SMALL BUSINESS SERVICE PACKAGE: Core components of our small business package are bookkeeping, payroll and taxes.
Bookkeeping:
Some businesses are simply not aware of their financial standing until they complete their income tax returns. Businesses often lack the structure, time or knowledge for adequate record keeping. Fortunately those pitfalls can be remedied through the use of an outside bookkeeping service.
We record our clients transactions monthly thus maintaining their accounting records and alleviating internal bookkeeping headaches; we analyze our clients financial situations periodically and explain it in plain english making comparisons with their peers - calculating ratios and then using this information to help them make changes in their business down the road.
We will setup a simple paper system with you through our office for recordkeeping, or if you prefer computerized recordkeeping and do not mind learning software programs, we can setup or analyze your Quickbooks records and help train your personnel on quickbooks. We then compile your monthly financial information through our bookkeeping segment of service and analyze it with you.
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...
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 shortage?
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.
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.
Payroll:
We facilitate the payment of salaries and wages and keep our clients in compliance regarding payroll tax payments and payroll report filings.
When it comes to paying employees, laws and the IRS have made the payroll function a time consuming nightmare for the small business owner.
You get comprehensive reports that instantly let you know your payroll situation
Taxes:
We sit down with business owners and evaluate their tax situation and plan with them to mimimize their taxes in the future, as well as filing their required current business and personal tax returns.
We prepare returns for sole proprietors, LLC's, partnerships, corporations, s-corporations, estates, and trusts as well as income, franchise, sales, payroll, personal property, and gross receipts tax forms of federal, state, or local governments throughout the United States.
Today's tax laws are so complicated that filing a relatively simple return can be confusing. It is just too easy to overlook deductions and credits to which you are entitled. Even if you use a computer software program there's no substitute for the assistance of an experienced tax professional.
Here's what you'll get...
Your tax return will be checked and rechecked by our computer software identifying potential problems the IRS may look at more closely and reviewing the math to limit IRS contacts.
Your tax return can be filed electronically so you will get a refund back quicker.
Our staff will show you how to adjust your payroll withholding to get more money back each week. Why give the IRS an interest free loan for up to 16 months.
We will show you potential deductions to limit your tax liability for next year. In addition, we will give you a sheet of commonly overlooked deductions to limit the following year's tax liability.
Planning is the key to successfully and legally reducing your tax liability. We go beyond tax compliance and proactively recommend tax saving strategies to maximize your after-tax income.
Some of the Tax Saving Strategies we use are...
Splitting income among several family members or legal entities in order to get more of the income taxed in lower bracket.
Shifting income or expenses from one year to another in order to have them fall where it will be taxed at a lower rate.
Deferring tax liabilities through certain investment choices such as pension plans, contributions and other similar plans.
Remember, we work for you not for the IRS. Many of our clients save many times our fee in reduced tax liability through careful planning and legitimate tax strategies.
Books a Mess: No Problem! (For new clients only) If you own a small business and haven't kept up your bookkeeping, don't worry. We can help you. We'll prepare your bookkeeping for the year, prepare a business tax return as well as your personal income tax return. Then we'll help you set up an easy system that allows you to keep your books in tip-top shape next year.
Other Services:
While your business and related individual tax returns will be prepared through Robinson CPA Firm PLLC, other individual returns and services including individual financial planning and investment management services are offered through our sister company - Windfall Wealth Planning PC. See the website www.WindfallPlanning.com.
We record our clients transactions monthly thus maintaining their accounting records and alleviating internal bookkeeping headaches; we analyze our clients financial situations periodically and explain it in plain english making comparisons with their peers - calculating ratios and then using this information to help them make changes in their business down the road.
Today's tax laws are so complicated that filing a relatively simple return can be confusing. It is just too easy to overlook deductions and credits to which you are entitled. Even if you use a computer software program there's no substitute for the assistance of an experienced tax professional.
