Closely Held Business Accounting Services
Holmes & Company provides a wide range of accounting services to closely held business entities.
- Federal, Multi-State and Local Income and Property Tax Planning and Preparation
- Employment, Unemployment and Payroll Information Reporting
- Accounting Services and Support
- Income, Franchise, Sales and Property Tax Audit Representation
- New Business Start Up
- Acquisition or Sale of a Business
- Profit Sharing/Retirement Plan Design
- Gain Sharing
- Lease verses Buy Calculations
- Loan Structuring
- Business Succession Planning
- General Business Support Services
- QuickBooks Assessments and Installation
- Accounting Systems Design
- Fraud and Theft Deterrence
- Payroll Preparation and Reporting
- Billing and Check Preparation
- Financial Statement Preparation (Compilation and Review)
- Success Measurement
- QuickBooks® Pro Advisors
- Lease verses Buy Calculations
We can’t manage what we can’t measure. The foundation of the management process begins with timely and accurate accounting information. The accounting focus for the majority of closely held businesses is on income tax compliance. By slightly modifying this compliance process we seek cost effective approaches to providing more than basic management information from the income tax accounting process. Whether using an in house accounting software application (such as QuickBooks), tracking income and expenses in Excel, or accounting for hand written checks, our goal is to provide two dollars worth of information from a dollar’s worth of data.
Tax Preparation and Planning
Taxes are a cost of doing business, both for businesses and for individuals. Planning for and managing all taxes is a profit center unto itself. Good tax planning, implementation and preparation does not cost; it pays. Remember, it is not always what you do, but when and how you do it that makes the difference in the tax bill. Prior planning prevents poor performance.
Whether the financial reporting needs are for lenders, insurers, investors or business owners, we endeavor to customize information reporting to include integrating financial and non-financial information that will assist in monitoring activities critical to the success of your business. We can provide your business with complete online payroll services at very attractive pricing. These services include Human Resources support!
While most software applications installed on a computer at a business have the capacity to perform many varied accounting and bookkeeping functions, they all require the users possess a strong understanding of accounting principles (as well as general bookkeeping), and for the closely held business, a broad understanding of Income Federal/State Income Tax Accounting. We are QuickBooks® Pro Advisors and work closely with numerous clients who have specific needs best addressed by the capabilities of QuickBooks®.
- The Good: Businesses have access to reasonably priced software that allows them to deal with varied bookkeeping issues such as check writing, payroll calculation, billing and accounts receivable, job costing, accounts payables, inventories and time records. The software maintains the general books and records of the company. Management can view financial position and operating results at any point in time.
- The Bad: Requires strong in-house accounting staff and close, ongoing oversight by your accountant. Software learning curve is much larger.
- The Ugly: Places the business owner in the “accounting” business.
- The Bottom Line: This approach is not for all businesses. Works best where the bookkeeping needs are most critical for time billing, receivables, job costing and/or inventories.
Write Up Services
The client provides check stubs or bank statements to the accountant who enters the information into a computer system at the accountants’ office and provides financial position and operating results to the client after the fact.
- The Good: No computer or software is required by the business.
- The Bad: Client pays accountant to enter checks as part of the accounting process.
- The Ugly: Client must manually draft checks, calculate payrolls, address envelopes and keep up with bank balances.
- The Bottom Line: Cost effective in small transaction volume and in initial stages of company start up.
Outsourcing Check Preparation
Client periodically delivers (physically or electronically) payables and payroll information to accountant for preparation of payroll and/or vendor checks for signature by the client. Information for accounting and payroll reporting is captured during the check preparation process.
- The Good: Client does not require staff, facilities or computer access and the accounting process is simultaneous.
- The Bad: Business is paying professional fees for some bookkeeping services.
- The Ugly: Business relies on accountant for bank balance maintenance.
- The Bottom Line: Works well where client does not maintain facilities or support staff, does not wish to divert time from moneymaking activities and where bookkeeping activity is minimal.