows our team to view transactions, download statements, and review check copies when needed.

This does not mean we need default authority to pay bills, move money, approve transfers, or initiate payments. In most cases, we only need read-only or limited access so we can complete the accounting work without constantly asking the client to send statements and transaction details manually.

Bill pay authority can be added as an upgraded service when appropriate, but it is not part of our default bookkeeping setup.

Accounting Software: QuickBooks Online, QuickBooks Desktop, and Xero

Most of our clients use QuickBooks Online. When that is the case, we are added as an external accountant user. This allows us to assign work internally to the right members of our team and use the professional tools available to accounting firms.

Those tools matter. We have access to accounting workflow tools, reporting tools, cleanup tools, review tools, and other systems that help us work faster and more efficiently than a client trying to manage everything manually.

We can also support clients using QuickBooks Desktop, including larger clients who host their QuickBooks Desktop or QuickBooks Enterprise file in the cloud, as long as we have our own login credentials.

If a client wants to move from QuickBooks Desktop to QuickBooks Online, we can help with that transition as well. The goal is not to force everyone into the same software. The goal is to use a system that supports accurate reporting and efficient collaboration.

If the Books Are Behind, We Start by Getting Them Current

Many new clients do not come to us with perfect books. That is normal.

Sometimes the books are mostly correct but need cleanup. Sometimes bank accounts have not been reconciled. Sometimes payroll entries are inconsistent. Sometimes the balance sheet has not been reviewed in years. Sometimes prior bookkeeping was good enough to get through tax season, but not good enough to support planning or decision-making.

When needed, we help bring the books up to speed before moving into an ongoing monthly or quarterly process.

That cleanup step is important. Tax planning and advisory conversations are only useful if the underlying numbers are reliable. If the books are wrong, the advice built on top of them will be wrong too.

What We Do Each Month

For monthly bookkeeping clients, our process is designed to keep the books accurate, organized, and useful throughout the year.

Each month, we generally:

• Categorize transactions
• Assign vendors to transactions
• Create and maintain rules where appropriate
• Reconcile bank accounts
• Reconcile credit card accounts
• Review check copies when needed
• Manage payroll entries or run payroll when engaged to do so
• Send questions on unclear transactions
• Request vendor W-9s for 1099 filing purposes
• Maintain the fixed asset list for business personal property tax filings
• Prepare draft financial statements for client review

One small detail we care about is vendor tracking. We generally require a vendor for every transaction in QuickBooks Online because it makes the accounting system more useful.

Vendor detail helps with research, reporting, 1099 review, tax preparation, fixed asset review, and year-end analysis. It may feel like a small thing, but it makes a big difference later.

The Monthly Close Process

Our monthly bookkeeping process usually follows a consistent pattern.

1. Transactions are coded. We review bank and credit card activity and categorize transactions in the accounting software.
2. Vendors are assigned. We make sure transactions have vendor names whenever possible so the books are more useful later.
3. Accounts are reconciled. We reconcile bank accounts and credit cards to statements.
4. Payroll is recorded. If payroll is handled elsewhere, we record the payroll activity. If we are engaged to run payroll, we manage that process as well.
5. Questions are sent to the client. Unclear items are sent through our transaction question process.
6. Draft financials are prepared. We send the client draft financial statements for review.
7. Client feedback is incorporated. Requested changes are made based on priority, either immediately or in the next monthly cycle.

As a general rule, requested changes are made by the end of the following month. That keeps the process organized and prevents every set of financial statements from turning into an open-ended project.

Financial Statements Are Sent for Review

Once the books are updated, we send financial statements for review. These typically include:

• Profit and Loss Statement
• Balance Sheet
• General Ledger detail

We do not expect every client to review every line in the general ledger every month. But we do want clients to have visibility into the numbers and an opportunity to flag anything that looks unusual.

The best accounting relationships are collaborative. We know accounting and tax. The business owner knows the business. The financials are better when both sides contribute.

How Advisory Clients Work With Us

For advisory clients, the financial statements are not just reports. They are the starting point for a conversation.

Depending on the engagement, we meet quarterly or monthly to review the financials, discuss tax planning opportunities, and talk through what the business owner needs help with.

Sometimes that means tax strategy. Sometimes it means budgeting, cash flow, entity structure, payroll, business processes, technology, AI tools, hiring issues, or another operational question the owner is dealing with.

If we can help, we will. If the issue is outside our lane, we will try to point the client in the right direction.

Between advisory calls, we work on the projects identified during the meetings. Then we follow up on the next call, review progress, and decide what needs attention next.

How Tax Clients Work With Us

For tax clients, our goal is to avoid the last-minute scramble that happens when the books are not reviewed until the return is already being prepared.

Before finalizing a business tax return, we perform an Annual Accounting Review with a Senior Tax Manager. This review helps make sure the data is accurate before the return is completed.

That review may include the general ledger, balance sheet, payroll entries, shareholder or owner activity, fixed assets, loans, unusual expenses, distributions, and other items that affect the tax return.

This process is not about adding complexity for its own sake. It is about making sure the tax return is based on better information.

1099 Review Starts Before January

1099 filing is one of those areas where waiting until January creates unnecessary stress.

During the year, we help identify vendors who may need a Form 1099 and request W-9s when needed. At year-end, we review vendor activity so January processing is faster and cleaner.

We do not want 1099 filing to become a scramble. The work is easier when vendor information is collected during the year instead of chased after the year is over.

Local Compliance Is Part of the Process

For business clients, the tax return is only one part of compliance.

Virginia clients may have BPOL filings in February and BPPT filings in April. Maryland clients often have annual report and personal property filings due in the spring. DC clients may have separate reporting requirements throughout the year depending on the entity and activity.

These filings are easy to miss when no one is paying attention. We build them into our annual process so they are not treated as surprises.

Our Annual Compliance Calendar

Much of business tax work follows a predictable annual rhythm. We build our workflow around that calendar.

Communication Matters

We take communication seriously because poor communication is one of the main reasons business owners change CPA firms.

Our team is in the office every day. We answer the phone when clients call. We use shared inboxes so requests can be handled by more than one person when appropriate, which helps avoid unnecessary delays when a specific team member is unavailable.

That does not mean every issue can be solved immediately. It also does not mean we can always meet the same day. Our schedules are planned in advance so we can serve all clients properly and complete work on time.

But when clients have issues to discuss, we make time for them. Sometimes that conversation is with Jeffrey. Sometimes it is with a Senior Tax Manager, bookkeeper, or another member of the team. The goal is to get the right person involved so the issue can be handled efficiently.

Professionalism Without Making the Process Difficult

We want the client experience to feel professional and structured without feeling cold or overly complicated.

That means clear expectations, defined workflows, consistent communication, and thoughtful review. It also means we do not reinvent the process every month. The more consistent the system is, the better the work becomes.

Our goal is not to create more work for business owners. Our goal is to take the accounting and tax process off their plate in a way that still gives them visibility and useful information.

What We Expect From Clients

A good accounting relationship works both ways.

We can be efficient only if we have access to the right systems, timely answers to questions, and complete information when needed.

We do not want clients spending unnecessary time gathering the same documents every month. That is why we ask for appropriate system access. But there will always be some items that require business-owner input because only the owner knows the business context.

The best client relationships are the ones where the owner lets us build the process and then participates when judgment is needed.

Who This Works Best For

Our process works best for business owners who want an ongoing relationship, not one-time tax preparation.

• Business owners who want clean books and better financial visibility
• Clients who want their accounting and tax reporting coordinated
• Owners who value planning before year-end
• Businesses that need help with compliance across the year
• Clients who want access to a team, not just a once-a-year preparer

This is usually not the right fit for someone looking for the cheapest possible tax return or a one-time bookkeeping cleanup without an ongoing relationship.

The Bottom Line

Working with Lipsey & Associates is designed to be an ongoing relationship, not a once-a-year transaction.

We want the books to be cleaner, the tax filings to be better supported, the advisory conversations to be more useful, and the business owner to have more clarity throughout the year.

That requires a process. It requires access. It requires communication. But when the process works, the business owner spends less time reacting to accounting and tax problems and more time making informed decisions.