Accounting
Services

Accounting Services

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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:

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1. Accounting Systems (software) set up:

   1. Oracle Net Suite

   2. Quick Books

   3. Sage

   4. Thomson Reuters CS Professional Suite

   5. Great Plains

2. Bookkeeping (monthly)

3. Financial Statement Analysis and Preparation (monthly)

4. Financial Budget Preparation

5. 1099 Misc./ 1099 NEC preparation and filings

6. Payroll, Unemployment and Workers Compensation Filings

7. Employee Hiring Packages

8. Independent Contractor Packages

9. Business Insurance

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Accounting Services Options:

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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  

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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.

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