If you are a business, most likely you are held accountable for how you spend your money. Your stakeholders are going to want to know where this money is coming from and where it is going. Generally, quarterly financial statements are the leading indicators for how a business is doing.
Your stakeholders are generally satisfied with a reputable, independent, paid 3rd party reviewing your financial records and issuing reports. Management often will make assertions (explicit and implicit claims) for how the business is performing. Financial Statements support these assertions to the satisfactions of stakeholders.
At James Ridout C.P.A., several accounting softwares (QuickBooks, Sage 100, Peachtree) are used to produce financial reports for small and medium sized businesses. The software packages have optional manufacturing, service and professional modules, as well as inventory and payroll applications, which allows us to incorporate the reports provided by payroll services like ADP.
Your bookkeeping activities are the building blocks for everything you do for your small business. Our prices are competitive based upon your unique situation of services.
The basic packages include reconciling your bank statements in QuickBooks software. In addition, various services include entering your checks, deposits, withdrawals, debit transactions, and credit card purchases into the accounting software. We will categorize each of these transactions as to track the type of income, expense, asset, liability, or equity item. For checks, we can review them from your bank’s website, or you can send us copies of them. If you pay contractors, we can keep track of their activities, so you will have 1099 information for them at the end of the year. Just send us their IRS forms W-9. At your request, we can incorporate, payroll activities, sales tax filings, supporting schedules, along with other bookkeeping services that you may need.
Our basic package includes sending you monthly Management Reports, so that you can stay on top of what your business is doing.
For business and partnerships, we will provide you with an estimate. The more information you provide for us will be most helpful for providing you with a more concise estimate. However, we will provide updates along the way, so that there are as few surprises as possible.
We file business tax returns on IRS Forms 1120 and 1120S with supporting schedules. For partnership tax returns, we may file these on IRS form 1065 with supporting schedules. Please keep in mind although you may file business and partnership tax returns, you more than likely will still need to file an Individual IRS Form 1040 tax return.
If you are starting a new business, we can help you file the correct IRS forms. In addition, we can give you consultation for the best tax benefits related to starting a new business