SMALL BUSINESS
Navigating the complexities of running or expanding a small business can often feel like traversing a labyrinth of challenges, particularly when it comes to financial management in accounting, bookkeeping, payroll, and taxes. Neglecting these crucial aspects can lead to costly errors that may impede the growth and success of your enterprise. As your business evolves, it becomes increasingly imperative to allocate adequate resources and attention to both the operational and financial dimensions of your company.
Imagine having a trusted ally just a phone call away, ready to provide expert guidance and support whenever you need it. Whether you find yourself struggling with intricate tax regulations, grappling with software installation, or in need of a seasoned full-charge bookkeeper to maintain your financial records with precision, IMAccounting stands ready to lend a helping hand. Our team has comprehensive proficiency across a spectrum of accounting disciplines, like accounting, bookkeeping, payroll, and taxes, ensuring that we can address your concerns with clarity and competence.
Furthermore, we understand that the language of accounting and taxes can often seem daunting and impenetrable. That’s why we strive to demystify these concepts for you, fostering a collaborative relationship where you not only receive assistance but also gain a deeper understanding of the financial landscape of your business. With IMAccounting by your side, you can navigate the intricate realm of accounting and taxes with confidence, knowing that you have a dedicated partner supporting your journey towards entrepreneurial success.
SOME AREAS THAT WE CAN HELP:
- Advise on selection of the business entity type which best accomplishes your business goals.
- Assistance with the filing of articles of incorporation and business license applications
- Establishing employment, sales tax, business tax and IRS accounts
- Provide accounting software selection, set up, implementation and training.
- Process paychecks, including direct deposit, payroll tax deposits and payroll reports, including end of year W2’s and 1099’s
- Prepare and/or review financial statements.
- Compilations
- Prepare business and personal tax returns and forms.
FREQUENTLY ASKED QUESTIONS
Q: Is it necessary to open a business checking account?
A: Yes, it’s recommended to maintain a single bank account for your business. Deposit all your business income into this account and use it to cover all business expenses.
- Can you complete personal property tax reports?
- Yes, we can complete your property tax forms.
Q: Am I required to pay estimated income taxes? If so, when are they due, and how do I determine the correct amount to avoid penalties?
A: If you earn a net profit, it’s advisable to pay estimated taxes to avoid penalties. IMACCOUNTING can assess your profits and provide guidance on the amount you need to pay.
- Do I need to get ID numbers from the government? Can you help me get them?
- If you have employees, you need State and Federal ID numbers. We can apply for all your required Federal and State ID numbers.
- Do I have to bring information about my business to our first meeting?
- For the meeting to be most productive, you should bring the following information:
- A list of all current vendors and suppliers
- A list of all current customers
- A list of all current employees along with their W4, I9 forms, and copies of ID’s
- Employees earnings records for current year
- Income tax returns for the past year, including a Depreciation Report
- Sales tax and payroll tax reports filed for current year.
- Know your credentials to banks, and credit card accounts.
- Current year’s bank statements and canceled checks (if available)
- Financial statements (if available)
- A list of all business fixed assets indicating date of acquisition and cost (purchase documents, if available)
- Copies of all business notes and loans payable and current balances due.
- What do I have to give you each month?
- The following:
- Check register, or view only access to your bank account.
- Sales and deposit summary
- Ending inventory cost value if you have inventory.
- A list of receivables, and unpaid bills (if we are doing accrual accounting).
- Bank and Credit Card Statement, or view only access to bank and credit card statements
To find out how we can help, please contact us.