Small Business Accounting
As a small business, your main focus is running your business and generating profits. Keeping track of your money is a tedious task but we all know that it is necessary to keep track of funds. We at Fletcher & Associates take pride in keeping our clients' financials clean and current
Each month or quarter, we'll do the following things for you
- Bank Reconciliation
- Income Statement
- Balance Sheet
- General Ledger
- Setup and Support Accounting Systems
* But not limited to the above list
Why Outsource Accounting Services
1. Save time.
Outsourcing your business’s bookkeeping operations frees up valuable time that can be put into bettering the company. Backend office functions can be a heavy distraction from the day-to-day running of things and having your bookkeeping in-house can lead to a conflict of interests. All of these time-wasters and distractions need to go—out of sight, out of mind.
2. Save money.
The bottom line is that by outsourcing your bookkeeping operations, you save money on paying full-time or part-time wages and benefits to an employee. Further, you also save on lost productivity costs that come along with hiring employees onto the payroll. By outsourcing your bookkeeping, you only pay for what you need—nothing more, nothing less.
3. Expertise on your side.
Outsourcing gives you a great way to have full-time knowledge on your team without having to pay for it around the clock. By putting your books into the hands of a highly skilled staff who understand the best practices and how to properly staff for certain tasks, your job becomes a whole lot easier—and effective.
4. Focused work staff.
By eliminating the distractions of the office from their jobs, places that take bookkeeping jobs are able to provide clients with more focused work. It’s hard for a bookkeeper to do their jobs around the hustle and bustle of a business—removing them from the site by outsourcing not only helps you focus on your business, it helps them focus on your business as well.
5. Do what you love.
Not enough emphasis can be placed on this. No client I’ve every spoken to went into business for the love of administration. There’s nothing worse than an unmotivated leader to bring down the morale of the whole crew. If you are still doing the books each month, stop today. Maintain your passion and do what you love most. You will excel at what you love most and are more likely to remain motivated.
Why Outsource Payroll?
A lot of business owners aren't experts in accounting or have training or experience in running their own payroll. Payroll processing can be challenging and confusing to small business owners, and the fact that the IRS can impose penalties if not filed correctly makes payroll processing somewhat intimidating. Because of this, most small business owners leave payroll processing to experts -either by outsourcing payroll, or processing it in-house (also known as traditional payroll).
1. Outsourcing Your Payroll is More Cost Effective
Outsourcing your payroll can give you all the benefits and accuracy of having a CPA do your payroll, but will run you at a fraction of the cost. It's the best of both worlds; easy, accurate, and cost effective. Outsourced payroll can save you thousands of dollars per year.
2. Outsourced Payroll Helps Small Business Owners Avoid IRS Penalties
Each year, approximately 40% of small business owners are penalized by the IRS for paying or filing their payroll taxes incorrectly. That's a pretty high percentage, and at approximately $850 a year in penalties, doing your own small business payroll processing might not be as cost effective as if you had a specialist do it for you. Payroll outsourcing companies automatically calculates, pays, and files your small business payroll taxes for you. Because of the automated process, you'll never be late or miss a payment or filing.
3. Outsourced Payroll is Easy
Payroll processing done through an outsourced small business payroll service is easy to use. Although setting up your employees could take a few minutes, the actual payroll run can be done in just a few minutes. Just login to the payroll service’s secure online portal or email the employee hours worked during the pay period. Your payroll is done.
4. Outsourced Payroll Takes Care of W-2 and 1099 Forms for You
At the end of the year, small business owners must give their employees either a W-2 form or a 1099 form by January 31st of the following year Not only do you need to give these forms to your employees and independent contractors, but you also have to file certain forms with the IRS. Again, if you don't know what you're doing, this could cost you in IRS penalties. Outsourced payroll companies keep track of this information and file it for you. Small business owners can print W-2s and 1099 forms for their employees right on the spot.
5. Outsourcing Payroll Services Let You Maintain Control
Most outsource payroll services, allow you to maintain control over your payroll while taking care of the tough payroll tax calculations in the background. Outsourcing your payroll is a beneficial relationship because it allows you to stay in compliance with tax laws, but also allows you to focus on your business instead of trying to become an expert in payroll processing. Entering your payroll information online allows for you to maintain control of your payroll processing and helps eliminate double entries or typing mistakes often associated with calling or faxing in your payroll information to a customer representative. You enter it, you review it, you approve it --you're always in control of your small business payroll processing.
Fletcher & Associates prepares taxes for individuals and small businesses.
Types of returns we prepare:
- Sole Proprietors
*But not limited to the above list.