Business Accounting

As a business owner, your focus is on running and growing your business. The financial aspects of your business are critical to your success, but finding the time to focus on those aspects can be challenging. Our goal is to provide you with the most efficient systems so that financial tracking, filings, and analysis are a seamless part of your business’s workflow.

Business Formation

There are many decisions to make in a new business venture. These choices begin with the business entity type. Together, we will consider the industry, the number of owners, and the tax consequences to determine the best entity choice for you. As a sole proprietorship, partnership, corporation, S corporation, or limited liability company, the registration process requires filings with both federal and state agencies. We prepare and submit all of these critical filings, which determine what the government will be expecting from your business. We teach you about your annual tax reporting requirements so that you understand why you are filing with Form 1040 Schedule C, Form 1065, Form 1120, or Form 1120S, as well as your requirements for the states in which you do business. We can guide you through every step of your financial operations, from obtaining identification numbers to opening bank accounts and setting up your accounting systems.

Accounting Systems

Each business needs a customized strategy for maintaining records; how that strategy is implemented depends on your resources. We work with each business owner to determine how we will best work together. From supporting your internal staff to becoming your external CFO, we have the solutions you need. If you have accounting systems in place that work for your business, then we can determine the most efficient way to transmit that data to us for analysis and reporting.

We recommend cutting-edge, cloud-based software to manage every financial aspect of your business, including accounts payable, accounts receivable, bill payment, invoicing, inventory tracking, and job costing with as little paper as possible. Using our systems, we can securely exchange information and streamline repetitive tasks such as bookkeeping, bank reconciliation, and journal entries.

All systems are reviewed monthly, quarterly, and annually to provide you with updated strategies for increasing revenues and decreasing expenses. We compare your data to the prior year and projections for the current year so we can advise you about your business taxes. We also can manage all required annual filings for your business as well as filings for sales tax, use tax, and annual reports.

Payroll

As you make decisions about your staffing needs, we can determine if your hires should be treated as employees or subcontractors. We can guide you through obtaining the required information on Forms W-4 or W-9 for each new hire and recommend the automation of paying employees through myPaySolutions, a cost-efficient service that is available only to our clients as a CPA partner with this payroll service. This payroll service can prepare all payroll checks; withhold and remit taxes to the appropriate government agencies; and prepare and file all monthly, quarterly, and annual payroll documents, including W-2s. All payroll transactions are recorded in your bookkeeping system electronically so that you don’t have any additional work to do. Moreover, your employees will have online access to all of their information. We also have established relationships with well-known payroll services such as ADP and Paychex and can work with them on your behalf.

Our firm also can prepare 1099s for your subcontractors annually and work with your insurance company for the annual audit for workers’ compensation and liability. Contact a New York CPA from our firm for assistance with any business accounting matter today!