SMALL BUSINESS ACCOUNTING
Reliable Accounting for any organization is a necessity. Between record keeping, monitoring expenses, and performing bank reconciliations, small business accounting can be time-consuming. Hiring a Certified Public Accountant in Key West can benefit you personally as well as help your business. CPA's prepare and analyze your financial data so you have accurate and relevant financial data. This gives you the ability to make better decisions for your business, and it also frees up a lot of your time.
On top of your business’s accounting needs, business owners must also deal with calculating payroll, payroll taxes, and sales tax. These can take hours to calculate, and once you’ve calculated them, you then must fill out several government forms and meet varying deadlines with both the Federal and Florida state governments. The probability to make a mistake or miss a deadline is pretty high, and the fees for doing so can be substantial. We have the ability to handle all of your payroll and sales tax items so you don't have to worry about it.
There are also business-filing issues we can help you with. For example, we can help you with entity selection. It’s important to have an understanding of the legal and tax implications of all the different business entities. This allows you to choose the legal entity that best suits your individual needs.
We can help you submit Articles of Incorporation or Articles of Organization and help you obtain an EIN. After this there are elections that you may or may not wish to make with the IRS. We guide our clients every step of the way through this process. Once your business is established, we remind you of filing deadlines and can help you fill out the necessary paperwork when needed.
Bookkeeping & Accounting
Along with accounting services, we also offer bookkeeping services. You may be wondering what is the difference between an accountant and a bookkeeper. There is some overlap between their job responsibilities as they both handle company financial matters and they both use accounting software, such as QuickBooks.
Bookkeepers usually handle day-to-day activities, such as writing checks for the company and recording deposits. They also can prepare invoices, manage your Accounts Receivable and Accounts Payable, and some can process payroll. Many bookkeepers become experts at using accounting software as they use it daily.
An Accountant can do many of these items, but their primary responsibility is to prepare reliable financial statements from the data the bookkeeper enters into the accounting software or into a ledger. Many accountants become experts at using both accounting software and spreadsheets as they use them daily. In small businesses without a full-time accountant, the business often hires a Certified Public Accountant.
By allowing us to provide accounting and/or bookkeeping services to your small business, you can focus on maintaining other aspects of your company, while taking advantage of having a dedicated accountant at your service. The financial data provided by having a small business accountant can be invaluable in managing your business.