It is rare to find a CPA firm that has a specialized small business department. So often with CPA firms, this area of accounting support is neglected, either through not having the skill set in place to accommodate this service or through a lack of availability to satisfy the timely demands of clients at this level.
At B2d semago we offer such a service and have staff in place with many years of experience. This service can offer exciting opportunities to your business which can mean the difference between simply meeting the bottom line versus looking to the future to expand your business.
NOTE: The term “small business” does not mean a business with a certain amount of revenue. It means a business that lacks vital resources, regardless of size, that needs assistance to fill its resource gap.
Financial Statement and Accounting Records Preparation
For the small business person, the preparation of periodic financial statements and maintaining the underlying accounting records is a daunting task. Unfortunately, every business must keep records and at least annually produce financial statements and tax returns. We provide services to help you with this process. They include:
- Design of accounting and record retention systems
- Preparation and maintenance of accounting procedures manuals
- Providing assistance in selection of accounting computer software, associated hardware, and installation and set up
- Providing staff assistance, at your office, to assist in processing accounting data
- Periodically producing required accounting records
- Periodically producing financial statements
- Assisting management and owners in understanding financial statements
Additionally, if required by outside parties, we can audit or review your financial statements.
Payroll Tax Return Preparation
If you have employees, you have to file Federal and state payroll tax returns. These returns, while straight forward, require diligence in order to avoid substantial penalties for errors, deposits not made on time and late filing, among other things, We track and prepare these returns for you and provide consulting services on tax rules and regulations. In addition, when audits or questions arise from the taxing authorities we are available to proactively represent you.
Fixed Asset Accounting
Fixed assets or property and equipment are those capital assets used in a business. Depending on the type of business, these assets may be extensive or only include minor office equipment. However, whatever the business, there are a variety of accounting and tax rules affecting fixed assets. The impact of these rules could be significant. As such, the fixed asset accounting records should be in sufficient detail to allow the business to properly control these assets, account for them, and take all tax benefits available. The Firm provides the record-keeping software and consulting services necessary to address any fixed asset need.
Tax Return preparation and Consulting
Generally, small businesses are required to prepare exactly the same tax forms as the largest businesses. We prepare all Federal and state income and other tax forms and provide a wide range of tax consulting services.
We understand the need for a qualified financial professional to oversee the financial management, especially cash flows, as a business grows. However, the daunting task of adding payroll commitment at a level, which can start at around $50,000 a year, is a big step to take.
We are providing full support to clients in order to bridge this gap while their business grows. This way they have fully qualified staff support that can assist in the following aspects:
- Oversight monitoring of internal accounting personnel
- Review and analysis of financial position and activity
- Development of timely management reporting
- Sales tax review and filing requirements
- Cash flow projections and planning
- Asset management and purchase planning
- Internal control evaluation and implementation
- Full payable and receivable cycle assistance
- Computer software conversion and installation/upgrades
- Various ad hoc assignments as needed