Business Accounting Services

We understand that each business owner is concerned about his buttom line figures. As a small business owner you have more important things to do than to complie with the IRS's bookkeeping procedures and to keep your own books. We take care of your books for you, so you can focus on the job of running your business and generating profits!

Each month or quarter we'll do the following things for you...

• Tax Preparation & Planning
• Reconcile your bank and cash accounts
• Generate an income statement
• Generate a balance sheet
• Prepare and adjust your general ledger
• Provide unlimited consultations as needed

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

Business Tax Preparation

Our CPA firm knows that tax planning is the key to minimizing your taxes and putting money into your pocket not in uncle Sam's pocket. In addition, we strive to stay on top of the ever changing tax laws and help keep your business in compliance with the IRS and Your State tax authorities.

When you work with our CPA’s, we use a proprietary system of tax planning and preparation, customed to your needs, that assures that your taxes' liabilities are well planned and minimized. We assure that our advice is delivered timely. We actively look for and recommend ways to minimize your tax liabilities throughout the year, not just at the end of the year. This strategic approach is a critical part of the tax planning and preparation services that our accounting firm provides.

Business Tax Filings:

We prepare business taxes for

• Corporation, Partnership, LLC, Sole Proprietor
• Foreign companies doing business in the U.S.
• Payroll and sales taxes
• E-Filing
• State And Local Tax
• Forms 1099 and other required IRS Forms and Returns

Bank Reconciliation

The main benefit of reconciling your bank statement is to make sure that your books and the bank both have the same amounts and the same transactions recorded. It's a good way to catch bank errors (they do occur), unexpected bank fees, unauthorized transactions or charges to a debit card, and items you may have forgotten to record in your checkbook or debit register. You will catch those things if you pay very close attention to your transaction register at the bank's web site. However, if you rely solely on the transaction register at the web site, you will probably overlook something important

Having us reconcile your account each month allows and help you to...

• Identify missing or lost checks, lost deposits and unauthorized outgoing wire transactions.
• Detect and possibly prevent unjustified bank charges and ensures transactions are posted correctly by your bank.
• possibly detect and prevent embezzlement of funds from within your company.
• Properly account for cash accounts accurretly through reconciliation and posting them to you financial statement.
• Manage your cash more effectively. Proper management of cash flow not only saves money, it makes money for you.
  

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. This reason to reconcile alone should be enough. Crime exists.

Sleep Better. You will sleep more peacefully at night knowing your bank accounts are reconciled to your general ledger, in balance and that all funds, accounts, checks and disbursed funds are properly accounted for.

 

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 , classify and account for your 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 when you compare budget's amounts to actual spending.
• Identify specific items that are causing high unexpected expenditures. Like cost of good cost, operating expenses such as phone, fax, mail, or supply expenses.
  
• Track high increases in product returns or cost of goods sold as a percentage of sales.
• Compare your business performance to the average business in your industry
  
• Determine your book net income and Taxable net income .

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 through looking at your business's financial ratio such as: Liquidity ratios, Profitability and activity ratios and Shareholder ratios.

Identify , compare 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 in a shorter time.

• Determine if your business has enough equity and capital to expand.
  
• Determine if your business can easily handle the normal financial means and cash flows to sustain its revenues and expenses
  
• Determine if you need to take immediate steps to increase cash reserves to handle future expenditures
• Determine if your business has been slowing down payables to budget for an inevitable cash shortage
  

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 or to investors to buy a stake at your company.

 

Maintaining a Clean General Ledger

The general ledger is the main accounting records of your company's financial records. These records constitute the heart of your accounting system. Since every transaction flows through the general ledger, any problem with your general ledger effects and throws off all your books.

Having us review your general ledger system each month allows us to hunt down any discrepancies such as double billings, mispoting or any unrecorded payments or unrecorded revenue. Then we'll fix the discrepancies so your financial statements and books are always accurate and kept in great shape.

Small Business Assistance

We will instruct you on the best entity (sole proprietorship, partnership, LLC or corporation) for your circumstances. Each has its own positives and negatives, making the decision complicated.

We will prepare your business license application/renewals, your sales tax reports, your Secretary of State Statement of Information, your required Forms 1099 and any other reports required of you by governmental authorities
Unlimited Consultations

• Unlimited consultations
• Free Consultation

 

At BK CPA, PC , we are pleased to offer you a free initial consultation. Come talk to us and get to know us before deciding to try us. Just call or email us for an appointment. Of course, there is no obligation if you decide not to engage our services.