Business Services

Small Business Accounting

Businesses of all shapes and sizes depend on accurate, insightful financial information to manage their day-to-day operations, capitalize on opportunities, and sustain profitability. We lend our expert support to meet your accounting needs so that you can focus your time and energy on building a strong business.

Bookkeeping

We’ll create and maintain a chart of accounts to capture all of your financial transactions, provide the right information to manage your business, and prepare federal, state, and local tax returns. Through periodic internal audits, we’ll identify and resolve discrepancies (e.g., double billings, unrecorded payments) to ensure that you have a complete and accurate picture of your financial position.

Payroll Services

Managing the employee payroll is not a simple matter of calculating the amounts due, writing checks, and handing them out. There’s a host of government reporting and recording keeping requirements that comes with the job. And there are adverse consequences if you get it wrong.

There are 5 good reasons for outsourcing this function:

  • You’ll save money by letting the experts attend to the task efficiency and accurately.

  • You’ll avoid penalties associated with payroll tax calculation errors or missed filing deadlines.

  • We’ll handle employee questions and concerns, and research any issues they uncover.

  • You’ll receive comprehensive reporting to help manage your business and attend to any special requirements.

  • You’ll gain valuable time to focus on running your business.

We offer three payroll service options to meet the needs of different business owners and non-profit clients. All three services include:

  • Vacation, sick, and personal day accruals and tracking

  • IRS and State tax reporting plus Electronic Federal Tax Payment System (EFTPS) deposits

  • Monthly, quarterly, and annual payroll tax reports

  • New hire file creation and reporting

  • W-2, W-3, and 1099 preparation

The service option you choose defines how payments are processed:

  • Comprehensive Payroll Processing Service:We manage the secure check processing and direct deposits

  • After-the-Fact Payroll Service: You process all of the payments, and we post your payroll records and information into our data system and handle all of the other payroll functions.

  • Online Payroll Processing: We provide access to our payroll system to enable you to enter employee hours and earnings. You print the payroll checks on your printer, and we process the direct deposits.

We can also provide ad hoc services, such as:

  • Worker's Compensation Audits

  • Unemployment Claims

  • Social Security Audits

  • Child Support Audits

  • Federal and State registration

Contact us to get a free consultation and cost estimate for our Payroll Processing services.

Virtual CFO

As your business prospers, a part-time Chief Financial Officer can help you develop financial plans to support business strategy, provide oversight of your accounting and administrative functions, and establish safeguards to mitigate risk. Our seasoned professionals fulfill your needs at a fraction of the cost of a full-time employee.

Business Planning

Your Virtual CFO translates your business strategy and operating plans into detailed financial forecasts (Balance Sheets, Income Statements, Cash Flow Statements, Department Budgets) by month over the planning horizon. These forecasts expose capital, staffing, facilities, and equipment requirements for which actions plans must be developed. They also contemplate tax strategies to minimize liabilities while making provisions for quarterly payments. Once plans are set, your Virtual CFO helps you establish performance benchmarks and provides the means to track progress (actuals vs. forecast). Expert counsel helps you minimize the impact of variances as well as initiate corrective action. Moreover, profitability analysis by service or product line can suggest opportunities to refocus sales effort or highlight the need to improve margins through repricing and/or cost containment.

Financial Management

Your Virtual CFO has the ability to provide oversight of all aspects of your company’s financial affairs. This includes:

  • Establishing strong internal controls to ensure accurate transaction processing while minimizing exposure to fraud and theft
  • Training and managing the accounting and payroll staff – whether in-house, through our firm, or via a third party service
  • Providing financial reports and performance benchmarks within 15 days of month end closing
  • Identifying sources to meet capital and operating requirements and taking the lead to negotiate favorable terms
  • Building a cash reserve appropriate to your business model, anticipated growth, and market outlook
  • Maximizing the return on invested funds by identifying appropriate investment opportunities and managing relationships within the investment community
  • Reviewing and approve all tax filings with federal, state, and local agencies as well as any required Securities and Exchange Commission filings.

Risk Management

Your Virtual CFO can be responsible for understanding and mitigating key elements of your company’s risk profile. In addition to developing internal controls, this function includes, but is not limited to:

  • Ensuring the company complies with all legal and regulatory requirements
  • Establishing recordkeeping policies and procedures that meet the requirements of financial institutions, auditors, and government agencies
  • Maintaining appropriate insurance coverage
  • Monitoring open legal issues affecting the company
  • Managing relations with external auditors and investigating their findings and recommendations

New Business Formation

Are you thinking of joining the ranks of small business owners? Along with a great idea and strong sense of the market you’ll serve, you’ll need a business and financial advisor who can help your dream take flight while keeping your feet firmly planted on the ground.

We can help you:

  • Develop or refine your business plan with the associated pro forma financial statements (Balance Sheet, Income Statement, Cash Flow) and budget

  • Select a business structure that suits your needs by considering tax advantages, legal exposure, ease of operation, and portability

  • Develop partnership agreements, as needed, to avoid financial and/or emotional trauma downstream

  • Prepare and file all required state and local licenses and permits.

  • Make application for your Federal Employer Identification Number.

  • Identify start-up capital needs and available resources to address them

  • Examine your borrowing power and provide coaching on how to cultivate a mutually beneficial banking relationship

  • Identify your business insurance needs

  • Select the right accounting software and establish the appropriate chart of accounts

  • Establish billing and collection procedures to maximize your cash flow

  • Establish procedures to monitor and control costs

  • Provide payroll and payroll tax filing when and if you hire employees

We’re eager to get your business off to a good start.

Contact us to learn more about our New Business Formation services.