(A) WHAT IS MEANING AND PURPOSE OF BOOKKEEPING?
Bookkeeping is simply recording of Financial Transactions of a
business. It helps to:
a) To understand Profit or Loss resulting from business activity
for any period
b) To know the financial status of a business by showing its
Assets, Liabilities, and owners Equity on any day.
This provides you with accurate and detailed data;
a) To get analytical reports to manage and control business to
improve profits
b) To prepare accurate tax returns for IRS
c) To maintain permanent classified record of details of all
income and expenses
d) To get accurate statements of your customers for timely
collections
e) To get accurate statements of suppliers to make payments on
time
f) To present correct financial statements to get financing
from banks/partners
g) To assure compliance of various taxing and regulating
agencies by filing required reports/returns like returns for sales
tax , franchise tax, payroll etc.
h) To attain valuation of business for buying or selling
business any time
(B) OUR TEAM?
1) While many firms hire just Bookkeeping graduates or
undergraduates to do your work, we only use Chartered Bookkeepers,
CPAs or Post Graduates having experience of over 7 years to do you
bookkeeping.
2) Secondly have a single point of contact for multiple services,
which means the same person does your bookkeeping, your payroll, and
tax return
3) Thirdly, we don?t use temporary or seasonal staff, but keep our
staff whole year round, so you have the consistency of dealing with
same person all the time. This not only adds to your comfort but also
gives you one person with whom you are able to gain thorough
understanding of your bookkeeping and business issues.
4) All of our staff speaks English as well as most of our staff
knows Hindi and other regional languages of Asian Continent.
(C) WHAT IS SPECIAL ABOUT OUR BOOKKEEPING SERVICE?
Compared to other bookkeepers our bookkeeping services have several
special features not offered by most bookkeepers. They help to lower
your tax, save you from breach of laws, and significantly reduce your
chances of an IRS audit.
Bookkeeping at our firm is still much more than basic bookkeeping
services usually provided by other firms, as we provide following
additional custom reviews for services:
1) IRS Ceilings Review: We review and check all limits or
ceilings for various types of expenses to assure that you don?t
breach of such rules.
E. G. If in S Corporation and your losses are more than your basis in
the corporation, you are not allowed adjustment for losses of the
corporation in your individual returns.
2) US Averages Review: We review and match your expenses with US
Averages, to avoid your company being Red Flagged inviting an IRS
audit.
3) Documentation Review: We review and advise you on various
types of documents required for expenses so that at any time in
future if an IRS audit notice is received, you have a complete set of
supporting documents ready.
4) Corporation Law review: This review is to assure that you
comply with rules under the state law under in which you are
incorporated.
E.g. you advertised contact location in certain state, then you need
to get to a secure authority to transact business in that state.
Breach of which may make you liable for penalty up to $500 per day.
You place your employee in certain state for 10 days, as per law of
the state, you may be liable to file and pay franchise tax for that
state. There are various rules you need to keep in mind since we do
multi state incorporation, tax returns, and bookkeeping we can help
greatly in this area.
5) Liability Protection Review: If your books are not correct
from this angle even though this may not involve any breach of law
(per court rulings) you become personally liable for all the debts of
the company and you lose limited liability protection.
(D) WHICH INDUSTRIES ARE SERVED BY US?
We have more than 700 business clients which include:
a) All areas of Business
b) All States of the USA
c) All sizes of business
We serve businesses having annual revenue of $50,000.00 to those
having sales of $ 50,000,000.00.
We have a large number of clients from Asian countries.
Industries served by us include:
1) IT Professionals (We have more than 200 IT and staffing
companies)
2) Schools, Daycare, and Tuition Classes
3) Motels & Hotels
4) Doctors
5) Other Professionals including Realtors, Brokers, Writers,
Athlete, and Singers
6) Construction Companies
7) Real Estate Investors of Residential and Commercial
properties
8) Fast Food Chains including Subway, Quiznos, and Blimpies etc.
9) Restaurants
10) Hair Dressers, Salons/Studios, and Massage Therapist/Studios
11) Postal Services
12) Retails stores including Florists and Tailors
13) Gas Stations with or without lottery, beer, wine, and weighing
scale etc.
14) Fitness Centers, Karate Classes, Yoga and Meditation Centers
15) Wholesalers
16) Importers and Exporters
17) Manufacturing Industries
18) Movie Companies
(E) WHAT ARE OUR SERVICES CHARGES?
Our service charges are very competitive starting from just $50 per
month. Charges are based on volume and nature of business. We can
give quote after a study of your business documents.
Our services also include providing you Profit, Loss and Balance
Sheet every month.
We also offer Door to Door Bookkeeping Services, which means we
collect document from you store and send you back a completed
statement every month.
(F) WHAT IS REQUIRED TO START BOOKKEEPING SERVICES?
Following documents are required by us to start your bookkeeping:
1. Articles of Incorporation (with Bylaws or Operating
agreement if any)
2. Tax Return for the prior year
3. Copy of Bank Statement for entire year along with copies of
check
4. Sales invoice/ Summary of sales duly matched with Bank deposit
5. Additional details for payments or deposit for which it is
difficult to decide nature of expense or income from check. For
Example: If bank statement shows payment to Staples or Office Depot
we understand it as office supply, but if payment is to Wal-Mart than
we do not know if it is for furniture, office supply or personal.
