Small Business Accounting
Let us take care of your accounting so that you can do what you do best - run your business.
We can reconcile your bank accounts and credit cards monthly, which will give you a clearer picture of where your business stands on a regular basis. Reconciling these accounts is also an excellent way to detect unauthorized disbursements from your bank accounts and unauthorized charges on your credit cards.
We can also help you clean up your general ledger. Before you can produce accurate financial statements, you first need to be sure that the underlying transactions are recorded correctly. Need assistance producing those financial statements? We can do that too!
Compiled and reviewed financial statements
Often banks and outside parties request financial statements that have been compiled or reviewed by an independent certified public accountant. They may also require footnotes to be included with the financials. What does it mean to have a compiled or reviewed financial statement or footnotes (sometimes called disclosures)?
A compilation is a collection of statements in which account balances are presented in a meaningful way on a balance sheet, income statement and/or cash flow statement. We do not perform any analyses of these figures nor are we required to make any inquiries of management regarding them.
A review, however, does require further analyses and inquiries of management, among other procedures.
Footnotes are written details explaining such things as the structure of the business, breakdown of amounts shown on the financial statements, bank loan interest rates and monthly payments, pending litigation, etc.
The type of financial statements that are needed as well as the need for footnotes depends on the specific requirements from your bank or other party. We can work with them to provide them with the best product without breaking the bank.
part-time controller services
Many small businesses reach a point where they need a full-time bookkeeper, but do not necessarily need (nor can they afford) a full-time controller.
No matter how trustworthy you believe your bookkeeper is, it is good business practice to have some division of duties. Your bookkeeper should not be able to write checks, make deposits AND reconcile your bank account.
A controller can also train a new bookkeeper and other accounting staff, prepare budgets, analyze revenues and expenses to help you find areas to cut costs or grow business, and are able to provide you with tax saving strategies.
internal controls
Good internal controls are not only the key to detecting and preventing fraud, but are also a large component in keeping your company running efficiently and effectively. By allowing us to review your operations, we can find potential issues before they occur.
new business formation
So, you have a great idea for a business, but do not know how to get started. We will sit with you and listen to how you envision your idea becoming a reality and then how you see it growing in the future. Only then can we recommend an appropriate tax structure (S-Corporation, C-Corporation, Partnership, Sole Proprietorship). You will need accounting software, a banker/lender and an attorney. We can give you choices. There will also be many documents to be completed. Let us help you correctly file them the first time.
Payroll services
Whether you need help with your entire payroll process or merely want a knowledgeable professional to prepare quarterly and annual payroll tax returns, Blanchard Accounting and Tax Services has the expertise to do this for you.
We can also help you track payments to subcontractors and prepare annual IRS Forms 1099 to be submitted to them as well as various taxing agencies.
income tax planning & preparation
Taxes are not a favorite subject of business owners or individual taxpayers. However, proper tax planning and tax strategies can make the process less painful.
Whether you have individual tax needs or multi-state corporate tax needs, we are able to plan for potential tax liabilities, prepare your income tax returns and electronically submit them.
quickbooks consulting
Quickbooks products are some of the best selling accounting software packages in the U.S. due to its ease of use and affordability. However, if not set up or used correctly in the beginning, can make a mess of your accounting records. Our Certified Quickbooks ProAdvisors can help you choose the version of the software that will best suit your needs and train you and your staff how to use it effectively.
If you have already started using the software and have inadvertently made a bit of a mess of your file, there's no need to panic. As ProAdvisors, we have the tools and the knowledge to make the clean up process much easier.