Services

Tax Preparation & Planning

Effective tax preparation and planning can help you to minimize your future tax liability. We can help you proactively manage both your personal and your business tax issues, including understanding how upcoming business opportunities impact your tax status and vice versa. Not all tax planning opportunities are readily apparent. By having us on your team, you are more likely to benefit from those opportunities. We understand how the latest federal, state and local tax legislation and other developments affect you and your business and we are constantly identifying new ways to reduce federal, state or local tax liabilities.

Estate & Trust Tax Preparation

Estate matters affect everyone. By taking proactive steps today, you can ease the way for your heirs during a very difficult time. We can work with your legal counsel to help you to structure your estate and trusts to minimize taxes and ensure the smooth transition to your heirs. We are available to handle all estate and trust tax-related matters.

Bookkeeping

If your business does not currently have accounting staff or if your business is outgrowing its current bookkeeping system, our professionals can provide comprehensive bookkeeping and write-up services to ensure the smooth operation of the financial side of your business. As your business needs grow and change, our staff can provide input and planning assistance to make sure your accounting and financial systems keep pace with your business needs.

Accounting

As a small business owner you have more important things to do than to keep your own books. We take care of your books for you, so you can get back to the job of running your business and generating profits.

Each month or quarter we'll do the following things for you...

  • Reconcile your bank account

  • Generate an income statement

  • Generate a balance sheet

  • Clean up your general ledger

These tasks form the solid foundation of your small business accounting system. 

 

Bank Reconciliation

Reconciling your business checking account each month allow us to keep your bank account and accounting up to date.

Having us reconcile your account each month allows you to...

  • Identify lost checks, lost deposits and unauthorized wire transactions.

  • Detect and prevent excess/unjustified bank charges and ensures transactions are posted correctly by your bank.

  • Detect and prevent embezzlement of funds from within your company.

  • Know how your business is doing? You can't really know unless all accounts are reconciled and properly accounted for on your financial statement.

  • Manage your cash more effectively. Proper management of funds not only saves money, it makes money for you.

  • Protect yourself. By timely reconciling and promptly objecting to your bank about any unauthorized, fraudulent or forged checks presented to your bank and paid by that bank, you can relieve your agency of responsibility for the shortfall and transfer the risk to the bank. This reason to reconcile alone should be enough. Crime exists.

  • Sleep Better. You will sleep more peacefully at night knowing your bank accounts are reconciled, in balance and that all escrow funds, accounts, checks and disbursed funds are properly accounted for.

  
Income Statement

An income statement, otherwise known as a profit and loss statement, basically adds an itemized list of all your revenues and subtracts an itemized list of all your expenses to come up with a profit or loss for the period.

An income statement allows you to...

  • Track revenues and expenses so that you can determine the operating performance of your business.

  • Determine what areas of your business are over-budget or under-budget.

  • Identify specific items that are causing unexpected expenditures. Like phone, fax, mail, or supply expenses.

  • Track dramatic increases in product returns or cost of goods sold as a percentage of sales.

  • Determine your income tax liability.

 
Balance Sheet

A balance sheet gives you a snapshot of your business financial condition at a specific moment in time.

A balance sheet helps you:

  • quickly get a handle on the financial strength and capabilities of your business

  • identify and analyze trends, particularly in the area of receivables and payables. For example, if your receivables cycle is lengthening, maybe you can collect your receivables more aggressively

  • determine if your business is in a position to expand

  • determine if your business can easily handle the normal financial ebbs and flows of revenues and expenses

  • determine if you need to take immediate steps to bolster cash reserves

  • determine if your business has been slowing down payables to forestall an inevitable cash shortage

Balance sheets, along with income statements, are the most basic elements in providing financial reporting to potential lenders such as banks, investors, and vendors who are considering how much credit to grant you.

 
Maintaining a Clean General Ledger

The general ledger is the core of your company's financial records. These records constitute the central "books" of your system. Since every transaction flows through the general ledger, a problem with your general ledger throws off all your books.

Having us review your general ledger system each month allows us to hunt down any discrepancies such as double billings or any unrecorded payments. Then we'll fix the discrepancies so your books are always accurate and kept in tip top shape.

Business Entity Selection

The business entity—LLP, LLC, sole proprietorship, partnership, corporation, etc.— that you select for your business has enormous financial and tax implications. It is important that you make the right decision. We can explain each choice and its implications. As your business grows and changes, the type of business entity you choose may need to change also.

Business Advice

If your business is not making enough profits, we can figure out the cost deficiencies by doing a market analysis. By determining cost deficiencies, we can determine which cost to minimize in order to increase profits!

Unlimited Consultations

We are always available to spend time with you so you fully understand how to interpret and utilize the financial information we provide. Our consultations are already included in our price, so please feel free to call us whenever you have a question or concern.

If you'd like to receive a free consultation on our Small Business Accounting Service, please contact us!