(A) WHAT IS MEANING AND PURPOSE OF ACCOUNTING?
Accounting in simplest terms, is recording of Financial Transactions of business according to Accounting Standards laid out by AICPA. It helps to:
a) To understand Profit or Loss resulting from business activity for any period
b) To know financial status of business by showing its Assets, Liabilities and Owner’s Equity on any day.
This provides you 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 for 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 at right time
f) To present right financial statements for getting finance 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 work out valuation of business for buying or selling business any time
(B) WHAT IS SPECIAL ABOUT OUR ACCOUNTIN G TEAM?
1) While many firms hire just accounting graduates or undergraduates to do your work, we only use Chartered Accountants, CPAs or Post Graduates having experience of over 7 years to do you accounting.
2) Secondly you get single point of contact for multiple services, which means same person who does you accounting, does your payroll and tax return
3) Thirdly, we don’t use temporary or seasonal staff, but keep the staff whole year round, so you have consistency of dealing with same person all the time. This not only adds to your comfort but also get you on person who is able to gain thorough understanding of your accounting and business issues.
4) Most of our staff knows Hindi and other regional languages of Asian Continent in addition to English.
(C) WHAT IS SPECIAL ABOUT OUR ACCOUNTING SERVICE ?
Compared to other bookkeepers/CPAs our accounting services has several special features not offered by most of them. They help to lower your tax, save you from breach of laws and reduce significantly your chances of IRS audits.
Bookkeeping is just recording of data, while accounting is processing this data and prepare right financial statements meeting requirements of standards laid down by AICPA.
Accounting at our firm is still much more than accounting services usually provided by other firms, as we provide following additional custom reviews for services:
1) IRS Ceilings Review: We provide review from point of view of checking all limits or ceilings for various types of expenses to assure that you don’t make breach of such rules.
E. G. If in S corporation your losses are more than your basis in the corporation, you are not allowed set off for loss of the corporation in your personal returns.
2) US Averages Review: We review and match your expenses with US Averages, to avoid your company being holding Red Flag inviting IRS audit.
3) Documentation Review: We review and advise you on various types of documents required for expenses so that any time in future IRS audit notice is received, you have complete set of supporting documents ready.
4) Corporation Law review: This is review to assure that you comply with rules laid down under state law under which you are incorporated.
E.g. you advertised contact location in certain stat, and then you need to get to secure authority to transact business in that state, breach of which may make you liable for penalty up to $500 per day. You place you employee in certain state for 10 days, as per law of the state, you may be liable file and pay franchise tax for that state. There are various such rules you need to keep in mind. Since we do multi state, incorporation, tax returns and accounting, we can help greatly in this area.
5) Liability Protection Review: If your books are not properly set from this angle, even though, this may not involve any breach of law, as per court rulings, you become personally liable for all the debts of the company and you lose limited liability protection.
C) WHICH INDUSTRIES ARE SERVED BY US?
We have more than 700 business clients which include:
a) All areas of Business
b) All States of USA
c) All sizes of business
We serve business having annual sales of $ 50 Thousands to those having sales of $ 50 Millions.
We have large number of clients from Asian countries
Industries served by us include:
1) I. T Professionals (We have more than 200 IT and staffing companies)
2) Schools, Daycare, Tuition Classes
3) Motels & Hotels
4) Doctors
5) Other Professionals including Realtors, Brokers, Writers, Sportsmen, Singers
6) Construction Companies
7) Real Estate Investors investing in Residential or Commercial properties
8) Fast Food Chains-Subways, Quiznos, Blimpie etc
9) Restaurants
10) Hair Dressers, Saloons, Beauty Parlors, Massage Parlors
11) Postal Services
12) Retails stores including Florists, Tailors,
13) Gas Stations with or without lottery, beer and wine, weighing scale etc
14) Fitness Centers, Karate Classes, Yoga and Meditation Centers
15) Wholesalers
16) Importers and Exporters
17) Manufacturing Industries
18) Movie Companies
(D) WHAT ARE OUR SERVICES CHARGES?
Our services charges are very competitive starting from just $50 per month. Charges are based on volume and nature of business. We can give quote after study of your documents.
Our services include providing you Profit and Loss and Balance Sheet every month.
We also offer Door to Door Accounting Services, which means we collect document from you store and send you back completed statements every month.
(E) WHAT IS REQUIRED TO START ACCOUNTING SERVICES?
Following documents are required by us to start your accounting:
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.
