Small Business Accounting

Small Business Accounting

Overview

Working towards growing your small business and making huge profits? Record keeping plus financial analysis is a perfect way to unveil avenues of growth while monitoring your business expenses and income. Small business accounting also takes care of your tax obligations to the state and your employees as required by the law.

We offer accounting services that will help you in making informed business decisions daily. Our team will develop an accounting strategy that suits your business structure and financial goals. With or without employees, every business’s commercial objectives determine its growth and survival in a competitive market.

Our business accounting services will save you the trouble of cash misuse and unnecessary purchases by establishing protocols that strengthen internal controls. We are more than willing to formulate and implement an efficient record-keeping and financial strategy for your small business. Check out some of the benefits you will enjoy from our small business accounting services;

1. Controls and create a budget

When you are familiar with your business cash flow, creating and monitoring your business budget is simplified. With a smart budget, you will use every coin invested in the right manner.

2. Predict revenues

When you spend in business accounting, you stay informed and are in a better position to forecast your business revenues. Our accounting team will help you understand whether your marketing efforts are worth it or you need to make changes to increase revenues.

3. Make accurate purchase decisions

Accurate accounting will help you make better business purchase decisions. For instance, the purchase of a company vehicle or new building lease will have an impact on your business cash flow. We have adequate expertise and experience to help you decide on what to purchase now and what to buy at a later date, depending on your business objectives.

4. Track your business expenses

We will track your daily expenses, whether you are paying your employees or making sales calls, every payment matters. Small costs that go unrecorded add up over time and may alter your financial and overall business goals.

5. Tax obligations

Our CPA’s will prepare data required for tax planning and preparation using QuickBooks. This ensures that you handle your tax obligation on time and in the right way.

6. Monitor your business growth

One of the benefits of business accounting is the ability to monitor your business growth.

We will prepare detailed reports of your on-hand revenues, liabilities, and assets. You will know whether your marketing strategies are efficient or not and whether you meet your accounts payable and accounts receivable obligations.

QuickBooks

Your small business needs detailed accounting. We use QuickBooks to simplify the process and ensure efficient and accurate accounting. Also, we will organize your data for a smooth tax filing process. Why spend hours balancing your records rather than focus on service delivery and growth of your business? Some of the benefits of using QuickBooks include;

• It’s simple to use

Unlike other accounting programs, QuickBooks is easy to learn and use. With or without any financial background, you can learn how to use the program within a short period.

• You can integrate with other accounting software

QuickBooks can be used alongside other applications, making it more useful and efficient. For instance, after recording your business income and expenses, we will forward the information to a tax preparation program. QuickBooks also integrates seamlessly with Microsoft Excel.

• Can be customized

We will customize QuickBooks to suit your business structure and processes. Our accounting team will make your documents look different and official by adding your company’s logo and other company details. Your debtors will quickly notice your business invoices and make payments on time.

• Check signing

Signing hundreds of checks now and then is a daunting task. With QuickBooks, we can scan and upload your signature that you will use on your documents. This sets you free to handle other urgent and critical tasks.

Why choose our CPAs?

We have adequate knowledge and experience to handle even the most complicated small business accounting tasks. Our team has specialized in bookkeeping and financial analysis and will help you make better decisions depending on your business’s financial status and goals. Below are some of the benefits you will enjoy when you choose to work with us:

1. We will save you time

Time is precious and is needed for your business to grow. Accounting activities such as recording receipts, setting financial targets, tax returns, and bookkeeping determine your business stability and success but also consume a lot of time. Hiring us will allow you to delegate these tasks to experts as you focus on growing your business.

2. We will solve complex accounting tasks

Accounting mistakes can end your small business or cost you a lot of money in revenue. Our accountants have extensive knowledge of accounting practices and procedures. We will help you solve both simple and complex accounting problems while avoiding mistakes.

3. We will keep costs down

Our primary focus is on the financial wellbeing of your business. We will ensure that every coin invested is not used unnecessarily. Our team will keep a record of all payments made to lenders or suppliers and help identify areas where you can cut costs.

4. We offer tax services

Filing tax returns is not as straightforward as it seems considering the changing and complicated tax laws. There are numerous ways to reduce your tax debt. You are unlikely to have the expertise and time to try out these methods. However, our team will resolve your tax problems and file your tax returns on time.

5. We offer small business advice

We are financial experts and can advise on your day to day business operations or commercial acquisitions. Our team will help boost your business growth and create a more stable financial position. We deal with more than numbers.

6. We offer bill pay-services

Bill pay services allow you to pay individuals and companies via mobile or internet banking. It is one of the safest payment methods since it guards against identity theft. Our team will manage your business accounts payable for clients bi-weekly or weekly, depending on your business needs.

Industries we serve

We offer a wide range of services designed to help your company prosper and grow. Our team is experienced in an array of industries and has specific knowledge to resolve the most difficult challenges.

We serve sole proprietors, S and C corporations, and non-profit organizations. Our professionals also deal with industries that specialize in technology, Oil & Gas, Medical, and Real Estate.

Our CPAs, bookkeepers and business advisors stay current to maintain substantial knowledge of the industries we serve. We work hand in hand with your staff to develop and implement realistic and competitive business and accounting strategies.

We eliminate problems before they arise by understanding your business goals, needs, pinpointing opportunities, and weighing potential risks. This way, you utilize your energy and time on what you do best as we take care of your company’s accounting needs.

Bookkeeping

Like most business owners, you have probably received advice to invest in bookkeeping services. Well-meaning associates suggest bookkeeping services keep your business’s finances and books on track. If you have not yet considered this advice, it might be the best time to put it into practice.

Bookkeeping is more than just recording receivables and payables. It guarantees the success, security, and competitive power of your business. Our bookkeepers use QuickBooks since it is simple to understand and can be customized to suit your business needs.

Why do you need bookkeeping services?

Accurate bookkeeping will ensure that you are ready for tax season, effectively manage your debts, and know the source of your business losses and profits. You can easily track your income and identify places where you might be overspending.

With the information our bookkeepers give, you can focus on the most profitable services and products and cut unnecessary spending. We will prepare monthly financial statements and create a budget for your business.

Keeping a record of your business’s financial details is vital for securing investors. When you know your current business status, it’s easy to predict potential future success that may attract more investors. Even if you make small profits but have data that proves that your business is profitable in the nearby future, your investors will have enough confidence when supporting you financially.

Bookkeeping is also essential for filing taxes. We will highlight how much money you spent and how much you made all year- this helps you to file accurate and fair tax returns. You will qualify for rebates and deductions you deserve.

New business formation

The first step to starting a business is selecting a legal structure. The decision you make will not only determine your tax obligations but also the amount of paperwork you will handle throughout the year. We are ready to guide you through the selection process and offer valuable information from the beginning to the end.

After selecting your preferred business entity, we will offer other crucial services such as registration, business planning, budgeting, payroll setup, and accounting. We will customize QuickBooks for your accounting needs since it is more accurate and efficient.

Opening your firm is exciting, but everything that follows the excitement and thrill determines the success of your small business. You need a plan of action to fulfill your goals and dreams of running a profitable business. Our team will help you avoid some of the common mistakes business owners make when starting a business.

Payroll

What’s involved in payroll?

Payroll refers to all activities related to paying your employees and payroll taxes. It shows a list of employees and the amount that each receives at the end of the payment period. It also includes withheld taxes, bonuses, and records of your employees’ wages or salaries. Every employee will fill Form W-4 to declare their social security number, tax withholding exception, and name. Our team will keep a record of time off and hours worked, fringe off, overtime pay, and deductions.

Common payroll issues

One of the most significant expenses for your business is employee’s payment. For this reason, you should process payroll with the utmost accuracy. Payroll mistakes can cost your business a substantial amount of money in taxes, litigation costs, or even take long to fix the problem.

With a background in accounting and experience in the field, we will prepare and run your business payroll with zero errors. Some of the common payroll mistakes include;

• Processing wrong information
• Late payment
• Misclassifying your employees
• Not accurately calculating or reporting overtime
• Forgetting bank holidays
• Wage garnishment violation

Direct deposit payroll

There are several methods employers use to pay their employees- for instance, cash, electronic payments, or checks. Most people prefer electronic payment, also known as direct deposit. If you choose direct deposit payroll, the money will move from your account to your employees’ bank account whenever you are ready.

Your employees will receive payment on time, and you will avoid last-minute adjustments or lost paper checks. Are you wondering how to go about it? We will guide you through the whole process and help establish a standardized structure that will be used even in the future.

Remember, the IRS expects you to pay payroll taxes on behalf of your workforce. Our tax professionals will help you calculate the amount of payroll tax you should withhold from your employees every month and how to pay it.

Conclusion

Every successful business is built on the foundation of an accurate and reliable accounting system. Anything short of this could lead to business closure, and you don’t want that to happen. Get your business the expert accounting services it deserves.

Our experts have many years of experience in comprehensive accounting, bookkeeping, payroll services, and provide insightful small business advice. We will work closely with your staff to develop unique solutions for your business problems. Contact us today for a consultation!