BUSINESS SERVICES

Congratulations!  You've made the decision to start your own business.  Nothing can be more exciting or rewarding that starting your own business and watching it grow as you successfully deliver your service or product.  On the flip side, starting and running your own business can also be overwhelming as you begin to navigate all of the requirements to comply with the laws of your respective jurisdiction(s).  We have helped numerous individuals in their Start-Up phase as they get properly registered with their taxing jurisdictions.  We will ensure that you are properly licensed with the IRS, the state, and any other local jurisdictions so you can focus on running your business and not on your filing requirements. 

Below are just some of the typical services we provide to assist you in the Business Formation stage of your endeavor:

• After collaborating with you, we will help you decide the legal structure of your business.  Is it better to operate as a sole proprietor, an LLC (single-member), a partnership, a C-Corporation, or a Sub-S Corporation.File the necessary forms with your state to obtain a charter number with your state if required.
• File with the IRS to obtain your federal ID number.
• File with your state's Department of Revenue to obtain a state tax id number if required.
• Assist you with preparation of a business plan.
• Assist with the selection of accounting software and the setup.
• If you will have payroll we will ensure you are properly enrolled with all taxing jurisdictions for the reporting and remittance of payroll taxes.  The IRS and states takes the reporting and remittance of payroll taxes very seriously and you may be subject to steep penalties if you are not compliant.

As a 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
• Provide unlimited consultations

 Reconciling your business checking account each month allow us to keep your bank account, accounting, and taxes 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.

 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.

 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 shortageBalance 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. 

 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.