Business Services in Union
Applying primary accounting principles is vital for the success of your small business. Financial analysis and record keeping are an excellent way to discover avenues of growth and monitor your business expenses. Accounting also ensures that you fulfill your tax obligations to your employees and the state as per the tax laws. It is more than just tracking debits and credits, and it plays a significant role when making business decisions.
At Mendonca & Partners Certified Public Accountants, LLC, we will formulate an accounting strategy designed around your business's financial goals. Whether you have employees, or you are a solo entrepreneur, your business survival depends on your financial objectives. Without proper business accounting, your business cash flow will run dry. Our experienced team can help you prevent this by implementing solid financial strategies for your business. Call our firm in Union today!
Why Choose a CPA?
Our certified public accountants have the expertise needed to handle all your small business accounting needs. From record-keeping to financial analysis, we will help you make proper business decisions based on your financial position. So why should you choose to work with a CPA?
Accounting involves both simple and complex tasks. Why spend hours trying to draft an income statement or balance sheet? Focus on growing and expanding your business and let us handle the accounting tasks. As you grow your business, you might not notice some costly financial drains. We will help you track how and when money is used for smoother day to day operations. Filing tax returns can be a bit complicated and may need the input of a tax expert. Our CPAs offer numerous tax services ranging from tax registration, tax planning to a tax resolution.
Our Available Services Tailored to Your Business
We proudly provide the following solutions designed to help your business thrive:
Industries We Serve
Our team is comprised of business professionals who have the experience needed to serve a range of industries. Using in-depth global research, we recognize changes in the market and help you make educated decisions that positively affect the performance of your business.
The industries we serve include:
- Food, beverage & hospitality
- Professional Services (law firms, architects and healthcare professionals)
- Not-for-Profit & Education
- Retail & Wholesale
- Manufacturing & Distribution
- Real Estate
Bookkeeping is the act of recording the daily financial transactions of your business. This process allows you to track money spent, revenue generated, and tax deductions that you can claim. Record keeping provides data needed for accounting purposes. We can also help you keep records of all business transactions related to loan payments, asset depreciation, payments to suppliers, and customer payments.
Thorough and accurate bookkeeping is essential for all businesses. While it may seem easy, the introduction of loans, investments, assets, and taxes makes bookkeeping challenging. Luckily, you can always seek professional help; we offer efficient bookkeeping and accounting services. We also provide installation and training on the usage of QuickBooks, which makes accounting easier.
Important Benefits of QuickBooks
It's easy to use - Most accounting programs are complex and challenging to understand and use. You can learn and use QuickBooks with ease, whether you have a financial background or not.
It can be integrated with other programs - The fact that you can integrate QuickBooks with other programs makes it very useful. After recording your business expenses and income, you can transfer the data to tax preparation programs for tax filing. You can also integrate QuickBooks with Microsoft Excel for improved efficiency of transaction management.
It makes check signing easy - QuickBooks allows you to scan and upload your signatures as you prepare your business checks. This process is very efficient and easier than signing numerous checks every month.
It allows for customization - You can customize your invoices, business plans, charts, and spreadsheets to suit your business needs. With QuickBooks, you can make your documents look unique by adding your company logo. This makes it easy for your customers to notice your invoices and make payments on time.
Payroll involves activities related to paying employees and relevant taxes. Your business payroll is a list of your employees and the amount each receives at the end of the month or pay period. Payroll may also include records of employees' salaries, wages, withheld taxes, and bonuses.
Before you start running payroll, your employees must file Form W-4, which gives information about an employee's name, social security number, address, and tax withholding exception. You are also required to include a record of hours worked, time off, overtime pay, and any other benefits or deductions. Creating and running payroll might be confusing if you lack accounting knowledge.
Strategic Business Planning
If you intend to grow your business, you must make decisions that will guide you through the growth process. A strategic plan is vital when planning for business growth. Unlike a business plan that sets short to mid-term goals, a strategic business plan focuses on mid to long term goals. It highlights the strategies that will help you achieve the goals.
The first step to creating an excellent strategic business plan is understanding the current position of your business. Master the internal operations, its competitive edge in the market, and what drives its profitability. Secondly, you need to highlight realistic goals, vision, objectives, values, and techniques.
Finally, note everything you need and the changes you will make to ensure that you see results soon. Want to invest in strategic business planning? Our business service professionals have extensive knowledge and experience to come up with a realistic and achievable business plan.
How Often Should You Update Your Plan?
Your business needs should determine how often you update your strategic plan. For instance, if you operate in a market that changes rapidly, you should update your plan at least twice a year. Regular analysis of operational and financial information will help you identify sections where your plan needs additional review.
Part-time CFO Services
Your business needs expertise to gain sustainable and profitable growth. A significant CFO function will help you succeed in a competitive marketplace. Our team will handle your financial reporting system and track the profitability and primary metrics of your business over time. We will manage all accounting tasks, produce reports, and give advice on planning for the next steps.
Our CFO service experts will work with your business management to create and support effective financial operations. We will highlight and resolve operational issues and consider your executives' concerns when formulating your strategic business plan.
Forecasting and budgeting are vital components for business growth. We will help you create a reasonable budget to manage your cash flows. Our team will also help you plan for unforeseen occurrences that may arise now or in the future. We will determine the best strategies to overcome your business struggles. Concerning mergers and acquisitions, we will negotiate, evaluate, transact, and ensure a smooth transition into your new business.
Audits, Reviews, Compilations
Audits give assurance that your business financial statements are presented correctly and free from errors. It is based on the generally known and accepted accounting principles. An audit involves verification with an outside party, physical observations, inspections, examining supporting documents, and evaluating your business control system.
Reviews give minimal assurance of your business' financial statements. During a review, we provide a reasonable explanation of why the statements do not need any material modification. A review is helpful when you need to know whether your financial statements make sense and that they comply with the accounting principles.
Compilations don't assure your business's financial statement. Our team will take your financial data and format it as per the accepted accounting principles. We don't perform any analytical or testing procedures at this stage.
Which Resolution is Right for Me?
Participating in an audit, compilation, or review depends on your business situation and what you want to achieve. For instance, if you want a business loan, the bank might ask you to provide audited financial statements. Lenders may also request a review before they give a small business loan. A compilation is suitable when you want to change your business accounting method from cash to accrual method. It might also be ideal for a small loan application.
Does your non-profit organization receive funds from the federal government? If so, the United States Office of Management and Budget requires your organization to undergo a single audit as per the rules noted in Circular A-133. This process gives the government assurance that the money received is used for the intended purpose.
A yellow book audit provides standards and rules for carrying out audits in the local, state, and federal government sectors. Some of the primary yellow book auditing standards we follow include; independence, Continuing Professional Education, quality control, supervision, and due care.
New Business Formation
Whether you plan on starting your first business or your hundredth, the way your business is formed will determine what you're personally liable for, how taxes will be paid, and many other essential aspects of running a company. Selecting a legal structure for your new business is one of the most important decisions you need to make. This decision determines the amount of paperwork and your legal and tax obligations.
Our experts will guide you through your new business selection and formation process and provide valuable information as your business grows. After choosing your business entity, we will offer tax planning services to ensure tax efficiency. Through tax planning, your business financial plan will be developed and implemented in a tax-efficient manner. Your business can enjoy a reduced tax rate, a low amount of taxable income, and maximum tax relief.
Incorporation and Reporting
Whether a business is owned by one, two, or ten individuals, it can benefit from incorporation. We will make it an independent legal business structure. Some of the benefits of incorporation include additional credibility, perpetual existence, name protection, personal asset protection, and zero double taxation. Our team will also provide operation and financial information that is essential for proper decision making.
New Business Consulting
Our team will work with your management in planning and organizing your business operations and developing a growth strategy. We will also help you establish useful business knowledge and skills. Our consulting services range from determining market techniques to formulating a marketing plan and business model and anything in between. We will help you develop a plan that reflects your business operations and shows your company's secure funding and direction. Our business advisors will research, review every section of your business plan, and offer detailed advice.
5 Reasons for You Might Need Professional Business Valuation
- Exit strategy planning: In a situation where you plan on selling your business.
- Buying a business: If you plan on buying a business, a business valuation will disclose the real value of the purchase.
- Strategic planning: A current business valuation will give you information that is useful in developing a strategic plan.
- Funding: Potential investors or lenders may request for a business valuation when you ask for funding.
- Litigation: Proof of the real value of your business may be needed during court cases such as divorce.
Contact Mendonca & Partners Certified Public Accountants, LLC for Experienced Business Solutions
We have helped numerous business owners and entrepreneurs start and run their ventures successfully. Our team offers unique solutions based on every business's requirements. Invest in the future success of our business today! Contact our Union business accounting firm!