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Accounting & Bookkeeping

Over the past we have worked with hundreds of small- to medium-sized businesses, from small service businesses that are operated from the corner of the living room to established businesses with a staff of accountants. Either way, the needs are the same: A bookkeeping and recordkeeping system that provides management with accurate and useful information and is easy to maintain. The complexities of some businesses make this a difficult task, but in most cases a system can be developed that can give you what you need without having to devote a huge amount of time and resources to it. There are two reasons that a business must maintain some type of recordkeeping system:

1. It’s the law! IRS requires that you report the income and expenses from any business that is operated for a profit, and records must be maintained which clearly support the income and expenses claimed.
2. Second, and more importantly, to manage your business! It is essential to the success of any business to know where your money is going every month, every quarter and every year, so that you have the information you need to make sound business decisions.
   
   

Most individuals who start a business know very little about how to run a business. They are very good at buying and selling something, or can provide an excellent service, but need help with all of the other things that come with actually "Owning" the business. We can help with:

• Choosing the proper entity type. Should you operate as a Sole Proprietorship? LLC? Corporation? S Corporation? Limited Partnership? We can help you decide, and explain the advantages and disadvantages of each!
• Classifying workers properly. Should they be employees, with tax withholding and the issuance of a W-2, or independent contractors, with no tax withholding and the issuance of a 1099-MISC? The IRS developed a 20 factor test that is used to determine whether or not a business paying for services must classify a person as an employee an withhold tax from their pay. Failure to handle this correctly can result in large payroll tax liabilities and penalties for a business. We can help you ensure that you are in compliance with this important aspect of running a business!
• When to start a computerized bookkeeping system. Small sideline businesses that have only ten or fifteen transactions per month to account for can probably get by without a formal computerized bookkeeping system, but for anything larger than that, we strongly recommend that you use a computerized, double entry accounting system such as QuickBooks. Click here for more information on the business bookkeeping services and bookkeeping oversight services that we offer.

Many times the important decisions are delayed until the "business gets going" or until "I have the time". Don't make this fatal mistake! Income tax and payroll tax problems, or the lack of financial statements needed to acquire financing have destroyed thousands of otherwise successful businesses! We can help you set up systems that will work for you so that you will not have an overwhelming burden upon you when the times comes to file these reports.

[ Accounting and Bookkeeping • Packaged Bookkeeping & Payroll • Bookkeeping Oversight ]

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