While a clean set of books is a key objective for every accountant, it’s also important to match the accounting records with the monthly bank statements. Our bank reconciliation services ensure that every deposit and withdrawal aligns with entries into your accounting records. This assessment enables us to identify lost deposits, lost checks, unauthorized transactions, and inappropriate bank fees. It triggers investigation into any fraudulent activity (identity theft, forgery, embezzlement, etc.), and expedites restitution. And it gives you a clearer picture of your cash position for addressing planned outlays and investments.

We can prepare a complete set of financial statements to help you assess the health of your business. This package includes:

• A Balance Sheet that gives you a snapshot of your overall financial condition at month, quarter, and/or year end

• An Income Statement (a.k.a. Profit and Loss Statement) that summarizes revenues, expenses, and net profits so you can assess the operating performance of your business

• A Comparison of Actual Performance to Budget so you can identify trouble spots in your revenue stream or spending patterns

• A Cash Flow Statement that shows how changes in your Balance Sheet and Income Statement affect your available cash

• Estimated tax liabilities

Our analysis of your financial statements helps you frame strategic initiatives (e.g., business expansion, acquisition) as well as tactical plans (e.g., accounts receivable and accounts payable management). Professionally prepared financial statements are also an essential resource when dealing with creditors (e.g., vendors, banks) and investors.

When you use our professional accounting services, you get more than a collection of records and reports. You get the benefit of our skills, experience, and expertise. We’re happy to invest the time to make sure that you understand and utilize all of the information we provide. Call us whenever you have a question or concern.

Managing the employee payroll is not a simple matter of calculating the amounts due, writing checks, and handing them out. There’s a host of government reporting and recording keeping requirements that comes with the job. And there are adverse consequences if you get it wrong.

There are 5 good reasons for outsourcing this function:

• You’ll save money by letting the experts attend to the task efficiency and accurately.

• You’ll avoid penalties associated with payroll tax calculation errors or missed filing deadlines.

• We’ll handle employee questions and concerns, and research any issues they uncover.

• You’ll receive comprehensive reporting to help manage your business and attend to any special requirements.

• You’ll gain valuable time to focus on running your business.

We offer three payroll service options to meet the needs of different business owners and non-profit clients. All three services include:

• Vacation, sick, and personal day accruals and tracking

• IRS and State tax reporting plus Electronic Federal Tax Payment System (EFTPS) deposits

• Monthly, quarterly, and annual payroll tax reports

• New hire file creation and reporting

• W-2, W-3, and 1099 preparation

The service option you choose defines how payments are processed:

• Comprehensive Payroll Processing Service:We manage the secure check processing and direct deposits

• After-the-Fact Payroll Service: You process all of the payments, and we post your payroll records and information into our data system and handle all of the other payroll functions.

• Online Payroll Processing: We provide access to our payroll system to enable you to enter employee hours and earnings. You print the payroll checks on your printer, and we process the direct deposits.

We can also provide ad hoc services, such as:

• Worker's Compensation Audits

• Unemployment Claims

• Social Security Audits

• Child Support Audits

• Federal and State registration

A relationship where two or more persons join together to carry on a trade or business. The owners usually draft a partnership agreement that outlines their individual responsibilities and how money will be distributed. There are tax advantages but (similar to Sole Proprietorship) owners may have personal liability. Partnerships come in two varieties: general partnerships and limited partnerships. A major advantage of a partnership is that it “passes through" any profits or losses to the individual partners by distributing a Schedule k-1 to each partner.

Corporations are separate legal entities that separate the owner’s personal assets from the company.

A C-Corporation is the traditional structure for a corporation and means that the business is taxed separately from the owners.

An S-Corporation is a distinction made by the IRS which adds the potential to avoid double taxation to a traditional corporation. This means that the corporation is not taxed, only the owners.

The biggest benefit for a business owner who decides to incorporate is the liability protection he or she receives. A corporation's debt is not considered that of its owners, so if you organize your business as a corporation, you are not putting your personal assets at risk. Some of the disadvantages of corporations are that they must file articles of incorporation, hold directors and shareholders meetings, keep corporate minutes, and allow shareholders to vote on major corporate decisions. Finally, S corporations can also have up to 100 shareholders, can issue only one class of stock and can only be owned by individuals, estates and certain types of trust.

A very common business structure for independent contractors is the limited liability company (LLC). The main benefit is that the LLC offers limited liability for all of the owners. To form an LLC, you must file paperwork with the state and pay a filing fee; however, it is fairly simple compared to forming a corporation. This entity offers a great deal of flexibility in how the owners, known as members, manage the company and share the profits. The members create an operating agreement to detail how they will manage the company and split the profits.

By default, the IRS treats the LLC is a pass-through entity, taxing it as a sole proprietorship (if it has one member) or a partnership (for two or more members). The IRS also allows LLCs to elect to be taxed as a corporation.