The Importance of Having a Good Accounting System
Having a good accounting system is absolutely necessary for a business to become successful. The accounting system provides crucial financial reports about business operations and profitability. Without a good accounting system, a business is operating in the dark
Accounting Software Selection and Implementation
Our Firm provides accounting system design and implementation services. We can set up new accounting systems for startup companies or evaluate and improve upon already-existing accounting systems. After implementation, our professional accountants can provide follow-up training and monitoring, either on a monthly-basis or as needed. We have consultants on staff who are certified in QuickBooks Accounting and Peachtree Accounting, the two most popular accounting programs used by small businesses. We also provide onsite custom training and classroom training throughout the year. For more information on these products and service click here QuickBooks Accounting Training, Peachtree Accounting Training.
Benefits of Onsite Accounting Services
At the Allday Consulting Group, we realize the importance of providing accounting and tax services at our clients’ place of business.
Creating a relationship with the business owners built on respect and trust.
- See your business operation first-hand. This gives us a better understanding of your business and its uniqueness. It also allows us to better understand the individual needs of the owner and the employees of the business.
- Work directly with the people who are doing the accounting work. This allows us to reduce errors and duplications and implement improvements to the accounting system.
- Revise accounting records while onsite, reducing turnaround time for your much-needed financial reports. Also, knowing that an independent accountant has reviewed your accounting records, will give you peace of mind that they are being properly maintained.
Note — A review of accounting records does not guarantee that it will uncover theft or embezzlement, but if such activity is discovered, we will bring it to your attention.
- Create a relationship with the business owner built on respect and trust. This respect and trust assists us in providing “value-added” services such as tax reduction, wealth building and more……..
Our CPAs can come to your place of business and help you with preparing monthly financial statements, general ledgers, journal entries, income tax reporting, payroll tax filing and reconcile bank accounts.
Accounts Receivable Management
- Invoicing customers
- Recording customer payments
- Preparing and making bank deposits
- Sending customers balance-due statements
- Sending collections letters
- Produce accounts receivable reports
Accounts Payable Management
- Entering invoices from suppliers and vendors
- Verifying cash balances are adequate to pay bills
- Printing reports of bills due
- Obtain approval for payment of bills due
- Printing and mailing checks
- Produce accounts payable reports
Bank Account Management
- Update bank registers for bank deposits and checks written
- Record automatic bank drafts, debit card transactions, miscellaneous bank charges and miscellaneous credits
- Reconcile bank statements
Cash Flow and Budget Analysis
Our firm offers expert cash flow and budget analyses that can help you minimize cost overruns, recover lost purchase discounts and reduce uncollectible receivables. We can even produce reports that compare the cash flow of your business to the averages of other businesses in your industry.
General Ledger Maintenance
We can review your general ledger for proper recording of deposits, checks, credit card and debit card transactions. We can perform or review your bank account reconciliation and advise you of any adjustments needing to be made to your general ledger. We can prepare journal entries to record the acquisition, deprecation and sale of capital assets. We can record your investing, borrowing and financing activities.
Financial Statements measure the success of your business. Somewhat like a report card, your financial statements will show areas of success while pointing out those areas needing improvement. Financial Statements can be prepared that will compare the financial results of your business to those of previous years, to budgeted amounts or to the financial results of other businesses in your particular industry.
Sales Tax Return Preparation
Filing sales tax returns, especially in Louisiana, is an unpleasant and time-consuming task. Mistakes are easy to make and it doesn’t bring revenue to your bottom line. Allowing a professional to prepare your sales tax returns will allow you to focus on the more important aspects of your business.
Year End Services
- Prepare Occupational License Tax Renewal
- Prepare Annual Personal Property Tax Report
- Prepare/Review Employee’s W-2’s & W-3 Transmittal to SSA
- Prepare/Review 1099’s for all Contract Labor & 1096 for IRS Filing
Complete Payroll Services
Payroll preparation and the related reporting process are among the most difficult administrative duties facing small businesses. Federal and state income tax withholding rates constantly change. There are many different due dates to comply with. Preparing federal and state payroll tax returns and doing year-end reconciliations are time consuming tasks. For these reasons, it makes sense for many small businesses to outsource their payroll preparation and payroll tax filing services to those with experience.
Outsourcing payroll preparation and tax filing offers the following benefits:
- It saves you money by not having to hire and train a qualified employee to handle your payroll.
- It saves you from the possibility of incurring substantial penalties and interest by missing deadlines or preparing tax returns incorrectly.
- It keeps all of your personnel and payroll information confidential.
- It saves you time, which allows you to focus on the more productive aspects of your business.
- It gives you peace of mind knowing that your employees are having the correct amount of taxes withheld from their paychecks.
With our Complete Payroll Service, you provide us with employees’ salaries, hourly rates and the hours worked and we do the rest. We will:
- Compute your employees’ gross pay, tax deductions and other deductions such as retirement contributions, insurance deductions and cafeteria plan deductions.
- Print your payroll checks and make direct deposits.
- Provide you with reports that give individual payroll amounts and payroll totals by department.
- Compute your payroll tax liabilities and provide you with payment instructions.
- Prepare your federal and state payroll tax returns.
- Prepare your W-2’s at the end of the year.
Assisted Payroll Services
If you prefer to prepare your own payroll checks, but want to leave the payroll tax reporting up to professionals, we can prepare your monthly, quarterly and annual payroll tax reports. It is best to have these reports filled out by professionals with experience.
We can prepare the following reports:
- Form 941 — Federal Quarterly Payroll Tax Report
- Form 940 — Federal Annual Unemployment Tax Report
- Form L-1 — State of Louisiana Withholding Tax Report
- Form LDOL-ES4 — State of Louisiana Quarterly Unemployment Tax Report
- Form W-2 — Annual Statement of Wages and Taxes Withheld