Tips on Online Bookkeeping Services
Over 40% of America’s largest businesses improve their profitability using outside service providers for their bookkeeping and financial functions. Due to technological advances, this same alternative is now available to small businesses. Firms using the Analytix solution are discovering that moving part or all of their bookkeeping and accounting functions to professional outside providers saves costs while freeing up valuable management time.
Starting or buying a new business is a challenging proposition. Our professionals can help guide you through the myriad of issues that arise during this complex process from helping you structure the company to suit your financial goals as well as helping you through the registration of your business with the appropriate local, state and federal authorities.
Business owners need to maintain accurate financial records to properly manage their business, while also conforming to government regulations requiring mandated filings, such as federal income and state sales taxes. In general, businesses need three types of services during the year which our professionals provide:
Bookkeeping is the recording of a business’s financial transactions. It is the first step of the accounting process, which also includes classifying, reporting and analyzing financial data.
Financial statements provide owners with crucial information such as the business’s liabilities, assets, equity and profitability over a given period.
Tax Planning and Financial Analysis:
Though U.S. tax laws are complex and changing, there are tax planning strategies that can ensure that business owners don’t pay more than is required or alternatively underpay and risk being audited. Our tax professionals can advise you on the best structure for a new business, sale of a business or ongoing operations so that you minimize your annual tax obligations.
Business tax planning requires knowledge not only of federal and state income tax, but also employment tax, sales and use tax, real estate tax, and franchise tax for some businesses. Our professional will work with you to ensure that no details are missed in tax deductions or credits. This is especially crucial for small business owners, who usually lack in-house financial experts. Some of the issues addressed by our professionals in tax planning include:
All businesses are required by law to file with both state and federal government. These mandated filings range from tax estimates, individual and business tax returns, to quarterly or monthly state sales tax filings. Further, government regulations require that copies be kept of all financial records needed in the filing for up to seven years. Without good record-maintaining, businesses can leave themselves exposed to fines and penalties during an audit by the appropriate state or federal authorities.
Analytix is a premium provider of accounting, bookkeeping and tax preparation services for small, medium sized and fast growing companies. Our clients are served by a professional accounting staff that has a level of expertise not normally found in small businesses.