Accounting Automation

Accounting Automation

As a one-stop solution to your accounting and tax planning needs, we provide a wide variety of services to our clients, including:

  • Financial Statement Preparation
  • Income Tax Preparation and Compliance
  • Income Tax Planning and Consulting
  • Reporting Statements, Annually, Quarterly or Monthly
  • Implementation of New Accounting Software Packages
  • Payroll and Sales Tax
  • Accounting Assistance
    • Bookkeeping
    • General Ledger Review
    • Financial Assessment Review
    • Due Diligence Review
    • Budgeting and Forecasting

Financial Statement Preparation 

Financial Statements reflect a combination of accounting information that is presented in a standardized set of financials.  The preparation of financial statements includes the following steps, not necessarily in the same order.

Financial Statements are prepared for the benefit of stakeholders, including lenders, creditors, and investors.  The statements provide the information required to evaluate the performance, liquidity, and cash flows of an enterprise at a specific date or for a specified period.

  1. Compare the receiving log with accounts payable: to ensure that all supplier invoices are accounted for.  Outstanding invoices are accrued (to a liability account).
  2. Compare the shipping log to accounts receivable: to ensure that all customer invoices have been issued. When there are invoices that had not been prepared, these are issued timely.
  3. Determine whether there are any outstanding wages (that had been earned but not yet paid at the end of the reporting period). If there are any, make sure that it is accrued as an expense.
  4. Calculate depreciation and amortization expenses for all fixed assets in the accounting records.
  5. Calculate the cost of goods sold and record the number in the accounting records. This can be achieved by physically counting the inventory to determine the closing stock or by using alternative methods to estimate the same.
  6. Do a bank reconciliation. Make journal entries to record all the adjustments that were required to match the accounting records and the bank statement.
  7. Post all the subsidiary ledger balances to the general ledger.
  8. Review all balance sheet accounts. Make journal entries to adjust account balances to get it in line with the supporting detail.
  9. Print an initial set of financial statements. Review the same for errorstypically, there are a few. Create journal entries to correct these before printing a new set.
  10. Based on the corrected income statement, accrue income tax as an expense.
  11. Close all the subsidiary ledgers for the period and carry them forward to the following reporting period.
  12. Print the final version of the financial statements.
  13. Provide a cover letter to explain the key points in the financial statements.
  14. Distribute financial statements.

Income Tax Preparation 

We help our clients with the applicable federal tax requirements and regulations and appropriate federal, state and local tax regulations and authorities.  Some of the state and local issues that can be confounding are sales and use tax as well as individual state income tax.

Income Tax Planning And Consultation

High net-worth individuals require effective tax-planning based on access to technical resources combined with a unique understanding of each individual’s particular situation.  It requires daily attention to maintain and reassess strategies while continually monitoring the client’s changing financial position, evolving tax regulations and new legislation on international, federal, and state levels.

We Meet Personally With Our Clients

Personalized tax advice and briefings are available on significant topics like:

  • Wage & Compensation Planning
  • Alternative Minimum Tax
  • Passive Activity Loss Rules
  • Sole Proprietorships
  • Foreign Earned Income Exclusions
  • IRA Conversion & Distribution
  • Capital Gain Transactions & Loss Harvesting
  • Income Deferral Strategies
  • Like/Kind Exchanges
  • Tax Credit Opportunities

Monthly, Quarterly And Annual Financial Reporting Statements

Monthly or Quarterly Reports on Public Companies help investors to monitor Public Companies.  It is an instrument used to compare the quarterly information of the company to the same quarter for the previous year. From this, investors gain insight into the company’s performance and growth. It is essential for predicting future earnings potential.

Implementation Of New Accounting Software Package

We provide full implementation services for Enterprise Resource Planning  (ERP) software implementation. This software is the best alternative for the integration of operations and accounting into a single environment helping with the control of day-to-day activities of the company.

Payroll And Sales Taxes

We provide the full spectrum of payroll services.  This includes the calculations for paychecks for any number of employees for any payroll period.  We can even assist with the preparation of the checks and the direct deposit transactions (ACH).

Payroll Tax Deposits

The taxes that are withheld from the paychecks of employees are due on a weekly, biweekly, monthly, quarterly or annual basis, dependent on the total amount of taxes due. Large amounts will generally require more frequent deposits.

We prepare payroll tax deposits for payment either by direct deposit (into bank) or electronic transfer¾the only available options.  The only exception is for amounts under $2,500. Such payments can be made with the 941 tax return.

Payroll Tax Returns

Federal, state, and local governments typically require the quarterly filing of returns to report the gross payroll and withholding. Sometimes payment is required to accompany the return.

We typically prepare:

  • Federal Quarterly Payroll Tax Return 941
    • Federal Annual Unemployment Tax Return 940
      • Determination of what is taxable and not, and who must collect the sales tax.
      • Analysis of sales receipts for the number of taxable sales.
      • Preparation of state, county and locals sales tax returns.
  • Sales Tax:  Enterprises that sell goods are often required to collect sales tax on behalf of the state and local governments. The rates vary significantly from one municipality to another.  Sometimes the rates change mid-year. Sometimes the amount of taxable income must be separated from non-taxable sales.

Accounting Assistance

Bookkeeping

It is a subset of accounting. It requires specific tasks to be completed in support of the financial stability of an enterprise:

  • Accounts: Historical accounts, current accounts, and general ledgers must be balanced and maintained.
  • Completion of Payroll.
  • Debits and Credits must be posted.
  • Invoices must be Produced.
  • Financial transactions must be Recorded.

General Ledger Review

The department’s ledger transactions are analyzed to verify that all the charges and credits are valid and that the transactions are appropriate and in compliance with all the applicable policies and regulations.  It is dissimilar to the financial management of an account.

Financial Assessment Reports

Financial professionals must be able to analyze financial statements.  It requires an understanding of three key aspects:

  • The structure of the financial statements
  • The economics of the industry in question
  • The firm’s strategies to differentiate itself from competitors

Step Of Financial Statement Analysis

  • Identify The Economic Characteristics

Determine the chain of activities involved in the creation, manufacture, and distribution of the firm’s products or services. Value chain analysis techniques like Porter’s Five Forces or analysis of economic attributes are typically used.

  • Identify Company Strategies
    • Assess the nature of the product or service offered:
      • How unique is the Product or Service.
      • Profit Margins
      • Cost Control
      • Supply Chain Integration
      • Geographic Diversification
    • Asses The Quality Of The Financial Statements:

Assess whether the financial statements adhere to the relevant accounting standards.  Is the balance sheet a complete representation of the firm’s economic position? To answer this question, examine the balance sheet accounts in respect of:

      • Recognition
      • Valuation
      • Classification
  • Analyze The Current Profitability And Risk

Use the key financial statement ratios in respect of:

    • Liquidity
    • Asset Management
    • Profitability:
      • How profitable are the firm’s operations relative to its assets-independent of asset financing?
      • How profitable is the firm for the equity shareholders?
      • Debt Management/Coverage
      • Risk/Market Valuation
  • Prepare Forecasted Financial Statements

Based on reasonable assumptions about the future prospects of the firm as a part of an industry, determine how the assumptions will most likely impact the cash flows and funding of the enterprise.  Extrapolate it into a pro-forma financial statement for the company.

Budgeting And Forecasting

Budgeting And Forecasting Is Important For Your Business Because:

  • It allows you to set targets for income and expenditure.  By using these targets, you can measure yourself against your targets during the year.
  • It is impossible to run a stable business without budgeting and forecasting. In fact, the top companies in the US (corporate and small family-owned) employ a dedicated in-house or an outsourced chartered accountant tasked with this function.

Why Budgeting And A Proper Cash Flow Forecast Is Vital:

  • Early Risk Identification
  • Prediction and Planning of Cash Flows
  • Income Control
  • Finance Growth
  • Manage the Sales Pipeline
  •  Track Sales Performance
  • Ability To Make Informed Strategic Decisions
  • Win the Confidence of Investors

Check our video presentation and learn how accounting and financial statements are the keys to your business growth strategy

As a business owner, your mind and heart are always on your business. Our accounting service eBoss, offers you the tools to reach your goals and grow your business.

Increase your cash flow, reduce costs and grow profits

eBoss is an online cloud-based accounting tool that automates your entire A/R billing process, increase efficiencies by 50-75%, and eliminate the tedious collection process while adding more hours for you to dedicate to your business and your family.

File your taxes always on time, never on extension

eBoss is also an online cloud-base tax service that automates your entire tax filing on time, avoiding IRS interest and penalties for late filing. 

Get immediate answers to all of your questions

eBoss is your trusted business consulting service that keeps you connected with us via cellphone, email, text or social media to answer all your business questions immediately. You are just one call or post away from finding the answer to your inquiry.

Financial Statements Online 

eBoss is an online cloud-base service that  uses Quickbooks Online software to provide you with financial statements online available 24/7 as well as the ability to use the software for day-to-day operations such as banking, A/R and A/P.

Peace of Mind

eBoss is designed to release you from worries and stress so you can experience a sense of happiness and freedom in your business. Learn how this amazing program can transform your business. Contact us today. Click here to start enjoying eBoss benefits for your business. T:786-462-7899. E: support@fascpaconsultants.com

We can also help you setting up or updating your Quickbooks for a $1,500 fee including our advice for best accounting and bookkeeping procedures for your business.

eBoss Accounting Service Includes

Silver

Monthly

$350

Accounting & Financial Statements Silver Package

QBO* Essentials 1 User
*QuickBooks Online
Monthly Reconciliation
3 Banks & 3 Credit Cards
Financial Statements Online

Gold

Monthly

$500

Accounting & Financial Statements Gold Package

QBO* Essentials 1 User
*QuickBooks Online
Monthly Reconciliation
3 Banks & 3 Credit Cards
Financial Statements Online
Payroll 3 Employees

Platinum

Monthly

$850

Accounting & Financial Statements Platinum Package

QBO* Essentials 1 User
*QuickBooks Online
Monthly Reconciliation
3 Banks & 3 Credit Cards
Financial Statements Online
Payroll 3 Employees
Tax Return Filing

Email Us Support@fascpaconsultants.com and Get A Complimentary Accounting Review Today

Talk To An Expert

Testimonials

Gala Cedeño

Thanks to FAS & CPA Consultants and Fulton Abraham Sanchez, CPA, I was able to resolve a debt of $479,677.71 that I had with the IRS.

Carlos Lange

My experience with FAS CPA & Consultants has been incredible, their professionalism is impeccable. I highly recommend them.

David Barcelo

I highly recommend FAS CPA & Consultants, they are responsible, efficient and very dedicated.

FAS CPA & Consultants

9000 SW 137 AV Suite 224 Miami, FL 33186

T: 786-462-7899

E: support@fascpaconsultants.com

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