accounting & bookkeeping
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Prepare Comprehensive Financial Statements
Our dedicated team specializes in preparing comprehensive financial statements tailored specifically for start-up businesses. We understand the unique financial landscape that start-ups face and the importance of accurate reporting to support their growth and decision-making.
Our service includes the meticulous preparation of three essential financial statements: the Profit & Loss Statement, the Balance Sheet, and the Statement of Cash Flows.
Profit & Loss Statement: We analyze your revenue and expenses to provide a clear overview of your company's profitability over a specific period. This statement enables you to assess the financial performance of your start-up, identify trends, and make informed decisions to optimize revenue and manage costs effectively.
Balance Sheet: We compile a snapshot of your start-up's financial position by detailing its assets, liabilities, and equity at a specific point in time. This statement helps you gauge the overall financial health and stability of your business. It also provides insights into the composition of your assets and liabilities, aiding in strategic planning and resource allocation.
Statement of Cash Flows: We outline the cash inflows and outflows within your start- up, categorizing them into operating, investing, and financing activities. This statement is crucial for understanding the liquidity and cash flow dynamics of your business. It allows you to track how cash moves throughout your start-up and assists in managing working capital, investment decisions, and financial stability.
By relying on our expertise in preparing comprehensive financial statements, you can gain a clear understanding of your start-up's financial performance, position, and cash flow patterns. These statements serve as vital tools to assess your business's viability, attract investors or lenders, and make informed strategic decisions to drive sustainable growth.
With our meticulous attention to detail and deep understanding of start-up finances, we ensure that your financial statements adhere to the highest standards of accuracy and compliance. By providing you with reliable financial insights, we empower you to navigate the dynamic start-up landscape with confidence.
Partner with us to access our expertise in preparing comprehensive financial statements tailored to the unique needs of start-ups. Let us help you gain the financial clarity necessary to fuel your start-up's success.
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1099 Filing and Reporting
Our 1099 filing and reporting service assists businesses in fulfilling their tax obligations by accurately preparing and submitting 1099 forms to the IRS and appropriate recipients. The 1099 form is used to report income earned by non-employees, such as independent contractors, freelancers, or service providers.
Identification of Reportable Payments: We review your business transactions and identify payments that require 1099 reporting. This includes payments made to individuals or entities for services rendered, rents, royalties, prizes, awards, or any other reportable income categories.
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Data Collection: We gather the necessary information to complete the 1099 forms, including recipient details (name, address, and taxpayer identification number) and payment amounts. We ensure the accuracy and completeness of the data to comply with IRS requirements.
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Form Preparation: Our team prepares the 1099 forms accurately, ensuring that the appropriate payment amounts and recipient information are correctly recorded on each form. We use the latest IRS guidelines and reporting codes to facilitate compliance.
Timely Filing: We ensure that the 1099 forms are filed with the IRS by the designated deadline, typically January 31st of the following year. We handle the submission electronically, utilizing the IRS-approved e-filing system for efficient and secure processing.
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Recipient Distribution: We provide copies of the 1099 forms to the respective recipients in compliance with IRS regulations. These forms are crucial for the recipients to report their income accurately on their individual tax returns.
Reporting Accuracy: Our team strives for precision and accuracy in all aspects of the 1099 filing process, reducing the risk of errors and potential penalties. We perform thorough reviews and reconciliations to ensure the forms are error-free.
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Compliance Monitoring: We stay updated on changes in tax laws and regulations related to 1099 reporting, ensuring ongoing compliance. If any regulatory updates occur, we adjust our processes accordingly to ensure your business remains compliant.
By utilizing our 1099 filing and reporting service, you can ensure compliance with IRS requirements, minimize the risk of penalties, and maintain accurate and timely reporting of income paid to non-employees.
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Budget and Financial Analysis Services
Budgeting and forecasting: Tax Geaks can assist businesses in developing accurate budgets and financial forecasts. We help identify revenue and expense drivers, establish realistic financial goals, and create budgeting models to track performance against targets.
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Financial statement analysis: Tax Geaks analyze financial statements to assess a company's financial health, identify trends, and highlight areas for improvement. We can provide insights into profitability, liquidity, solvency, and efficiency ratios, helping businesses understand their financial position and make informed decisions.
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Cost analysis: Tax Geaks can analyze costs and cost structures within a business. We assess cost drivers, identify cost-saving opportunities, and provide recommendations for optimizing cost allocation and reducing expenses.
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Variance analysis: Tax Geaks can perform variance analysis to compare actual financial performance against budgeted or forecasted figures. By identifying and explaining significant variances, we help businesses understand the reasons behind deviations and take corrective actions as needed.
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Key performance indicators (KPIs): Tax Geaks can assist in identifying and tracking relevant KPIs that align with business goals. We establish benchmarks, analyze trends, and provide insights into performance metrics to evaluate operational efficiency, financial success, and growth potential.
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Financial modeling and scenario analysis: Tax Geaks can develop financial models to assess the impact of various scenarios and potential business decisions. By analyzing different financial outcomes, businesses can evaluate risks, opportunities, and the potential return on investment.
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Cash flow analysis: Tax Geaks can conduct cash flow analysis to assess a company's ability to generate cash and meet financial obligations. We evaluate cash inflows and outflows, project cash flow patterns, and provide recommendations for optimizing cash management and liquidity.
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Financial reporting and presentations: Tax Geaks can prepare financial reports, presentations, and dashboards that summarize key financial data, analysis, and insights. These reports help stakeholders, such as management, investors, and lenders, understand financial performance and make informed decisions.
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Treasury Services
Cash flow management: Tax Geaks can help businesses optimize their cash flow by forecasting cash inflows and outflows, analyzing historical data, and developing strategies to effectively manage working capital.
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Cash positioning and liquidity management: Tax Geaks can assist in optimizing the use of available cash by determining the appropriate cash positioning, such as maintaining optimal cash balances across various accounts and minimizing idle cash.
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Cash forecasting: Forecasting future cash flows is crucial for effective treasury management. Tax Geaks can help develop cash forecasting models and tools to provide businesses with insights into their future cash requirements, allowing them to plan accordingly.
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Bank relationship management: Tax Geaks can assist in managing relationships with financial institutions. This may involve negotiating bank fees, setting up banking services, reviewing banking agreements, and providing guidance on selecting the most suitable banking solutions for the business's needs.
Risk management: Tax Geaks can help identify and manage financial risks associated with cash flow and liquidity, such as interest rate risk, foreign exchange risk, credit risk, and market risk. We can develop risk mitigation strategies and provide guidance on hedging instruments and financial derivatives.
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Treasury consulting and advisory services: Tax Geaks can provide strategic advice and recommendations on treasury-related matters. We can offer insights into best practices and industry benchmarks and assist in developing treasury policies and procedures tailored to the business's specific needs.
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Payroll Services
Payroll processing: Tax Geaks can handle the entire payroll process on your behalf. This includes calculating employee wages, salaries, deductions, and taxes based on the provided information.
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Employee onboarding: Tax Geaks can assist with the paperwork and processes associated with hiring new employees, such as setting up payroll accounts, completing tax forms, and verifying employment eligibility.
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Payroll tax calculations and filings: Tax Geaks can calculate the required payroll taxes, including federal, state, and local taxes, and ensure timely and accurate filings. We can also handle the preparation and distribution of tax forms, such as W-2s for employees and 1099s for contractors.
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Direct deposit and payment processing: Tax Geaks offer direct deposit services, allowing employees to receive their wages electronically. We can also handle issuing paychecks and managing payments to contractors or third parties.
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Recordkeeping and reporting: Tax Geaks can maintain payroll records, including employee information, earnings, deductions, and tax withholdings. We can generate reports on payroll expenses, tax liabilities, and other relevant financial data.
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Compliance and regulatory updates: Payroll regulations can change frequently, and Tax Geaks stay updated on the latest compliance requirements. We can help ensure your payroll processes align with federal, state, and local laws, including wage and hour regulations.
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Employee self-service portals: Tax Geaks provide online portals where employees can access their payroll information, view pay stubs, and update personal details, reducing administrative tasks for the employer.
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Payroll consulting and advice: In addition to processing payroll, Tax Geaks can provide guidance and advice on payroll-related matters. We can help you understand payroll tax implications and compliance issues and assist in resolving payroll-related disputes.