Accurate financial information is a tool that a business owner can always use to measure the results of operations to manage and to make necessary changes to increase the economic efficiency which ultimately translates to profits. While this financial information can be gathered and prepared internally, there are accounting standards issued by the American Institute of Certified Public Accountants. Those standards assure that the financial records are presented clearly and accurately and can be interpreted by third parties with ample knowledge of the matter. Loan applications, adding a new product line, providing a new service or simply hiring new workers can be some of the decisions that are faced by the managers of a business. We offer expertise in helping managers understand the meaning of this information so that sound analysis and decisions be implemented to improve profits.
Salaries and wages to employees for manufacturing industries and service providers among others represent the largest expenses for these types of businesses. Understanding labor laws is critical in keeping in compliance with requirements set by federal and state authorities. We offer strong support to our clients so that wages are paid and the proper wage deductions are made. The proper classification of employees and subcontractors has been monitored closely by governmental authorities resulting in severe penalties for those employers failing to observe these laws.
For example, we can help you determine which employees should be classified as hourly and which employees are exempt from wage and hour laws and not entitled to overtime. In addition, we can help you determine which workers are independent contractors and which will be regarded by law as employees. Making the incorrect determination in any of these cases, can result in large financial penalties.
Thus, keeping payroll preparation in house cannot always assure compliance with record keeping, filing and deposits for payroll tax liabilities. That’s why you go to an experienced certified public accountant.
Maintaining financial information can be an easy task for those versed in the use of commercial user-friendly computer programs such as QuickBooks and Peachtree. However, the proper classification of every financial transaction in the general and sub ledgers is critical to the proper presentation of the financial data. We offer bookkeeping services for those business owners who prefer to take care of business operations instead of maintaining a busy schedule of recording deposits received from sales or checks issued for payments for services and purchases made. Our bookkeeping services guarantee the accuracy of this information which can be used for managerial decisions. This allows you to concentrate on running your business.