Every dollar counts for business owners, so if you don't know where you stand on a monthly basis, you may not be around at the end of the year. And while using do-it-yourself accounting software can help monitor costs, the benefits of hiring good accountants extend far beyond crunching numbers. Potentially, they can be your company's financial partner for life.

 

Money management is vital to the success of any business. We offer an array of financial services to ensure your company's success. We provide financial guidance, management decisions, and budgeting analysis. We also advise clients on developments in their industry, keeping them informed and knowledgeable about changing trends.

 

Managing your business finances does not have to be “eat your spinach” drudgery. The key is to create a realistic plan with a budget, record your transactions correctly, review your results regularly and always keep good records. Your comfort level with the three basic financial reports that evaluate your fiscal health is also essential: the balance sheet, income statement, and cash flow statement.

 

When is it time to do that? The following checklist lays out a recommended timeline to take care of the accounting functions that will keep you attuned to the state of your business and streamline your tax preparation.

 

Let us help you watch your cash

Since cash is the fuel for your business, you never want to be running near empty (except at your year end to maximize your deductions and reduce your profit and tax liability). Knowing how much you expect to receive and how much you expect to pay during the upcoming week/month is important.

 

Let us do all your record keeping

Record each transaction (billing customers, receiving cash from customers, paying vendors, etc.) in the proper account daily or weekly, depending on volume. Although recording transactions manually or in Excel sheets is acceptable, it is probably easier to use accounting software like Quickbooks. The benefits and control far outweigh the cost.

 

Let us review and/or prepare your payroll taxes

While you have an established schedule to pay your employees (usually semi-monthly), you need to meet payroll tax requirements based on federal, state and local laws at different times, so be sure to withhold, report, and deposit the applicable income tax, social security, Medicare and disability taxes to the appropriate agencies on the required dates. If necessary, we will guide you with all your payroll tax responsibilities before payments are disbursed to avoid corrections and penalties.

 

Fill out IRS forms W-2 and 1099-MISC

The IRS has a January 31st deadline that require you to report the annual earnings of your full time employees (W-2s) and independent contractors (1099s). This deadline includes mailing copies of the tax forms to the people who worked for you. You must also file with the IRS no later than January 31st.

 

Review sales tax and make quarterly payments

If your company operates in a state that requires sales tax, make sure you comply to avoid serious penalties. We can help determine the appropriate course of action for your company.

 

Document and File Receipts

Keep copies of all invoices sent, all cash receipts (cash, checks, and credit card deposits) and all cash payments. Start a vendors file for easy access. Create a payroll file sorted by payroll date and a bank statement sorted by month.

 

Review unpaid bills from vendors

Every business should have an “unpaid vendors” folder. Keep a record of each of your vendors that includes billing dates, amounts due, and payment due date. If vendors offer discounts for early payment, you may want to take advantage if you have the cash available.

 

Pay vendors, sign checks

Track your accounts payable and have funds earmarked to pay your suppliers on time to avoid any late fees and maintain favorable relationships. If you are able to extend payment dates to net 60 or net 90, that would be beneficial for your business. Whether you make payments online or drop a check in the mail, be sure to keep copies of invoices sent and received.

 

Let us help with the following services for your business:

 

• all bookkeeping

• bank reconciliations

• balance checkbook

• payroll taxes

• sales taxes

• truck mileage taxes

• corp taxes

• personal taxes

• mortgages and loans assistance

• investments and insurance

• real estate buy and sells, rental properties