In simple terms, Accounting is how businesses monitor their finances. It involves writing down all the money they make and spend, so they can see how much they have.
Accounting helps businesses figure out if they are earning a profit or facing losses. It’s like keeping a detailed diary of all the money coming in and going out, so that business owners can make informed decisions about spending, saving, and planning for the future.
Overall, accounting ensures that everything is organized and accurate, which is important for running a successful business and for reporting to tax authorities.
In simple terms, bookkeeping is the process of recording all the financial transactions of a business. This includes keeping track of money coming in (like sales) and money going out (like expenses).
Bookkeepers make sure that all these transactions are organized and up to date, so the business knows exactly how much money it has at any given time. Essentially, bookkeeping is about maintaining accurate financial records to help the business run smoothly.Top of Form
We support all major accounting programs including Quickbooks (Desktop and Online), Peachtree, now SAGE, Xero, Freshbooks and a few others.
Total payroll services for business clients to include: Set up, maintenance of all records, time sheets, withholdings, benefits, contributions, Federal 941 & 940, State tax filings, issuance of checks, W-2's and 1099 forms.
One of our core specialties is the preparation of tax returns for individual taxpayers.
We specialize in full Advanced Accounting services, which include CFO services, advisory, strategic planning, and mentorship. In addition to tax preparation and planning, we offer advisory as an extra benefit, along with tax resolution and representation if necessary.
Tax planning is the practice of reviewing a financial situation or strategy to decrease tax liabilities while ensuring adherence to tax laws. It requires making informed choices about income, expenses, and investments to take full advantage of available deductions, allowances, and exemptions, with the aim of legally minimizing tax payments.
Besides offering financial insights, fractional CFOs frequently assume a mentorship role, supporting finance teams and boosting their skills. This mentorship can enhance financial literacy across the organization, enabling teams to make informed decisions and positively impact the company's success.
Tax resolution is a process of finding a solution to your tax problems. It is a system of having a tax professional, usually an Enrolled Agent, a CPA or a Tax Lawyer work with the IRS or the State to settle your tax problems.
If your tax return has a lot of schedules or has some missing tax documents, the IRS or the State might initiate an audit. Such audit seeks to verify if income and expenses are legitimate. In most situations, the IRS might think you have not reported all of your income or perhaps claimed higher deductions. Another common tax issue is if you have not file your tax returns for many years.
Ultimately the problems tend to escalate to a point that outside help is needed to help you get back, avoid interest and penalties on taxes owed.
The Accounting Group, LLC has the tools and experience to help you!!!
We can help you resolve your tax issues.
319-883-3500 info@theaccountinggroup.biz