Quality financial advice

Accrual Basis Accounting

The opposite of Cash Basis accounting

Most businesses typically use one of two basic accounting methods in their bookkeeping systems: cash basis or accrual basis. While most businesses use the accrual basis, the most appropriate method for your company depends on your sales volume, whether or not you sell on credit and your business structure.

An excellent example is a sale on credit. The sale is entered into the books when the invoice is generated rather than when the cash is collected. Likewise, an expense occurs when materials are ordered or when a workday has been logged in by an employee, not when the check is actually written.

From a tax standpoint, there is a good chance that you will pay income taxes on revenue before you've actually received it.

• Category: Accounting

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Bookkeeping

The bean counter stuff

The term "bookkeeper" is pretty literal: The bookkeeper keeps the books and retains documentation for transactions. This job requires the day to day handling of all financials for an accountant to review. An accountant may also focus on reporting, business analysis and processes, and possibly advice. Many times a bookkeeper and accountant work in tandem, with the bookkeeper operating as a “feet on the ground” professional, promoting a stronger relationship between an accountant and a business owner.

The beauty of our service is that we can handle both ends of the data collection and analysis. We are a full service accounting solution.

• Category: Accounting

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Cash Basis Accounting

The opposite of Accrual Accounting

The cash method is the most simple in that the books are kept based on the actual flow of cash in and out of the business. Income is recorded when it's received, and expenses are reported when they're actually paid.

From a tax standpoint, it is sometimes advantageous for a new business to use the cash method of accounting. That way, recording income can be put off until the next tax year, while expenses are counted right away.

• Category: Accounting

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Financial Reporting

Telling the bossman to stop spending

This type of service is concerned with the summary, analysis and reporting of financial transactions pertaining to a business. There are a bunch of metrics to review the financial soundness of your company but it always boils down to the "solid 3":

• Statement of Cash Flows
• Profit and Loss Statement
• Statement of Financial Position (Balance Sheet)

• Category: Finance & Accounting

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Payroll Processing

Get money, get paid

We have a multitude of experience handling payroll either by hand or using a number of technological solutions. Our firm understanding of payroll deductions and tax liabilities help business owners understand the best methods in developing workforce as well as enhancing employee relations.

• Category: Finance & Accounting

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Savings Advice

Make more, spend less

We can help you personally manage your financial situations no matter what they may be. There are different ways to make your dollar work for you as well as making your dollar mean more than what it is.

We also treat every client with the utmost discretion and take lengths to secure your privacy. Though we do not condone you keeping financial secrets from your loved ones, we ensure that all matters will never be divulged with the expressed written consent of a major sports association.

• Category: Finance

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Profit Analysis

For the inner Scrooge in you

Creditors and investors use this ratio to measure how effectively a company can convert sales into net income. Investors want to make sure profits are high enough to distribute dividends while creditors want to make sure the company has enough profits to pay back its loans. In other words, outside users want to know that the company is running efficiently. An extremely low profit margin formula would indicate the expenses are too high and the management needs to budget and cut expenses.

We can help prepare and anaylze these vital data points with you to help you make the key decisions that will affect the financial strength of your business.

• Category: Finance & Accounting

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Tax Preparation

Yes, you have to do them

We specialize in performing all types of tax reporting whether they are recurring business filings or annual income tax returns. Our expertise in taxes has spanned the country. Our accessibilty to both in person and correspondence forms of communication has made it easy to fit any schedule.

If you are sold on the quick and dirty tax programs out there, there may be something that we can do for you.

• Category: Tax

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