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Small Business Accounting and Tax Agency

Small Business Tax Accountant and Entrepreneur Accountant Digital CFO Services

Small Business Tax Accountant and Entrepreneur Accountant Digital CFO Services

Small Business Accounting Services

As a small business owner you have more important things to do than to keep your own accounting or bookkeeping. We take care of your books for you, so you can get back to the job of running your business and generating profits while our business plan.

We’ll do the following things for you:

Reconcile bank statements

Income Statement Production

Balance Sheet Production

General Ledger Reconciliation

These tasks form the solid foundation of your small business accounting system. You can customize the package of services you receive by adding payroll, tax planning, tax preparation, or any of our other services.

Bank Reconciliation

Reconciling your business checking account each month allow us to keep your bank account, accounting, and taxes up-to-date.

Having us reconcile your account each month allows you to:

  • Identify lost checks, lost deposits and unauthorized wire transactions.
  • Detect and prevent excess/unjustified bank charges and ensures transactions are posted correctly by your bank.
  • Detect and prevent embezzlement of funds from within your company.
  • Know how your business is doing? You can’t really know unless all accounts are reconciled and properly accounted for on your financial statement.
  • Manage your cash more effectively. Proper management of funds not only saves money, it makes money for you.
  • Protect yourself. By timely reconciling and promptly objecting to your bank about any unauthorized, fraudulent or forged checks presented to your bank and paid by that bank, you can relieve your agency of responsibility for the shortfall and transfer the risk to the bank. This reason to reconcile alone should be enough. Crime exists.
  • Sleep Better. You will sleep more peacefully at night knowing your bank accounts are reconciled, in balance and that all escrow funds, accounts, checks and disbursed funds are properly accounted for.

Income Statement

An income statement, otherwise known as a profit and loss statement, basically adds an itemized list of all your revenues and subtracts an itemized list of all your expenses to come up with a profit or loss for the period.

An income statement allows you to:

  • Track revenues and expenses so that you can determine the operating performance of your business.
  • Determine what areas of your business are over-budget or under-budget.
  • Identify specific items that are causing unexpected expenditures. Like phone, fax, mail, or supply expenses.
  • Track dramatic increases in product returns or cost of goods sold as a percentage of sales.
  • Determine your income tax liability.

Balance Sheet

A balance sheet gives you a snapshot of your business’ financial condition at a specific moment in time.

A balance sheet helps you:

  • Quickly get a handle on the financial strength and capabilities of your business
  • Identify and analyze trends, particularly in the area of receivables and payables. For example, if your receivables cycle is lengthening, maybe you can collect your receivables more aggressively
  • Determine if your business is in a position to expand
  • Determine if your business can easily handle the normal financial ebbs and flows of revenues and expenses
  • Determine if you need to take immediate steps to bolster cash reserves
  • Determine if your business has been slowing down payables to forestall an inevitable cash shortage

Balance sheets, along with income statements, are the most basic elements in providing financial reporting to potential lenders such as banks, investors, and vendors who are considering how much credit to grant you.

Maintaining a Clean General Ledger

The general ledger is the core of your company’s financial records. These records constitute the central “books” of your system.

Since every transaction flows through the general ledger, a problem with your general ledger throws off all your books.

Having us review your general ledger system each month allows us to hunt down any discrepancies such as double billings or any unrecorded payments. Then we’ll fix the discrepancies so your books are always accurate and kept in tip top shape.

Starting a New Business Solutions

Are you an aspiring entrepreneur who has researched startups and is now thinking about starting a business?

Opening your own business is exciting and thrilling. It’s everything that comes after the excitement and thrill has worn off that dictates whether a small business will make it or not. It’s up to you to maintain and stretch out the “thrill and excitement” period forever.

A methodical plan of action is needed to fulfill your dream or goal of being your own boss and running a successful business. Success lies in the approach you choose to take for your business filing process. We help you avoid the common pitfalls that many new small business owners make when starting their new venture.

We help you:

  • Select a business structure that best fits your needs by evaluating tax advantages, legal exposure, ease of operation and portability should you need to relocate.
  • Select the right accounting software by evaluating your budget, needs and hardware.
  • Prepare and file all required state and local licenses and permits.
  • Prepare and file your application for your Federal Employer Identification Number.
  • Provide payroll and payroll tax filing when you bring on your first employee.
  • Select the right accounting services for you, by evaluating your budget and needs.
  • Develop a solid Partnership Agreement. This is an extremely important document for all new partnerships and will help prevent a tremendous amount of financial and emotional problems down the road.

Tax Issue Resolution

Are you having problems with the IRS? Are lawyers and tax law news stressing you out?

We’re here to help you resolve your tax problems and put an end to the misery that the Internal Revenue Service can put you through with our tax resolution services. We pride ourselves on being very efficient, affordable, and of course, extremely discreet. The IRS problems will not just go away by themselves; they just keep getting worse with penalties and interest being added each day.

If you owe the IRS, you have a very serious problem. It may take the IRS several years to catch up to you, but they’re relentless and have no mercy in collecting all the money that is owed. When the collection process starts, they’ll make your life miserable and literally ruin all aspects of your life.

Please take a look through our complete IRS problem resolution services below:

IRS Audit Representation

Rarely do our clients have to talk with the IRS. We handle it all for you so that you need not take time off of your job to handle the bureaucracy and paperwork of the IRS.

Un-filed Tax Returns

If you do not file, you can be prosecuted and punished with potential jail time, one year for each year not filed. Why risk potentially losing your freedom for failing to file your tax returns?

Back Taxes 

It’s amazing how fast tax penalties and interest add up. Luckily, we offer several options when it comes to resolving unpaid taxes. Complete this form to get a Free Consultation with our tax specialist.

Payroll Tax Issues

The IRS views failing to pay payroll taxes as the cardinal sin of tax delinquency because a large portion of the payroll taxes are your employees’ withholdings.

Tax Liens

Liens filed against you by the IRS also show up on your credit report and often prevent you from opening a checking account or borrowing against any assets, like your home.

IRS and DOR Bank Levies

We are often able to get levies released and help you get out of a terrible situation. Our goal is to get you even with the IRS and let you start life anew.

Wage Garnishments

The payment plan negotiated by us is always more favorable than any IRS wage garnishment. It allows you to receive your whole paycheck without fears of future wage garnishments.

Asset Seizure

A Seizure should not be taken lightly. The IRS will ultimately pursue seizure of your physical assets; your home, cars, boats, jewelry, motorcycles, insurance polices, and even your retirement funds.

Offers in Compromise

Did you know that you can settle your debt with the IRS for just pennies on the dollar with their Offer in Compromise program?

Back Tax Payment Plans

If you don’t qualify for the IRS Offer In Compromise program, a Payment Plan may be the way to resolve your problem.

Bankruptcy

Your back taxes, interest and penalties can be wiped out by filing bankruptcy. If you qualify, bankruptcy can be the best solution to resolve your crushing tax problems.

Innocent Spouse Relief

Innocent Spouse Relief was designed to alleviate unjust situations where one spouse was clearly the victim of fraud perpetrated by their spouse or ex-spouse.

IRS Files

Most people would be surprised to learn how much the IRS knows about them. Obtaining a copy of your IRS file is critical in analyzing the options available to resolve your tax problems.

Send us an email today at founder@cfobase.com and we will provide you with further information and look to get you started on the fast track to business financial success today!

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