Accounting Services can be a little tricky if you do not have the right company managing or helping you with your financial data.
Our company leads in this department and will help, assist and train at any level of partnership to put your finances on track.
For small, medium and large companies
When understanding accounting services in simple terms it’s all the financial data, analysis and structure that goes into a financially sound business. Sometimes when a business is first set up, these protocols are sorely missed and the owner finds themselves in tax debt, financial data overload and unable to function as a complete business due to their books not being in order. By having us on your team from the beginning we can negate this but, if you missed that boat, this one just arrived, so climb aboard.
So what are accounting services? They are the nuts and bolts of any business or corporation and derive of these services:
Accounting Systems (software) set up:
Oracle Net Suite
Thomson Reuters CS Professional Suite
Financial Statement Analysis and Preparation (monthly)
Financial Budget Preparation
1099 Misc./ 1099 NEC preparation and filings
Payroll, Unemployment and Workers Compensation Filings
Employee Hiring Packages
Independent Contractor Packages
Accounting Services Options:
Accounting Systems Package includes items 1 to 6 above
Add-On- (these are single services): Please contact me if you have questions!
Monthly Bookkeeping (single company)
Monthly Bookkeeping (for 3 to 10 separate intercompany under 1 Parent company)
1099 Misc/Nec forms
Financial Statement Preparation
Independent Contractor or Employee Packages
Monthly Payroll (regular or certified-construction/union)
Business Plan Development
Business Loan Application Preparation
Collaboration with Audit Team
CM or OR collaboration to meet inclusion goals
FREQUENTLY ASKED QUESTIONS
What is an accounting system? This is a software application in which all of your financial data is stored, which is operated by a CFO or Bookkeeper or the Owner of the company.
Why do I need financial data or what’s the importance of keeping financial records? According to the Internal Revenue Service and Generally Accepted Accounting Principles (GAAP) all businesses are required by law to keep record of their financial data within an accounting structured system.
What is 1099 NEC or 1099 Misc.? In the tax year of 2020 the IRS implemented a new 1099 form for Non-employee compensation aka 1099 NEC. This form is used by companies to record monies paid to people who are not employees. Likewise, the 1099 MISC is used to record all other payments like rental payments; other income, etc. Both forms are used to distinguish money flowing out of companies Accounts Payable.
Is bookkeeping really important, can’t I just write whatever I want? Every government has their own financial accountability system, so in order to be a legitimate business there are certain rules that need to be followed. Writing down your inflow and outflow of money is just one of them, but it’s the most important rule because it shows that you are a legally structured business.
I do not have business insurance, is it really necessary knowing I am the only one working? Yes, business insurance is needed to protect you even if you’re the only one employed in your company. This type of insurance is called general liability and it’s to protect you from lawsuits, medical lawsuits, protecting your clients documents or hardware, and much more. This is one of the things you need as soon as you start doing business and taking client’s money.