SMALL BUSINESS
Starting or growing a small business can often be stressful and burdensome. Small businesses can make costly mistakes by neglecting the accounting and/or other financial operating functions. As you grow your business, you must focus additional time and effort on both the operational and financial aspects of the company.
Would you rather have a friend, a phone call away, who can answer your questions? Whether you need tax advise, technical support, software installation, full-charge bookkeeper or to set up your business’s accounting system, IMAccounting is your answer. We have extensive experience in all facets of accounting. We make sure you understand the language we talk, and you benefit from our relationship.
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 unemployment, sales tax, business tax and IRS accounts
- Provide accounting software selection, set up, implementation and training
- Process paychecks, payroll tax deposits and payroll reports
- Prepare and/or review financial statements
- Compilations
- Prepare business and personal tax returns and forms
FREQUENTLY ASKED QUESTIONS
Q. Do I have to open a business checking account?
A. Yes, it is suggested to use only one bank account and deposit all your business income into that account then pay all business expenses from that bank account.
Q. Can you complete personal property tax reports?
A. Yes, we can complete your property tax forms.
Q. Do I have to pay estimated income tax? If yes, when do I pay them and how do I know how much to pay in order to avoid penalties?
A. If you make a net profit, yes, you should pay estimated taxes to avoid penalties. IMACCOUNTING can review your profits and make recommendation of how much you need to pay.
Q. Do I need to get ID numbers from the government? Can you help me get them?
A. If you have employees, you need State and Federal ID numbers. We can apply for all your required Federal and State ID numbers.
Q. Do I have to bring information about my business to our first meeting?
A. 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 (if available). If not, names, addresses & social security numbers
- Income tax returns for the past three years
- Sales tax and payroll tax reports filed for current year
- Payroll tax coupon-books for depositing taxes
- Sales tax forms received from authorities for filing of sales tax
- Current checkbook
- 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. Employees earnings records for current year
Q. What do I have to give you each month?
A. The following:
- Check stubs (carbon copy) with invoice attached (if you pay your bills)
- Sales and deposit summary
- Ending inventory cost value if you have inventory
- A list of any unpaid bill you have not paid (if we are doing accrual accounting)
- Bank Statement, or instruct your bank to mail the statement directly to our office
- To find out how we can help, please contact us