Outsourcing Accounting Services

The Tax Company provides complete outsourced bookkeeping, accounting, and tax services to small to medium size businesses and franchises.

By combining the experience of skilled accounting personnel, accounting software and a web-based document transfer system, your company can have an accurate, timely and efficient accounting system that provides you with the financial data needed to run your company with confidence.

The Tax Company offers a variety of accounting and tax packages that can cover all aspects of your accounting system. You can get full charge bookkeeping, quality assurance, control, and monthly financial reports. We will review your accounting cycle with you to customize the best procedures to meet your specific requirements.

Our complete accounting package is designed to complete your daily financial record-keeping tasks; month-end closing tasks, and preparation of your monthly financial reports with analysis of your business.

Our goal is to provide accurate and timely reports which reflect your current situation and allow you to concentrate on running your business.

The steps involved with basic bookkeeping can be overwhelming depending on the size of your business and the number of transactions. If you no longer feel like you have control of your books, give us a call. We will manage your business finances and keep you on the right track. Included in our fixed monthly fee, are the following full charge accounting services:

Accounts Payable:

·         Input vendor invoices into payable system

·         Classify invoices to the proper general ledger account

·         Request and maintain vendor W-9 information

·         Maintain master vendor files

·         Respond to vendor inquiries about payment status

·         Retrieve copies of payments as necessary

·         Prepare and file required 1099 forms

·         Process requests for stop payments when necessary

·         Process payments to vendors based on due dates or client instruction

·         Reconcile vendor statements to accounts payable ledger

·         Reporting to organization on detailed aged payables and cash requirements

Accounts Receivable:

·         Billings prepared as needed and mailed out (all billings provided to Client for approval prior to mailing)

·         Record and account for revenue

·         Input receivable transactions into the accounting system

·         Prepare and deliver periodic statements

·         Issue client-approved credit memos and refund checks

·         Maintain subsidiary receivables ledger

·         Process client-approved adjustments

·         Apply cash received to customer accounts and resolve “short pays”

·         Light phone collections as needed by client

·         Client to photocopy checks and provide to The Tax Company

·         Client to prepare deposit slips  and make bank deposits (provide copy to The Tax Company)

General Accounting

Cash Management

·         Process daily sales and deposit reports

·         Verify daily deposits and report variances

·         Reconcile and verify credit card deposits

·         Reconcile monthly bank statements

Inventory

·         Client to provide The Tax Company with a listing of all product numbers in inventory and a count of the number of each product. The Tax Company can assist Client in obtaining this information

·         Client to provide reports of inventory sold and inventory purchased (exact method determined by individual client needs and systems)

·         Annual physical inventory to be taken by client with The Tax Company’s assistance. The Tax Company to reconcile physical inventories to accounting system inventory and prepares any adjustments necessary.

Fixed Assets

·         Classify, capitalize, and record fixed assets items and capital expenditures (additions, transfers, retirements)

·         Calculate and record depreciation and amortization

·         Maintain depreciation schedules

Financial Reporting

·         Balance sheet and income statement compared to budget

·         Accounts Payable and Accounts Receivable aging provided as needed.

·         Reports are customized for Client’s specific requirements. Provide a “Draft’ profit and loss statement and Balance sheet just prior to period closing and discuss variances with client

·         Provide weekly sales and ranking reports

Quarterly Tax Filing

·         Sales and use tax filings (for some clients this may be monthly for city business license and tax filings)

·         Payroll tax filings (941 & DE 6)

Payroll

·         Approved and signed Time Sheet Summary, will be uploaded to The Tax Company seven days prior to payday

·         The Tax Company completes payroll and client prints, signs and distributes paychecks. Direct Deposit may be available

·         Prepare employee earnings statements complete with current pay period and year-to-date wages, taxes, and adjustments

·         Prepare department summaries of month-to-date payroll data in addition to customized reports specific to Client

·         Prepares timely and accurate notifications of tax liabilities and deposits

·         Completes Year end W-2 forms

·         Respond to requests for employee verifications

·         Process and submit garnishment payments

·         Respond to employee payroll inquiries

·         Prepare and file new hire reporting to state

·         Prepare, file, and pay all Federal, State, and local payroll taxes

·         Reconcile health insurance payments and make payroll deductions

·         Allocate payroll expenses for multi-store employees

·         Prepare and process payroll accruals when necessary

The primary responsibilities of your account manager involve the supervision of the bookkeeping, data entry, and ensuring the integrity and accuracy of your accounting system. On a monthly basis, we will close the books, prepare your financial reports (balance sheet, profit and loss statements), review your outstanding payables and aging receivables and check your cash flow to help identify specific areas that need attention. Your account manager will present this information so you will be able to understand your company’s financial position each month.

Optional Services

The Tax Company also offers customized services, specific to your company’s objectives. For instances, we can prepare prior months financial information to “catch up” those companies that have fallen behind. Also, we can provide a liaison between the various tax agencies and your company and attempt to resolve any outstanding issues.

Our affordable optional services are listed below. Please Contact us if you require additional services that are not listed as we will try to accommodate all of your accounting and tax needs.

    * Tax Audit assistance
    * Budget preparation and planning
    * Back-work
    * Computer Software conversion

Running a small business requires time and expertise and usually involves a mountain of paperwork. Among other things, bills must be paid and your checkbook must be reconciled on a timely basis.

As a business owner you have three basic choices:

You can complete the accounting tasks yourself, which means taking your valuable time away from actually running your business.

You can hire an accountant to take care of the tasks in-house. But you'll have to provide office space, pay wages, taxes, plus fringe benefits, and find the time to oversee the work.

Or... you can choose a better way. Many business owners rely on professionals to administer their accounts payable, keep their checking accounts in order and handle other bookkeeping chores.

Here are some of the tasks we can do:

• Ensure that bills are checked for accuracy and paid by or before their due dates to keep you in good standing with your vendors.
• Keep track of payment terms and make sure you pay within the discount period so you get the lowest price available.
• Handle vendor calls, and alert you to possible problems.
• Monitor sales tax charged (or not charged) by vendors.
• Keep your checkbook up-to-date.
• Reconcile your checking account with your bank on a monthly basis so you always know what is available to you.

Our goal is to manage your complete accounting system. If you are interested in additional accounting assistance, call The Tax Company at (858) 693-7356.

Contact us to calculate the total cost of your employee, including:
wages, bonuses, payroll taxes, fringe benefits, retirement benefits, medical and dental insurance, workers compensation, vacation time, training and overhead costs, and compare the costs to outsourcing the accounting and tax services!