Accounting Services

Entity Selection

One of the most important decisions that you will have to make in connection with starting a business is the legal form in which to operate your business.

Moreover, as your business grows, you may consider changing forms to accommodate more owners, a different capital structure, or a need to shield your growing wealth from business liability.

There are several choices:
* a sole proprietorship
* a partnership
* a limited liability company
* a corporation (including a regular "C" corporation or an S corporation)

As you can imagine, there are significant income tax consequences that flow from each of these choices. But don't forget to weigh the tax issues against the non-tax issues, such as what type of business form will best help you to operate and grow the business, and what form, at your death, will make it easier for you to pass along the business to your heirs as a going concern if you desire.

Accounting Services

As a small business owner you have more important things to do than to keep your own books. cpa4less can take care of your books for you, so you can get back to the job of running your business and generating profits!

Each month or quarter cpa4less will do the following things for you...

Reconcile your bank account
Generate an income statement
Generate a balance sheet
Clean up your general ledger

These tasks form the solid foundation of your small business accounting system. You can customize the package of services you receive by adding tax planning, tax preparation, or other services you may require.

Bank Reconciliation

Reconciling your business checking account each month will keep your bank account, accounting, and taxes up-to-date.

Having cpa4less reconcile your account each month allows you to...

Identify lost checks, lost deposits and unauthorized wire transactions.
Detect and prevent excess/unjustified bank charges and ensure transactions are posted correctly by your bank.
Know how your business is doing? You can't really know unless all accounts are reconciled and properly accounted for on your financial statement.
Protect yourself. By timely reconciling and promptly objecting to your bank about any unauthorized, fraudulent or forged checks presented to your bank and paid by that bank, you can relieve your agency of responsibility for the shortfall and transfer the risk to the bank.

Income Statement

An income statement, otherwise known as a profit and loss statement, basically adds an itemized list of all your revenues and subtracts an itemized list of all your expenses to come up with a profit or loss for the period. An income statement allows you to...

Track revenues and expenses so that you can determine the operating performance of your business.
Determine what areas of your business are over-budget or under-budget.
Identify specific items that are causing unexpected expenditures. Like phone, fax, mail, or supply expenses.

Track dramatic increases in product returns or cost of goods sold as a percentage of sales.
Determine your income tax liability.

Balance Sheet

A balance sheet gives you a snapshot of your business' financial condition at a specific moment in time.

A balance sheet helps you...

Quickly get a handle on the financial strength and capabilities of your business.
Identify and analyze trends, particularly in the area of receivables and payables. For example, if your receivables cycle is lengthening, maybe you can collect your receivables more aggressively.
Determine if your business can easily handle the normal financial ebbs and flows of revenues and expenses?
Determine if you need to take immediate steps to bolster cash reserves?

Balance sheets, along with income statements, are the most basic elements in providing financial reporting to potential lenders such as banks, investors, and vendors who are considering how much credit to grant you.

Maintaining a Clean General Ledger The general ledger is the core of your company's financial records. These records constitute the central "books" of your system. Since every transaction flows through the general ledger, a problem with your general ledger throws off all your books.

Having a review of your general ledger system each month will discover discrepancies such as double billings or unrecorded payments. Correcting the discrepancies will assure your books are always accurate and kept in tip top shape.

Last Updated ( Friday, 18 July 2008 )

Tax Services

Income Tax Return Preparation for S and C Corporations, Partnerships, LLC's and LLP's.

Every business wants to reduce taxes, but to do it correctly isn't always so simple. With proper planning and the most favorable interpretation of the income tax laws, I can help you pay the lowest possible tax.

Business Tax Return Fees are a low $425.

Individual Returns, including schedule A are only $250. Returns with Schedules C, D and E are slightly more.

(All Return Fees Include both Federal and 1 State Tax Return)

Last Updated ( Tuesday, 18 August 2009 )

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