Services Offered
Bookkeeping Services
Bookkeeping is the process of recording, organizing, and managing financial transactions and information for a business or individual. It involves maintaining accurate and up-to-date records of income, expenses, assets, liabilities, and equity. This is typically done on a daily, weekly, or monthly basis. Some key functions of bookkeeping include:
Recording transactions: This involves documenting all financial transactions, such as sales, purchases, payments, and receipts, in a systematic manner.
Classifying transactions: Once recorded, transactions are categorized into various accounts, such as revenue, expenses, assets, liabilities, and equity. This classification helps organize financial information for analysis and reporting purposes.
Reconciling accounts: Regularly comparing and reconciling financial records, such as bank statements and credit card statements, with the corresponding bookkeeping entries to ensure accuracy and identify any discrepancies.
Generating financial statements: Bookkeeping provides the data necessary for generating essential financial statements, such as the balance sheet, income statement, and cash flow statement. These statements offer insights into the financial position, performance, and cash flow of a business.
Facilitating tax compliance: Accurate bookkeeping is crucial for meeting tax obligations. It helps in calculating and reporting income, expenses, and deductions accurately, making tax preparation smoother and reducing the risk of errors or discrepancies.
Financial Statement Preparation & Books Clean Up
Financial statement preparation is the process of creating and compiling the financial statements of a business or organization. These statements provide a summary of its financial activities and performance during a specific period, usually on a quarterly or annual basis. The main financial statements typically prepared are the balance sheet, income statement, cash flow statement, and statement of retained earnings. The process of financial statement preparation involves gathering relevant financial data, such as transaction records, ledgers, and supporting documentation. This information is then organized, classified, and summarized in accordance with accounting principles and standards. Various calculations and adjustments may be required to ensure accuracy and adherence to financial reporting guidelines. This is typically completed on a monthly, quarterly, or annual basis. Descriptions of typically statements prepared:
Balance sheet: Also known as the statement of financial position, the balance sheet provides a snapshot of a company's financial position at a specific point in time. It presents the company's assets, liabilities, and shareholders' equity, illustrating what it owns and owes, as well as the shareholders' investment in the business.
Income statement: Also called the profit and loss statement (P&L), the income statement shows the revenue, expenses, gains, and losses incurred by a company during a specific period. It summarizes the company's financial performance by calculating the net income or net loss, indicating whether the business has generated a profit or incurred a loss.
Cash flow statement: The cash flow statement details the cash inflows and outflows of a company during a given period. It classifies cash flows into three categories: operating activities (such as revenue and expenses), investing activities (such as buying or selling assets), and financing activities (such as obtaining or repaying loans). The statement provides insights into a company's liquidity, operating cash flow, and ability to meet its financial obligations.
Statement of retained earnings: This statement reflects changes in a company's retained earnings over a specific period. Retained earnings represent the accumulated profits or losses that a company has retained after distributing dividends to shareholders. It shows how the company's net income, dividends, and certain adjustments affect the overall equity of the business.
Payroll Services
Payroll services refer to the outsourcing of tasks related to employee compensation and the management of payroll processes. It involves the administration of employee wages, taxes, deductions, and other financial aspects associated with payroll. By outsourcing payroll services, businesses can streamline their payroll operations and ensure accurate and timely payment to their employees. This is typically done on a weekly, bi-weekly, bi-monthly, or monthly basis. Here are some key aspects of payroll services:
Payroll processing: Payroll service providers handle the entire payroll processing cycle, including calculating employee wages, factoring in hours worked, overtime, bonuses, and commissions. They also consider employee-specific information such as tax withholdings, benefits, and deductions.
Tax obligations: Payroll services help businesses comply with various tax obligations by accurately calculating and withholding employee income taxes, Social Security, Medicare, and other applicable payroll taxes. They also assist in preparing and filing payroll tax returns with the relevant tax authorities.
Direct deposit and payment distribution: Payroll service providers offer convenient methods for distributing employee wages. They can facilitate direct deposit, enabling employees to receive their pay directly in their bank accounts. They may also offer options for issuing physical paychecks or prepaid payroll cards.
Employee self-service: Many payroll service providers offer employee self-service portals or apps, allowing employees to access their pay stubs, tax forms, and other payroll-related information. This feature enables employees to view their earnings, deductions, and tax details at their convenience.
Compliance and reporting: Payroll services ensure compliance with employment laws and regulations. They stay updated on changes in tax laws and labor regulations, helping businesses avoid penalties and legal issues. Additionally, payroll service providers generate essential payroll reports, such as W-2s and 1099s, to meet reporting requirements.
HR integration: Some payroll service providers integrate their services with human resources (HR) systems, allowing for seamless management of employee information, benefits administration, time and attendance tracking, and other HR-related functions.
Software Setup and Training
Software setup assistance and training involves helping clients set up and configure accounting software tailored to their specific needs and providing training to ensure smooth adoption and proficiency in using the software effectively. Here's a breakdown of what these services entail:
Software evaluation and selection: The accounting firm collaborates with the client to evaluate their accounting requirements and identify the most suitable software solution. This may involve considering factors such as the client's business size, industry, budget, and desired features. The firm provides recommendations and guidance in selecting the right accounting software that aligns with the client's needs.
Software setup and configuration: Once the software is chosen, the accounting firm assists the client in the initial setup and configuration process. This involves installing the software, customizing settings, and configuring the chart of accounts, tax rates, payment methods, and other relevant parameters to reflect the client's business structure and operations accurately.
Data migration and integration: If the client is transitioning from an existing accounting system or manual processes, the accounting firm helps migrate the relevant data to the new software. This may include importing customer and vendor details, transaction history, and other financial information. Additionally, the firm can assist in integrating the accounting software with other systems such as CRM, point-of-sale (POS), or inventory management systems, ensuring seamless data flow and synchronization.
Training and education: The accounting firm provides comprehensive training to the client's staff members, ensuring they are proficient in using the accounting software effectively. This training can cover various aspects, such as navigating the software interface, entering transactions, generating reports, reconciling accounts, managing inventory, and performing other day-to-day accounting tasks. The training can be conducted through personalized one-on-one sessions, group workshops, or online training modules, depending on the client's preferences and requirements.
Ongoing support: Following the software setup and training, the accounting firm continues to offer ongoing support and assistance. This includes addressing any questions or issues that may arise during software usage, providing guidance on complex accounting tasks, troubleshooting technical problems, and keeping the client informed about software updates, upgrades, and new features that could benefit their business.
Tax Preparation - Business and Individual
Tax preparation is the professional service provided by tax experts or tax professionals to assist individuals or businesses in accurately and efficiently preparing and filing their tax returns. It involves analyzing the client's financial information, identifying applicable tax laws and regulations, and completing the necessary forms and documentation required by the tax authorities. Here's an overview of what tax preparation services entail:
Gathering and organizing financial information: The tax professional guides the client in gathering and organizing all the necessary financial information required to prepare the tax return. This includes documents such as W-2 forms (for employees), 1099 forms (for freelancers or contractors), bank statements, investment statements, receipts, and any other relevant financial records.
Tax data entry and calculation: The tax professional uses specialized tax software or tools to input the client's financial data into the appropriate tax forms and schedules. They apply the relevant tax rules and calculations to accurately determine the client's taxable income, deductions, credits, and tax liabilities.
Maximizing deductions and credits: The tax preparer identifies potential deductions, credits, and exemptions that the client may be eligible for, ensuring that they take full advantage of all available tax benefits. This could include deductions for mortgage interest, student loan interest, medical expenses, business expenses, education credits, child tax credits, and more.
Compliance with tax laws: The tax preparer stays up-to-date with the latest tax laws and regulations to ensure compliance. They ensure that the tax return accurately reflects the client's financial activities and adheres to all applicable tax laws, minimizing the risk of errors, omissions, or audits.
Review and quality control: The tax professional conducts a thorough review of the prepared tax return to ensure accuracy and completeness. They verify that all required forms, schedules, and supporting documentation are included, and cross-check the numbers and calculations for consistency and accuracy.
Filing the tax return: Once the tax return has been prepared and reviewed, the tax professional electronically files the return on behalf of the client, ensuring it is submitted to the appropriate tax authorities by the deadline. They provide the client with a copy of the filed return for their records.
Tax planning and advice: In addition to tax preparation, tax professionals may also offer tax planning services. They provide guidance on strategies to minimize tax liabilities in future years, advise on estimated tax payments, help with tax implications of major financial decisions, and offer overall tax planning advice based on the client's unique financial situation.