Accounting Tax and Financial Services provides bookkeeping, payroll, tax preparation, and business advisory services. These services help businesses keep their finances organized and assist with federal and state regulatory compliance.

For example, these services prepare federal, state, and local tax returns based on cash flow, produce financial statements, and reconcile bank records. They also assist with business entity formation and registry, and offer guidance on tax-efficient business decisions.

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Bookkeeping

Bookkeeping is the recording of financial transactions and other business data for businesses, nonprofits and individuals. It can be done in a variety of ways and is often used in conjunction with accounting software.

Bookkeepers may work for small businesses or for larger ones, and their duties can be as simple or complex as the needs of the company. For example, some bookkeepers focus on "write-up" work, preparing the books for tax preparation, while others provide "full charge" bookkeeping services, advising on business planning and financial management issues.

Whether you're an individual or a business owner, it's essential to have accurate financial records that are easy to access. This can help you make sound decisions and stay on top of your financial health.

Tax Preparation

Tax preparation is the process of filing your federal, state, or local taxes. It includes identifying incentives and tax breaks, determining tax liability, and meeting deadlines and filing requirements.

Tax preparers work with individuals and businesses to ensure that their tax returns are accurate and on time, which helps them avoid penalties and interest charges. They can also assist clients in developing tax planning strategies that can reduce taxable income and maximize deductions and credits.

There are three primary types of tax preparers: certified public accountants (CPAs), enrolled agents (EAs), and tax attorneys. CPAs are regulated by the Internal Revenue Service, while EAs and tax attorneys are governed by their respective state boards.

Payroll

Payroll is the process of tracking hours worked, calculating compensation and distributing payments to employees via check or direct deposit. It is a time-consuming task that requires teams to monitor the process carefully.

The payroll process must adhere to federal, state and local labor laws. It also must ensure payments reach employees on time.

Accountants calculate employee compensation, including gross wages and additional compensation, such as overtime, sick pay, vacation pay, tips, commissions and reimbursements. They also track and record employee hours, health insurance contributions and deductions for taxes and benefits.

Once the payroll process is complete, it’s necessary to reconcile the payroll expenses and liabilities in financial journal entries. This helps businesses get an overview of their expenses and transactions and make sure all payments are accurate and broken down correctly.

Business Advisory

Business advisory services help companies overcome weaknesses and develop strategies that can boost growth. These services are offered by experts who are experts in management, finance, human resources, information technology and strategy.

Moreover, they offer reliable advice on risk management. They also work with a company’s senior decision-makers to prepare a blueprint that links strategic short- and long-term goals with tactical financial objectives.

This helps improve managerial performance, productivity, and efficiency. It can also enhance organizational culture and foster leadership among business managers.

Accounting advisors offer their expertise and experience to help businesses navigate new challenges and keep up with changing regulatory, technological, and marketing environments. They also provide support to ensure adherence to accounting standards and a business’s compliance with tax requirements.