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.
Federal and state tax laws are complicated and changing continually for individuals and businesses alike. Our knowledge and experience in the preparation of income tax returns for individuals, partnerships, regular corporations, S corporations and the most popular form of business structure: Limited Liability Company, assures that all laws are applied correctly and accurately so that the proper refund or liability is calculated in every instance. As a certified public accountant and former enrolled agent, we are required to be up to date with the tax laws by participating in continuing education courses in taxes, accounting, auditing and other relevant areas of the profession.
We will offer workshops to groups to share information regarding the proper planning for the tax implications of individual decisions about retirement savings and other asset accumulation programs. These seminars will also assist business owners in relevant decisions to remove worries over tax consequences related to financial transactions.
As a certified public accountant, Cabrera can represent taxpayers before the Internal Revenue Service and the State of New Jersey.
Our firm looks at taxes from the point of view of the individual and business taxpayer. Rather than just consider taxes right before the deadlines, we look at the entire year. We help you plan. For example, the time to take a hard look at your tax liability is not after January 1. It is all year, but especially in the fall before taxes are due. Because it is the actions you take then that can alter your tax liability to your benefit.
For example, let’s say your business has had your best year yet. More revenue means more taxes. If you plan, you can use the tax laws to your advantage. If you are considering buying new computers for your entire office in the first quarter, it might benefit you to purchase them in the fourth quarter of the year before. The business deductions for this new equipment will lower your taxable income for this banner year.
By thinking ahead, we can help you make the right decisions for your business.
The ownership and management of a business should start with a “budget” or the development of how much investment will be required for the startup costs of the enterprise: monies need for purchasing or lease business space, purchase of equipment, and the costs of conditioning building space to conduct business. Then, you will need to make other decisions of how much cash or funds will be required for acquisition and operating expenses including employee’s wages, which are a major cost of conducting business. Our expertise in projecting these costs will help entrepreneurs feel comfortable in those predictions.
Ongoing operations may also prompt owners to change, modify or provide new services to increase business profitability. Looking at historical data is critical in determining financial trends and conditions that the business experiences. They can also provide critical information in projecting future decisions based on the expectation of business owners. Our expertise is key to develop these financial plans. Our firm and the business managers share the tasks of developing and implementing business decisions.
Our firm can provide compilation and review services, which is financial information presented (compiled) in the form of financial statements that can be read and used by internal and external sources. This essential information must be formatted to comply with requirements issued by the American Institute of Certified Public Accountants (AICPA). It also provides a roadmap of where your business has been, where it is and where it is going.
Our firm offers three levels of financial accounting services:
• Compilations, which merely present financial information prepared by managers of the business;
• Reviews, which include analysis of trends and other ratios.
• Audits, which provide a full review of the financial records and report on the findings as to whether they fairly represent the financial condition of the company. Only a full professional accounting audit can provide this type of assurance