Accounting Tax and Financial Services steers you closer to your business goals with accurate record-keeping, reporting, support on financial issues such as initial accounting system setup, cost-containment, tax planning and investments.
Bookkeeping, payroll processing and tax preparation are all essential aspects of any business. These services help you manage your cash flow and reduce your tax liabilities by complying with federal, state and local regulations.
Bookkeeping is the process of recording and analyzing the financial transactions of a business. The data generated from this analysis can help businesses understand their overall finances and make sound decisions.
A successful bookkeeper can help your business manage cash flow, meet its financial obligations and plan for future growth. These tasks are vital to the long-term health of your business.
The basic bookkeeping task is to record all transactions, ranging from sales and purchases to payments and bills. These transactions are then classified into revenue, expense, asset or liability accounts.
In order to organize all this information, the bookkeeper must maintain a chart of accounts. This system outlines all of the categories that need to be tracked.
A bookkeeper also reconciles company accounts to ensure that the financial data recorded in a business’s accounting software matches the information on its bank statements and other documents. This is usually done on a monthly basis. It is essential to verify that all transactions are accurate so that the business does not fall victim to fraud.
Tax preparation is the process of preparing and filing tax returns for individuals, businesses and other entities. Professionals who offer this service are known as tax preparers, accountants or CPAs (certified public accountants).
These professionals have the skills to complete and submit tax forms accurately and on time. They are also knowledgeable about tax laws and regulations, which can help their clients avoid penalties or interest charges.
They also use their critical thinking and problem-solving skills to analyze financial situations and determine appropriate deductions and credits on client tax returns.
Fahim Ekbal Moledina Accounting Tax and Financial Services offers a variety of consulting services to help businesses get more out of their financial systems. This could include a comprehensive financial health evaluation, which takes a close look at a company’s assets and liabilities, profitability analysis, and financial forecasting.
Auditing is the process of examining an organization's financial records to determine whether they accurately reflect its financial position. This is important for investors, lenders, and government agencies because accurate financial statements can help them make wise decisions.
Auditors work with accountants to ensure that company financial statements are accurate. They also investigate accounting scandals and other possible financial crimes.
The job of auditing involves research and planning, fieldwork, summarizing and reporting, and follow-up. Audits can be conducted internally or externally, and the exact process is different for each client.
Auditors typically earn a bachelor's degree in accounting, finance, or a related discipline. Most also pursue certifications or licenses in order to gain credibility in their field. Some auditors also specialize in forensic auditing.
Tax planning is a year-round process that helps individuals and businesses save money on their taxes. This can be achieved by reducing overall income, increasing the number of deductions and taking advantage of certain tax credits.
A tax plan also considers the impact of investments, including the timing of major purchases, relocations, charitable giving and estate plans. A good tax plan can improve investment returns by sheltering profits from taxes.
Ultimately, tax planning is the act of minimizing your tax liability and optimizing the ability to contribute to retirement accounts. It should be an essential part of every comprehensive financial plan.
Tax professionals offer a variety of tax expertise to help clients manage and grow their wealth, regardless of their personal or business situation. These tax experts work with clients throughout the year, not just at tax time, to assemble the big picture one that factors in their current financial situation and future needs.