Our bookkeeping services include:
New Business Assistance
Do you have a new business? No problem! We are here to help from step one.
Have you recently opened a new business or are you in the process of establishing one? No matter what type of business you are planning to initiate, there are some guidelines and stipulations you should follow to result in being a successful business owner. Many of which are on the financial and accounting side of things.
We are here to help guide you through the process to make it easier and less stressful for you. With our guidance we will set you up for success and lead you in the most beneficial direction that is right for your business.
We Provide You With Assistance In:
Registering your Business Name– After choosing a business name you will need to register it so it complies with state and federal laws. Some businesses need to register with a state or local government agency.
Registering with Tax Authorities– You will need to pay state and local taxes and as a rule you will need to register with your state’s revenue office. You may need to apply for a sales permit on top of this depending on what your business consists of. As a business owner you will also need to comply with income tax and employment tax laws.
Registering a Federal Tax ID from IRS– Not all new businesses need a tax ID number, but if your business has employees, business partnerships, is a corporation or any other organization you will need an Employee Identification Number (EIN).
Appropriate Business Permits & Licensing that are Applicable to you– Most businesses are required to have some form of government permit or license in order to operate legally.
Record Keeping– Allows you to:
Monitor progress of your business– Create summaries to make reports about how much your business is worth or how much of an income was made over a given period of time.
Prepare for financial statements– Good records are needed to write an accurate financial statement.
Prepare tax returns– Records must support accurate and detailed income, expenses and credits you report.
Document receipts and every payment made by business– Including gross receipts (income you receive from your business), inventory, and expenses should be kept in a safe place. These documents can be; cash register tapes, invoices, book receipts, credit card charge slips, or bank deposit slips.
Keep track of deductible expenses– Expenses are easily forgotten if they are not recorded when they occur.
File list of your assets– Every business gathers items, materials and expendables that they own and need to be accounted for. These qualify as your assets some examples may be your office equipment, cash, buildings, and office supplies.
Choosing the Correct Insurance– There are many different insurance choices to pick from. Covering your business for accidents and natural disasters is pertinent. You should pinpoint your specific business risks and discuss which insurance options are available for your business.
These are just a couple of the stipulations you need to accomplish before opening and owning a business. You will need to do a number of other qualifications in order to fully prepare for your new business.
To find out more about how we can help with your new business tax and accounting services. Contact us at 616-613-3222 of fill out the form below!
QuickBooks Setup & Training
When it comes to accounting, tracking sales and expenses, and taxes it can often cause a headache for most business owners. Quickbooks makes it easier for small to mid sized business owners to keep track of their accounting and tax needs. It is specially designed for business owners to effectively and efficiently track their expenses, income and employee payrolls.
We will help get you acquainted with our easy setup and training session to make sure you are utilizing the correct software program right for your business. We will take each step with you to help you better understand the software program so you feel comfortable managing it on your own. We do provide ongoing services if you run into trouble or need assistance with or you can call our help line.
How will we prepare you for Quickbooks?
Evaluate software and accounting needs- There are multiple Quickbooks platforms to choose from including: Online, Pro, Premiere, Mac, and Enterprise. We will evaluate what your needs are and provide you with the software that best suits your business.
Install software and show you how to navigate through platform- We will install the correct platform suited for your needs and help you navigate through the database to become acquainted.
Load account chart and balances onto software- In order to get you started with the program we will design and set up your chart of accounts and accounting package onto the software including payroll, accounts receivable, accounts payable and inventory.
Enter outstanding accounts receivable and accounts payable.
Create client and vendor accounts- We will walk through how to set up multiple client and vendor accounts on your software.
What will Quickbooks do for you?
Accept payments
Pay employees
Track sales and expenses
Scan receipts
Work with your accountant
Send invoices
Records all financial statements in one place
Why should you use Quickbooks?
No more back ups
Less stress
No more pile ups
No more data entry
Less paper to track- easily trackable on the Quickbooks platform
Tax ready
See where your money is going through reports of income and expenditures- know exactly where you stand when the report is generated
Get paid quicker with Online payment system because businesses can pay you directly on platform
What we have to offer:
One-on-one sessions
Class sessions
Don’t have time? We can manage your Quickbooks account for you! Ask us how.
Payroll Services
When it comes to paying your employees, there are numerous laws and the IRS can make this process very difficult and extremely time consuming for small businesses owners that don’t have a dedicated employee of department for accounting and payroll services.
Statistics show that the average business owner may spend an average of more than 8 hours a month entering and managing payroll data for their employees. That means almost 2 full weeks a year are spent just on payroll alone without considering the time it takes to prepare taxes for your payroll.
Allowing us to handle your payroll services allows your to do what matters most – running your business.
What Are The Advantages of Hiring a Payroll Service Company…
Save Time & Money
When you choose Selby Tax & Accounting to handle your payroll it allows you to utilize your staff more efficiently. We will handle all aspects of the payroll services including data entry, associated legal details and tax regulation and new law accountability. You can reduce your company overhead by avoiding the need to hire specialized employees just to handle accounting and payroll.
Knowledge & Experience
Tax laws and regulations are constantly changing and becoming more complex. Using our payroll services will allow you to save time filing your taxes yourself and eliminate the risks that come along with calculating and filing your own payroll taxes.
Focus On Your Company
Let us worry about the the time, work and responsibilities that go into administering a company payroll and tax service. This allows you to focus on growing your business and managing your employees.
Financial Reporting
We offer reports for you and your employees including earning statements, payroll by departments, time sheets, expenses, pay stubs and a variety of other custom reports.
Contact us today about administering your companies payroll services.
Cash Management
Why cash management is vital for a successful business
Money is the key driving force behind a successful business. Financial expenditures and needs must be reported and budgeted. Cash management is an important aspect to track your business’s structure and organization. Tracking income and expenses can help you to anticipate changes in the future. Scheduling future expenditures and tracking short and long term income in conjunction can help you budget your money.
Managing cash can be a tedious and rendering task but it must be done for the ideal outcome for your business. You should always be aware of your money including: income, inventory, expenditures, expenses, rent, utilities, employee payroll and other various expenses such as business trips and special events. Whether this is a day-to-day task or a week-to-week task, knowing where you stand as a business financially will only help you in the long run. Having someone budgeting your money takes great relief off of you because as a business owner you already have so many other strategies, and tasks on your plate.
At Selby Tax & Accounting, we will handle all of your cash management needs allowing you to focus on other aspects of your business. Find out more about this service by calling us at 616-613-3222 or filling out our contact form below.