Tax Strategies to Boost Your Bottom Line
As a business owner, you have a long list of challenges and decisions you are expected to make every single day. These items are usually completed with incomplete information and generally have some sort of risk attached to them. We understand this process and embrace it. Whether you are a one-person operation, or have a complex employee structure, our tax accountants are focused on two things – paying the least amount of tax available and growing the business. In the world of business, growth is measured financially. Growth allows you to have the cash available to improve systems and processes. Hopefully, therefore, reducing your risk and enabling you to make better management decisions more timely.
Truth be told, trying to run a small business is fraught with peril. It is also one of the most rewarding things you will take on in life. The risk reward ratio is against you, but you take the plunge anyway, more for the independence than the money. And if you can make it three years the money usually shows up. During the first three years you have to change from an employee working to managing the employees and working on the business. Without timely management information it is highly unlikely you will know if you are making a good enough margin to stay in business and compete in the market place.
Our team of experts understand the life inside a growing business and can apply expertise and guidance to keep you focused ahead, on the next goal in sight. You need to become knowledgeable and informed on the tax aspects of running a business. While you can find much information online these days, you usually don’t want to become your own tax advisor. This is why you need our team of tax accountants working for you.
Our Services for Businesses
Business Accounting
It is not uncommon for business owners to find themselves playing catch-up to keep their accounting records current. When you have fallen too far behind it takes more time to record your data and thus comes with an increase fee. We want to reduce the burden to you for maintaining your accounting systems. Along the way our tax accountants will identify tax ideas right in your data and provide planning advice. This is a double win: lower fees and reduced taxes.
Quickbooks Management
There are so many different versions of quickbooks that are all programmed in a slightly different way. It is here where we can be quite effective helping you select the correct version that meets your needs and objectives. From there, you will need training and direction on how you are best to utilize quickbooks. Having an accounting software like quickbooks (which most of our clients use) does not replace the minimum accounting knowledge needed to operate this software. This is where we are most effective: providing training, customizing reports and answering questions you have on a regular basis. By having timely and regular accounting data, you will benefit your financial picture of your company and reduce your tax liability.
Cashflow Management
Cashflow is king. Cashflow management is as much about timing as it is about amounts. Poor cash flow can lead to missed opportunities for lowering operating costs or missed purchase discounts. Remember, bankruptcy is more a symptom of a lack of cash rather than a lack of profits – which is one of the major reasons why a successful company can go out of business.
Fast growth can stress your business with added costs of new employees, inventory, equipment and reduced cashflow . Being aware of the factors that affect cash flow is important. We’ll help you identify cash shortages before they occur, and we’ll show you opportunities to save money with proper planning. For example, you have great sales and no cash. This may be because all of your cash is stuck in accounts receivable.
Financial Reporting
A timely and accurate set of financial statements is important to make informed decisions and reduce income taxes. The knowledge of how to read financials is one of the most important skill-sets a business owner can have. While most are familiar with the basic statements – the balance sheet and income statement – they often lack a good way to compare and interpret them.
When our team of experts compile your financial statements, we put your data in a format that is useful for decision making. Our tax accountants then use this insight to provide you with useful management and tax planning advice.
Payroll
Payroll is generally a fairly simple tax but it is expensive to fix if it is broken. Let us handle your payroll, so you can focus on helping your business grow. With the payroll laws in a constant state of flux, it can be difficult and expensive to stay compliant. The owner can spend too much time focusing on tracking payroll information and while being distracted from running the business.
Our team of payroll professionals will work with you closely to ensure the accuracy of your payroll process and free up your time. Additionally, we will create a simple process for you to record payroll information, process your checks, direct deposits, W-2’s, and payroll taxes for you.
External CFO Services
There comes a time during the growth of a business when a significant amount of financial oversight is necessary to maintain and expand the operation. However, when small businesses reach this point, they may not be ready to hire a full time employee.
We have developed an External CFO program that can give you the confidence in the reliability of your financial information and the internal control systems of your business. Our experts will help provide you with a clear focus on developing new business strategies, advise you on strategic decisions using your financial data, and help create plans for your journey ahead.
External CFO Services
Having a good filing system, means you can find the data later, in one place (for tax audit purposes it is usually three years from now). There are so many other internal controls that many business owners fail to consider. They can range from employee manuals to proper insurance coverage. Others include organization charts and having employees take a vacation. If you can help it, don’t let your employee’s sign any checks or they could become personally liable for the business payroll taxes if the business fails to pay them. We can help you build a solid system to support your business operations.
