general queries
Frequently Asked Questions
Please feel free to contact us if you don't if we haven't answered your specific questions below.
Simple bookkeeping would take at least 3-5 hours a day if performed by a CPA. This time may be better spent managing the operations of the business. Hiring an in-house CPA to perform accounting, tax compliance, and payroll tasks may cost more than the professional fee of a firm that can perform the same tasks. The firm would also have the contractual obligation to ensure continuity of services regardless of any changes in its manpower.
Although poor and disorganized accounting records and financial management are the major causes of business failure, many small to mid-sized businesses fail to organize their business transactions an orderly manner or adequately measure and manage their finances. If reliable accounting records are not in place, your business could suffer a loss in revenue and/or tax overpayments.
You should include items from the following few categories:
- Revenue
- Cost of goods sold
- Cost of labor
- Operating expenses
We primarily use QuickBooks although we are flexible and will work with other systems to better serve your requirements.
To efficiently help you with your business goals, we would require access to your source documents either in electronic or hard copy form. These documents would include:
- Bank statements
- Credit card statements
- Sales systems (POS)
- Software (such as QuickBooks)
- Inventory
- Accounts payable
- Accounts receivable
Mixing business and personal finances is a major problem for small-business owners. Not only does it create headaches at tax time, but it also makes it difficult to track the profitability of your company. Keep these two parts of your finances separate in these ways:
- Get a business debit or credit card
- Open a business checking account
- Pay yourself a salary
- Separate your receipts and keep them
- Track shared expenses
- Keep track of when you use personal items for business purposes
- Educate your employees and partners
We provide tax and accounting services with creativity and the highest level of integrity. We focus on helping our clients develop a successful plan to achieve and maintain financial success. We make it our priority to reach out to clients on a consistent basis because we care about the success of your business. At SBIR we familiarize ourselves with the unique aspects of your industry and tailor our services to deliver consistently accurate and exceptional results.
