In the beginning phase of our business relationship, typically we start by making sure your YTD financial transactions have been recorded accurately. We’ll reconcile all your bank & credit card accounts from the beginning of your fiscal year, & then compile year to date financials (Profit & Loss Report & Balance Sheet). This will provide you with a precise picture of where your business currently stands financially.

Moving forward, we will reconcile all bank & credit card accounts on a monthly basis to ensure all financial transactions are accounted for correctly. Prior Month & YTD Financials will then be compiled – including a Budget vs. Actual P&L – so that progress of the business can be effectively monitored.

Most small businesses do not take the time nor energy to set up a legitimate budget. And those who do rarely monitor its progress. Taking into consideration the odds stacked against survival of small businesses today, setting up & maintaining a budget is crucial.

So, the budgeting process may well be the most beneficial step you will undertake for your business. Using the YTD P&L and Balance Sheet as guides, as well as your financial aspirations for the current year, we will together setup a monthly budget that will be closely monitored each month. If the previous month was not as profitable as budgeted, then what happened? Why did your expenses increase, or why was revenue below budget? If controllable, what can we do moving forward to prevent re-occurrence? Again, it is all about monitoring progress, staying on track to reach that year-end goal!

Note: If your business is seasonal, this will be especially crucial in planning for those lean seasonal months.

Payments to vendors are of course considered self-employment income, thus requiring Federal Form 1099’s to be processed & distributed to each. We will make sure those forms are processed timely, as well as generating Summary Federal Form 1096 to be sent to the Internal Revenue Service. Business Taxes are also a required annual filing with the TN. Dept. of Revenue. We can process the return, as well as remit the required business taxes for you.

Payroll processing can become a nightmare for the small business owner. Our comprehensive payroll service takes care of all payroll processing for you. We’ll make sure your payroll is not only generated on time, but also payroll taxes are paid & returns are filed within the taxing jurisdiction deadlines.