Services
Small Business Accounting
From start-ups to established enterprises, all organizations rely on accurate and timely financial information in order to maintain profitability, capitalize on new opportunities and make sound business decisions. Poor financial management and bookkeeping practices can get you into trouble fast! Kathryn M. Abraham, CPA, LLC’s small business accounting services steer you with accurate and timely record keeping and reporting as well as support on financial issues such as initial accounting system setup, cost containment and tax planning. We take care of the books so that you can focus on the job of running your business. When you rely on us for your accounting and bookkeeping needs, you will save your organization the cost of hiring, training and managing a bookkeeper, and you gain the advantage of having an experienced CPA manage your most important financial issues. You can customize the package of services you receive by adding payroll, tax planning, tax preparation or any of our other services.
At KMA CPA, we provide:
Monthly, quarterly or annual bookkeeping
Bank reconciliations
General Ledger and financial statement preparation
Accounts payable/receivable
Management reports – balance sheets and income statements
Payroll processing
Quarterly and annual payroll and sales tax filings
Internal Controls
An experienced professional can assess your organization’s procedures to determine if the appropriate internal controls are in place to ensure the proper handling of resources and to protect your organization from misappropriation of funds.
Kathryn M Abraham, CPA, LLC will evaluate your internal control environment to determine the efficiency and effectiveness of your operation procedures. We will then make recommendations that will help your organization become stronger and more profitable.
Our internal control review will:
Evaluate the segregation of duties so that all duties are adequately divided among different staff members to reduce the risk of error or inappropriate transactions. No one person should have control over all facets of a financial transaction.
Develop procedures to ensure that all transactions are authorized by personnel with approval authority and that the transactions are consistent with organizational policy.
Confirm that accounts are routinely reconciled and reviewed by someone other than the preparer to determine that all transactions have been properly recorded.
Verify that equipment, inventories, cash and other organizational assets are physically secure, counted periodically and compared to the item descriptions on internal records.
Provide employees with the appropriate training and guidance to make certain they have the necessary knowledge to perform their job duties, they are provided with supervision and they are aware of the appropriate channels to report suspected improprieties.
Develop an organizational policy and procedure manual accessible to all employees. This manual will provide day-to-day guidance to your staff and guarantee continuation of duties in the event of an extended employee absence or employee turnover.
Review operations to determine whether results are consistent with established organizational objectives.
Quick Books Support
QuickBooks can provide useful and timely information in the form of financial statements, reports and graphs. However, it can only provide this information if you purchase the right product and then install, setup it up and use it properly. We don't just help you use the software; we help you use it more efficiently and more effectively. As a Quick Books Pro Advisor, we can handle all your application needs. The service can be provided on-site or remotely, depending upon your needs.
Installation
We install QuickBooks on your stand-alone computer or in a network environment, in either single- or multi-user mode. We can also setup QuickBooks online, if that proves to be the best business solution for your organization.
Setup
We assist new QuickBooks users with initial setup including: Easy Step Interview, Preferences, Lists, Customers, Vendors, Employees, Banking and Reports. We also help experienced users manage their businesses more effectively by improving their current setup. Many users experience problems and lack the ability to generate and track important information as a result of inadequate setup.
Personal Training
We train you personally! Either one-on-one or several individuals within your organization at your company's location. We can help you learn QuickBooks quickly and empower you to do more in less time. We can provide customized training workbooks to guide your employees through the QuickBooks training process and to help them maintain the knowledge.
Support
Our QuickBooks support service can assist you with any installation, setup or operation assistance you might need. In addition, our support is not limited just to the software part of it, but we can also provide accounting and payroll assistance.
Review
Our QuickBooks review service helps companies that have the resources to perform daily accounting and payroll tasks but need an accounting and payroll expert to review your transactions, accounts and reports. This review ensures that you receive timely, relevant and reliable financial information. We also inform you of any corrections, adjustments or reclassifications necessary to ensure that the financial information you receive reflects the correct financial condition of your business. Reviews may be conducted at any time, but monthly reviews provide you with up-to-date information and feedback about your business.
Non-Profit Organizations
Kathryn M. Abraham CPA, LLC can help you setup and maintain your non-profit organization’s tax exempt status by handing the IRS reporting for you.
Each year, most tax exempt organizations are required to file the Form 990. The IRS requires very specific revenue and expense classifications so it is critical that you build your accounting and reporting system to allow for this detailed reporting requirement.
Our Organizational Services include:
Review and compilation of your financial statements
Design, installation and maintenance of your accounting system to allow for the required functional reporting
Completion and filing of your non-profit status application
Preparation of the Form 990 and 990T tax forms
Functional expense training for your accounting personnel
Tax
Today’s tax laws are so complicated that filing a relatively simple return can be confusing. Preparing your own income tax return often leaves you with more questions than answers. It is easy to overlook deductions and credits to which you are entitled. Even if you use a computer software program, there is no substitute for seeking the assistance of an experienced tax professional. According to a study released by the US Government’s General Accounting Office, 77% of 71 million taxpayers believe that they benefitted from using a professional tax preparer.
Our individual and entity tax services provide:
Electronic filing for faster processing and a faster refund
Identification of potential problems the IRS may look at more closely
Analysis of your payroll withholding to ensure that you are getting the most money in your weekly paychecks
Preparation and filing of Federal and State individual, schedule C business, Forms 1120 & 1120S, 1065 and preparation and filing of K-1s
Preparation and filing of Form 990
CFO to Go
Growing businesses often reach a pinnacle point where they need professional financial advice but can’t afford a full-time CFO or controller. The cost of hiring a full-time CFO can range from $60,000 to over $100,000 per year plus taxes and benefits. We have the perfect solution for you. Our CFO to Go Service allows you the opportunity to have an experienced professional financial manager work with you to help you guide your business at a fraction of the cost.
Our CFO to Go Services provides:·
Better understanding of the financial side of your business so you have less surprises and more control over your finances·
A readily available sounding board to assist you in making those difficult business decisions and to help you clarify your business plans·
The peace of mind from knowing that an experienced professional is overseeing, protecting and constantly improving the financial side of your business·
A professional who establishes strong financial controls to reduce employee theft, improve productivity and increase profits·
Assistance with creating and managing budgets·
Improved quality, timeliness and reliability of financial information·
Development of a company accounting procedure manual·
Financial liaison with bankers, attorneys, vendors and insurance agents·
Assistance in developing long-term plans and financial business goals
New Business Formation
Businesses start with great ideas and smart entrepreneurs who need help managing their bookkeeping, accounting and payroll. Kathryn M. Abraham CPA, LLC will prepare your initial start up documentation, including incorporation, federal employee identification number (FEIN) and payroll set up with federal and state agencies.
Other business formation services include:
Analysis and evaluation of your software and accounting needs
Recommendation of software and hardware requirements
Software installation
Design and implementation of a chart of accounts and an entire accounting package including payroll, accounts receivable, inventory and accounts payable
Training your staff to use the software to meet your accounting, management and tax needs
Follow up training to ensure that you are “on the right track”