Small Business Accounting Services
While the primary focus of emerging and growth business leaders should be on growing the business and satisfying customers, many find themselves spending precious time and resources on time-consuming and complicated administrative functions.
These businesses often benefit from assistance with back-office functions, such as accounting and payroll, receiving accurate and timely financial information they need, and having their administrative functions performed in a cost-effective manner.
The LBMC Accounting Services team specializes in performing these accounting and payroll services and in consulting to improve these processes and enhance financial system capabilities. We work closely with banks, attorneys, brokers and other advisors to relieve business leaders of the technical and time-consuming tasks of accounting, financial reporting, payroll, budgeting, compliance and analysis, while also strengthening internal control and financial oversight. Business leaders are free to focus on strategy, customers, operations and success.
LBMC’s Accounting Services include the following, which can be tailored to your unique circumstances and needs:
- Maintain the general ledger, including recording transactions and reconciling balances
- Prepare financial statements on an interim and annual basis
- Process accounts payable and prepare checks for signature
- Maintain fixed asset and depreciation records for book, tax and state purposes
- Calculate incentive compensation and owner profit allocations
- Prepare operating and financial budgets and key performance indices
- Prepare 1099s for vendors
- Prepare reports for compliance requirements, such as workers’ compensation, tangible personal property requirements, business licenses, unclaimed property, etc.
- Meet with management as needed to provide financial oversight and to review financial reporting, trends, cash flow and other business issues
- Provide assistance and training on accounting procedures and internal control:
- Reconciliation procedures (cash, sales, payables)
- Related party accounts balancing procedures
- Posting of manual checks and cash transactions
- Posting of payroll expenses
- Posting of recurring monthly journal entries (depreciation, amortization, debt service, intercompany charges and expense accruals)
- Inventory adjustments
- Computations of bonuses
- Provide year-end tax planning for businesses and owners
- Process payroll accurately and timely
- Report on real-time data
- File federal, state and local payroll tax returns
- Calculate and deposit all payroll tax returns
- Process and print W-2s
- Improved use of accounting software, such as QuickBooks and Intacct – a cloud-based accounting and financial management software
- Audit of workers’ compensation
- Audit of state unemployment taxes
- Audit of tangible personal property