Business Accounting to Empower Your Growth in Arcadia, CA
Few things affect a company's success as heavily as its accounting. At Elite Tax and Accounting, Inc, we strive to do more than deliver accurate ledgers and reports. Our accountants work with you to provide services and strategies that help your company make intelligent financial decisions and promote measurable growth.
Whether you're a small startup or a bustling enterprise, we tailor our services to meet your company's unique accounting needs. Schedule your complimentary consultation to find out what we can do for your business!
5 Ways Outsourcing Benefits a Business
Many businesses owners are reluctant to outsource their bookkeeping. They either feel that they can manage it on their own, or that if it must be done, someone in-house should be doing it. What most don't know until they try outsourcing is that there are multiple benefits to be had from handing off your accounting to an experienced accountant who works independently from you.
Here are five things your business gains when you use an outsourced accountant:
1. Your Time and Focus
Any time you spend scouring through spreadsheets trying to balance accounts is time you don't have to put into growing your business. Delegating your accounting needs ensures you can focus your attention where it's needed, and the work is still being done.
2. More Capital
Outsourced accountants save money two ways: First, they're much cheaper than a full-time accountant; and second, they can help locate misplaced capital and cut down on unnecessary expenses, leaving you with more money to grow your business.
3. Less Fraud
Smaller businesses with limited oversight and fewer internal controls are unfortunately frequent targets of fraud. An outsourced accountant can be trusted to handle accounts without fear of dipping their hands into the pot.
4. Accounting Expertise
Outsourced accountants have years of experience working with a variety of clients. They can spot errors in your books quickly, and find opportunities a less seasoned accountant may not be aware of.
Outsourced accountants offer services at varying levels, which can be adjusted according to your needs. With outsourcing, you only pay for the help you need, and you receive their complete attention and expertise in every service.
Business Services We Provide
We work with businesses of all sizes and types and adjust our services to meet their needs. Whether you are a corporation, LLC, sole proprietorship, or a nonprofit, we have the experience to deliver the expert accounting you depend on.
Our business accounting services include:
- Accounting & Bookkeeping
- Audits, Reviews & Compilations
- Entity Selection
- Business Valuation
- Strategic Business Planning
Every business, no matter its size, knows the importance of reliable accounting to its growth and success. We work with your business to ensure that your records are accurate, up-to-date, and properly formatted to help your company find what it needs.
Our accountants can provide monthly, quarterly, or annual accounting according to the needs of your business. We check ledgers for errors, complete missing data, and deliver requested reports with accuracy and efficiency.
What Can I Expect from Outsourced Accounting?
Our accountants have the knowledge and experience to complete any task an in-house accountant could. Beyond basic bookkeeping, we can:
- Generate reports and statements
- Reconcile accounts payable and receivable
- Check statements for accuracy
- Ensure regulatory compliance
- Improve financial efficiency
- Evaluate operations to minimize costs
Payroll is an invaluable part of a company's accounting, and poorly-handled payroll can come with stiff fines. Our experienced accountants can help you build, optimize, and maintain your payroll to ensure that your employees are well cared for and that you remain in compliance.
We can handle every aspect of your payroll, from scheduled processing to verifying withholdings. You can also depend on us to prepare and deliver employee tax forms and monitor pension plans.
Audits, Reviews, and Compilations: Which to Choose
Providing assurance to businesses is an important service we take great care in providing. We work with companies to determine their goals, help establish which level of assurance they need, and perform a thorough review to deliver their assurance in a timely and efficient manner.
This is what you can generally expect from each level of assurance:
Audits provide the highest level of assurance because it involves the most thorough scrutiny of your financial records. Audits examine every record in detail and use multiple sources, including outside the company, to corroborate the data presented. When complete, an audit presents a final report ensuring that all statements are complete and error-free.
Reviews are less thorough than audits, but can still provide satisfactory evidence for potential lenders and buyers. While the data hasn't been externally verified, most errors can still be addressed through reviews, and therefore, they do provide a moderate level of assurance. They can also make future audits less challenging to conduct.
Compilations are the lowest level of financial evaluation. They are simply an assemblage of data and do not provide any actual assurance. However, they do provide evidence that you're working with a skilled CPA, and may in some cases be enough to secure a small business loan.
Auditing for Nonprofits
Nonprofits face strict government regulations, which they must meet regularly in order to maintain their nonprofit status. Auditing a nonprofit is an exceptionally complicated process that must be performed with care.
Our firm has experience working with multiple nonprofits and performing meticulous and reliable audits. We are familiar with both Single Audits and Yellow Book Auditing standards, which we strictly adhere to throughout the process, providing results our clients can rely on.
Entity Selection for Startups
Selecting an entity type is an essential part of launching a company, one that can have long-reaching ramifications. We help entrepreneurs to select the entity that best suits their enterprise and provides them with the most beneficial tax structure.
From corporations to LLCs and more, we understand the fundamentals of different entity structures. We strive to educate our clients so that they can make an informed choice that sets them up for long-term success.
Making the Most of Your Selected Entity's Tax Benefits
Many established companies, especially startups in their early years, selected an entity without fully understanding how to take advantage of the tax benefits it had to offer. One of our goals is helping these companies save money and grow their capital using the opportunities their entity type provides.
We provide experienced tax planning that a business can use throughout the year to minimize their tax liability. Whether you've been in business for two years or ten, effective tax planning can make a significant difference in your quarterly and yearly results.
Business valuation may be a given when looking to buy or sell a business, but it may surprise you to learn that there are many other situations where a valuation can provide opportunities.
Company Growth: Having an accurate and up-to-date valuation can illuminate strengths and weaknesses, which you can apply in your business planning to help balance your company. This makes you stronger in the market and can lead to higher valuations in the future.
Tax Purposes: Tax filing can sometimes require specific types of valuation, and tax planning can also make use of a recent valuation. Understanding your company's value can open up opportunities to save throughout the year, and is also necessary for estimating tax liability in estate and gift taxes.
Investment Return: Current valuations are essential for determining how dividends and capital gains should be distributed to investors.
Strategic Business Planning
Having a strategic business plan gives your company an edge over those who simply respond to their current situation. Regardless of the size of your business, the right plan can provide a roadmap that unifies your company and helps you to plan for and take advantage of opportunities.
We help you to create a strategic business plan that clearly defines goals for company growth, profitability, and direction. This not only helps you to make decisions toward a specific goal, but can even highlight opportunities that otherwise your business might not have seen or been prepared for.
Our team can help you make a strong and reliable business plan to provide direction and motivation for your business. We listen closely to your objectives and use the goals you outline to devise realistic and measurable standards you and your employees can use to evaluate their progress.
We Help You Do What You Do Best
At Elite Tax & Accounting, Inc. in Arcadia, CA, our objective is providing the best accounting services we can so that you can focus on accomplishing your goals. Whether you are a growing enterprise or a nonprofit with a mission, we're committed to helping you achieve the knowledge and resources you need to turn opportunities into successes.
Contact our office to schedule your complimentary consultation and get started today!