Accounting and Bookkeeping
Most small business owners waste valuable time attempting to manage finances and keep up the bookkeeping end of their business when the time could be far better spent focusing on the service or the clients your business specializes in.
The successful small business owner knows to spend more time on work means generating more profit. Leave the tedious, time-consuming job of bookkeeping and accounting to the professionals!
Monthly or quarterly, depending on the size of your business and your specific needs, we will take care of the following accounting and bookkeeping services, which benefit your business in the following ways…
Bank Reconciliation
- Identify lost checks, lost deposits, or unauthorized wire transfers.
- Detect and prevent embezzlement of funds from within your business.
- Track your business growth and manage your cash effectively.
- Protect yourself from bank errors, fraudulent checks, and other financial crimes directed toward your business.
Balance Sheets
- Gives you a snapshot of the financial health of your business at any given point of time.
- Identify and analyze trends in receivables and payables, and take prompt action to keep those trends going in a direction beneficial to your company.
- Balance sheets, along with income statements, are the single most important elements for reporting to potential lenders and investors.
- General ledger management
- We can help you set up a general ledger system, or identify problems with your current ledger system, that will allow you to eliminate discrepancies and maintain accurate records for your business.
- Unlimited consultations.
Income Statements
- We will provide you with regular profit/loss statements that will help you track the operating costs of your business.
- Understand what areas of your business are over/under budget and identify the specific areas that need attention to keep your business profiting.
- Track increases in product sales or returns as a percentage of your sales.
- Determine your current tax liability.
Payroll Management
The IRS is serious about payroll tax laws and the penalties and fines for those who don’t comply are stiff. If you are a small business owner who processes your own payroll, or who hires an employee who dedicates time to processing payroll, you are probably wasting a minimum of 12 days per year that could be spent generating new business.
Our payroll services are cost-effective, giving you back the time you need to run your company and focus on improving your products and services. We keep up with the changing federal and state tax laws so that you don’t have to.
And because we understand that the needs for every business vary, we offer you three different levels of payroll services.
This is your full-service, no hassle payroll plan where we provide the following…
- on-time payroll check preparation and laser printing on blank, maximum security check stock
- free direct deposits
- IRS and State Tax reporting, as well as EFTPS tax deposits
- easy to understand monthly, quarterly, and annual payroll tax reports including W2, W3, and 1099 forms
- employee sick day, vacation, and personal day accruals
- creation and filing of required tax paperwork for new hires
Enter employee hours and earning online and you will get…
- the ability to print your own payroll checks on your own computer
- free direct deposits
- IRS and State Tax reporting, as well as EFTPS tax deposits
- easy to understand monthly, quarterly, and annual payroll tax reports including W2, W3, and 1099 forms
- employee sick day, vacation, and personal day accruals
- creation and filing of required tax paperwork for new hires
If you prefer to manually process your payroll checks, we can help by providing the following services…
- your data records into our files for problem-free maintenance and reporting
- IRS and State Tax reporting, as well as EFTPS tax deposits
- easy to understand monthly, quarterly, and annual payroll tax reports including W2, W3, and 1099 forms
- employee sick day, vacation, and personal day accruals
- creation and filing of required tax paperwork for new hires
We can also help you with the following…
- Worker’s Compensation Audits
- Unemployment Claims
- Social Security Audits
- Child Support Audits
- W-2 and W-3 processing
- 1099 and 1096 processing
- Preparation/assistance with Federal and State registration forms
QuickBooks Services
It’s true, QuickBooks is flexible and easy to use, and although you and/or your staff are probably entirely capable of installing and setting up your QuickBooks software, we have found that most clients prefer the benefits of having a professional get the system up and running for them.
Our experience allows us to review your current bookkeeping system and your future bookkeeping needs and then set up your QuickBooks program so that it works for you, flawlessly, right from the start. You don’t have to waste your time, or the valuable time of an employee, taking the time to figure out what methods of accounting you use, what chart of accounts you will need for your business, and how to properly enter beginning balances. As well, our expert provides training on the QuickBooks software, increasing efficiency and knowledge of your new accounting method immediately rather than prolonging the inevitable learning curve as your bookkeepers figure out the ins and outs of the system.
When hiring us to setup QuickBooks for your business, you will not lose any time to installation and setup of the system. We will…
- review your current accounting system and determine your needs, including the setup and design of your QuickBooks accounting management software.
- determine your best start date and load balances as of that start date, including outstanding accounts receivable and outstanding accounts payable as of that start date.
- prepare the list of services, inventory items, non-inventory items, any additional charges, and sales tax that you will bill to your customers.
- enter any transactions as of your start date into the QuickBooks system.
- train you or a member of your staff to use QuickBooks to meet all of your accounting and financial management needs.
- follow up training to make sure the system is working seamlessly for your business.
- monthly, quarterly, or annual review of data to make sure you are on track for tax preparation and the necessary management reports to build your business.
If you have eased your way into using QuickBooks and learning to utilize the software to your advantage, you may find that your records could use a little “housekeeping.” Let our expert assist you with our 4-hour “clean up” service where we prepare you for tax time, review your finances, or simply help you to organize and clean up your bookkeeping system for maximum efficiency.
We can help you customize reports, tie up stray pieces, and make sure your general ledger balances along with subsidiary records. Our housekeeping services are offered at one low price that will save you money in the long run.
The quick and simple fix to any potential QuickBooks problems.
Our one-on-one instruction is the perfect way to begin your QuickBooks experience. Avoid wasting time on the generalities introduced in a typical class by having our expert come directly to your office with the goal of teaching you exactly what you need to know about your QuickBooks setup for the smooth operating and efficiency of your particular business.
Business Start-up
In order to set up and maintain your tax-exempt status, your organization must meet very specific expense and income classifications. The IRS determines your eligibility with the following:
Yearly Income Statements – categorizing specific expense and revenue details such as donations, salaries, postage, rent, etc.
A Yearly Balance Sheet – including cash, accounts receivable, and accounts payable.
Individual Program Expense Statements – detailing every expense for each program, service, or seminar, including things like educational mailings.
Revenue Support Schedules – detailing charitable donations, membership fees, and investment interest.
As you can see, the way you set up your bookkeeping and accounting system is crucial to the successful maintenance of non-profit status. Luckily, we can help you create the necessary bookkeeping systems and can even take care of filing the forms for you yearly.
Our non-profit services include…
- Filing of your non-profit status application, initial start-up documentation, incorporation, FEIN, and payroll setup with federal and state agencies. For new non-profits, contact us for a list of items needed to apply for 501 (c)(3) status.
- Reviewing and compilation of your financial statements.
- Design, training and maintenance for your accounting system.
- Payroll management and preparation.
- Yearly filing of the necessary IRS tax forms.
- Board training services regarding non-profit budgeting and management practices.
- For Churches, we prepare the pastoral housing allowance and other required benefit documentations.
Owning your own business is right up there with apple pie and baseball as an American pastime. In order to assure that your business succeeds beyond the initial desire and thrill of fulfilling a dream, you must take the time to develop a comprehensive plan and gain the advantage of having all pertinent information in place before you begin your venture.
We can help you avoid becoming another failed business statistic.
With our help, you will identify and avoid the common mistakes many new business owners make. We will help you build a business plan for success, as well as provide financial management services to meet your needs.
Steps to starting your business right…
- Prepare a business plan and determine your initial capital needs.
- Identify your current resources, as well as sources of start-up capital and your borrowing capacity.
- Review potential business structures in terms of tax advantages and portability in case you need to relocate.
- Plan for the financial management of your business by selecting accounting software that fits your projected budget and gaining the hardware necessary to run it.
- Understand the key components of a Cash Flow Projection and develop one to cover each month of your business for the first year, at least.
- Learn about the best billing and collection procedures to maximize your cash flow.
- Research and gain an understanding of employment laws so that you are prepared to comply from the start.
- Consider a home office for maximizing tax deductions.
- Prepare and file for all local and state licenses and permits.
- Gain a Federal Employer Identification Number and set up payroll services and payroll tax filing systems with your first employee.
- Identify any business insurance needs.
- Develop a Partnership Agreement. By putting the terms of all business partnerships into writing, you will save a lot of future pain and headache, as well as the potential detriment of your business.
Don’t let this list overwhelm your desire to start a business. Our services were created with small business owners like you in mind.