The strongest reason for using a professional accounting service is- you do what you do best with your time. Let us do what we do best with ours. Sure, you trot down to BestBuy and buy the latest and greatest of QuickBooks. But the negative effects of that move can be insidious.
First, QuickBooks makes everyone feel like an accountant. While it is not necessarily difficult, an accountant will look at things differently than a bookkeeper. We are accountants. QuickBooks is a garbage in garbage out system- it won’t prevent you from depreciating real estate under Section 179 (which is a No-No by the way). QuickBooks won’t prevent goofy payroll or balance sheet entries either.
Most importantly, would you rather be closing your next sale or BBQing on a Sunday with buddies, or getting sucked into the world of accounting at the hands of your latest QuickBooks purchase? Focus on growing your business, and we’ll focus on reporting it to the IRS while minimizing the tax consequence.
J. Walter Michael offers accuracy and comprehensive financial reporting and accounting services. An in-house bookkeeper is good, but another set of objective eyes can prevent errors and possible fraud. Banks, lenders and IRS agents prefer a set of accounting records and financials that have been prepared by a Certified Public Accountant. Remember, these professionals review financial records every day, and they can quick spot accidental inconsistencies and errors. Heck, even PaySimple which offers ACH and credit card services might require financials.
Even if we don’t do the data entry, at least consider using us as a backup to your current bookkeeping. This type of insurance can help you sleep at night.
Lastly, when we dive into your financial world we can then offer healthy and sound business consultation.
We perform bank reconciliations and provide a statement of cashflows, plus any adjusting entries for missing cash, merchant card fees, etc. A profit and loss statement is also created with comparisons to previous periods in both summary and detail format. A general ledger report which shows every transaction and and a balance sheet are optional (sometimes too much information messes up the signal to noise ratio).
J. Walter Michael can also create charts and graphs to determine trends in your sales, or other expense categories that are sensitive to your success. For example, cost of goods sold is critical to those in the fast food industry- how do you compare to yourself in previous months or years, and how do you compare to others in the same business?
Statistical comparisons and trend analysis is a service we provide to each owner to identify action items and areas needing improvement. When factoring the impact of cost of goods sold, labor and rent on business profits, the variations can be dramatic. We will work with you to keep more of your money as you continue to develop your business.
Anyone can crunch numbers. But we crunch numbers AND tell you what they mean, plus offer business consultation and coaching to create a successful future.
Quarterly Accounting $200 to $400per quarter
Monthly Accounting $150 to $300per month
Sales Tax$ 30per month
For Example: 1 bank account, 1 credit card, direct bank access or CSV download, about 75 transactions would be $150 per month. These fees will cover most situations, however, depending on the number of accounts and transactions, these fees might have to be adjusted.
Reduced Tax Preparation Fees
When we prepare your books throughout the year, our tax preparation fees are reduced to one flat rate fee of $450. So, using the quarterly rates above about $1,300 to $1,400 per year will get you accounting and corporate tax return preparation.