Accounting Tax and Financial Services provides a range of business accounting, financial and tax services to assist businesses in maintaining profitability and capitalizing on opportunities. These services include bookkeeping, tax preparation and payroll.
They help with initial accounting system setup, cost-containment, tax planning and investments, and employee benefit and profit-sharing plans. They also provide support with business entity formation and federal and state regulatory compliance.
Fahim Ekbal Moledina is the Principal Consultant for Opti-Syn Consulting and is a business leader with expertise in project/change management, finance, lean/agile methods, as well as marketing and sales. He has a passion for technology and has led multiple business transformation projects.
Bookkeeping refers to the process of recording and tracking financial transactions. It is important to keep accurate records because these transactions can help you prepare your taxes and other important financial documents.
The job of a bookkeeper involves the day-to-day recording and tracking of business income and expenses, including sales, receipts, and payments. They then post these to a company’s general ledger, which is a record of all of a business’s financial transactions.
They also reconcile entries made into the accounting system and monitor any variances between a business’s revenues or expenses.
The work of a bookkeeper can be done by a single individual or a small team, depending on the needs of the company. It is a relatively low-cost way for businesses to manage their finances.
Tax preparation services involve preparing and filing tax returns for individuals, businesses or corporations. This process involves reviewing income statements, social security numbers and expenses to identify which items may qualify for tax credits or reductions.
Whether you’re a self-employed professional or a small business owner, hiring a tax service to prepare your tax returns can save you time and stress. They can also help you maximize your deductions and tax credits so that you can save money, while minimizing your tax liability.
There are three types of tax preparers: Enrolled Agents (EAs), Certified Public Accountants (CPAs) and Tax Attorneys. All three receive credentials from the Internal Revenue Service or a state board.
Payroll is the process of calculating employees' net pay and withholding taxes. It involves tracking hours worked, calculating gross wages, distributing payments through direct deposit or check, and recording taxes withheld, bonuses, overtime pay, sick time, and vacation pay.
Often, payroll is handled by an in-house accounting department but it can also be outsourced to a specialized firm that handles paycheck processing, employee benefits, and tax withholdings. This saves a company the time and money it would have to spend on a dedicated staff.
Most payroll services offer a variety of reporting tools that simplify accounting procedures and help companies comply with legal and tax filing requirements. In addition, they can track employee compensation and ensure that it is in accordance with state and federal laws. These services can be worth paying for as they enable a company to focus on other tasks and keep its finances in good shape. Moreover, it is important to choose a payroll service that is in tune with the needs of your business.
Business advisory services are a broad range of financial and business-related services offered by entities whose primary objective is to help companies develop and implement strategies that promote sustainability, expansion, and stability. These services are usually provided by individuals or independent experts who use specific practices and techniques to support particular business verticals delivering a significant difference to their success.
During the business advisory process, an advisor will work with a client to identify barriers that could affect their operations and growth. These could be anything from finances to marketing or staffing issues, and they will then recommend ways to overcome these.
There are many benefits to engaging with an advisory service. These can include a more focused focus on the company's goals, which in turn increases productivity and profits. They can also help identify inefficiencies and redundancies within the company, which can lead to reduced time spent on certain processes and a faster pace of production.