Accounting and BookkeepingThis includes non-profit accounting. Accounting from a bird’s eye view is the recording and reporting of financial information in accordance with generally accepted accounting principles (GAAP) in the United States. Depending on your needs, we will work closely with your bookkeeper or completely handle your bookkeeping activities in our firm. Bookkeeping activities involve accounts receivable, accounts payable, bank reconciliation, verification of records from vendors and customers and accurate depreciation of assets. This can be done on a monthly, quarterly or annual basis. Contact us today for more information.
CompilationsCompanies without an accountant can have their financial statements prepared at a lower cost than a review or audit. These refer to financial statements prepared or compiled by an organization’s external accountant. This is alternatively referred to as a write-up, whereby the outside accountant converts client’s data into financial statements without providing any assurance or auditing services. Typically, a compilation report should accompany the compiled financial statements and it should state that the financial statements are management’s representation of the organization and have neither been reviewed or audited and that the accountant expresses no opinion or assurances on them.
PayrollNo organization can function without its most important assets: Employees. Proper recording and reporting of payroll to regulatory bodies as well as other stakeholders is equally as important as recruiting, motivating and retaining a company’s most talented personnel. Each payroll includes three main cycles namely:
Paying Employees: do you want payroll run weekly, biweekly or by monthly? We run payroll and ensure that the necessary taxes are withheld from your employees’ paychecks.
Paying Federal and State Taxes: Remember money withheld from employees as well as your portion as an employer need to be kept in a trust account and timely remitted to the appropriate authorities.
Filing payroll form: all taxes
Tax PlanningTax planning involves utilizing tax law provisions to defer taxes into the future or avoiding these altogether. This should be carefully done throughout the year as events unfold and can be beneficial in saving you taxes and concurrently help you attain other financial objectives. Experts agree that tax planning should not be done in isolation, but packaged and delivered in unison with other financial goals.
Outsourced Controllership and CFO ServicesWe can help provide financial leadership when it comes to making long range decisions that encompass all strategic financial outcomes. Each organization has a CEO who is the visionary and main decision maker to guide to company to success. Majority of these CEOs lack the necessary financial acumen to take the business to the next level. The more profitable a business becomes, the more complex its financial management gets. Hiring a full-time CFO and offering them the necessary compensation package is always beyond the reach of these businesses. On an as needed basis, the outsourced CFO will lead the accounting and financial areas and guide the organization in making astute financial decisions.
BudgettingFailing to plan is often synonymous to planning to fail. Every successful business needs a budget to stick to thereby helping and monitor its spending levels. This is a very important tool to help compare money going in and out of the business versus what was envisaged thus ensuring that the business is meets its financial goals. Most people going into business for themselves for the first time need a solid financial plan (budget), which serves as a navigation system to the company. Just like a person headed to a destination for the first time without knowing directions, lack of a budget would lead you to uncharted territories which typically are losses and failures. Furthermore, bankers and investors sometimes need a plan before funding your business. They want to make sure that you make viable use of any funds provided to you. Please contact LGE Advisory Services for any questions related to preparing and developing budgets.
QuickBooks Consulting/Tune-upQuickBooks is a financial software that was developed to help nonaccountants manage their accounting function without any accounting background. This being the case, just because something has been input into QuickBooks doesn’t necessarily translate to it being appropriate. Remember the saying “garbage in, garbage out”. If your general ledger is incorrect, every transaction impacting your assets, liabilities, revenues and expenses will be wrong. This information is also used to prepare tax returns, which could invite Uncle Sam for a visit to your business. We can help iron out your QuickBooks issues by cheap nhl jerseys diagnosing these problems and cleaning up any issues.
Sales & Use Tax PreparationsImproper and late filing of returns will garner unnecessary penalties and interest. Remember every dollar you’re penalized for can be reinvested to help grow and take your business to the next level. Please contact us if you need help in preparing and filing these returns.
Cash Flow ManagementCashflow is the active and deliberate of monitoring of funds going in and out of the business and is inevitable to gauge an organization’s growth level. Small businesses rely abundantly on their cashflow to minimize going concern issues. Failure to set aside sufficient funds to pay bills and cover other expenditures as they become due would lead you to constantly rob Peter to pay Paul. Proper cashflow management helps put you on the driver’s seat and eliminates the surprise factor when running your business. We can help you set up a well-tailored cashflow plan for based on your business needs.
Financial Statement PreparationDo you need financial statements on the go because of lack of any accounting software? LGE Advisory Services can help put this together based on the records provided to us.
Tax Problem ResolutionMillions of tax returns are filed annually with costly mistakes that result in potential audits. Every taxpayer (even with the help of a hired professionals) does his/her due diligence to accurately prepare their returns. Often, income is underreported because of missing important documents such as W2s, 1099s etc. Getting a letter from the IRS is one of the most unwelcomed notices at the end of a busy day. They either would say you didn’t report enough income or had too much expenses taken out to reduce your tax liabilities. They will ask you to substantiate any deductions taken on your return. If incorrectly done, that can potentially cost you thousands of dollars in penalties and interests. Hold times for the IRS are alarmingly high and nothing ever gets resolved after the first call. If you finally get through, the IRS auditor might request a face to face meeting with you. As a reminder, the IRS’ mission is to collect as much money as possible from you. The IRS can garnish your wages and seize your bank accounts—something even the President of the United States cannot do. Do you know your rights as a tax payer? If confronted with such a situation, will you know how to act? The Internal Revenue Code allows only CPAs, attorneys and enrolled agents (a person that has been accredited by the IRS) to legally represent you before the IRS. Some people try to represent themselves, but the outcome has always left a lot to be desired.
Having a seasoned CPA tax professional such as LGE Advisory Services at your side is critical if the IRS comes knocking. Once we file a Power of Attorney form, the IRS must deal directly with us. We handle all communications and correspondence on your behalf and, if necessary, meet with the IRS revenue agent so you don’t have to.