We provide a wide selection of small enterprise accounting services, including tax services for businesses and individuals.


    Services

  • We Provide

    We provide these services as the financial backbone of your small business accounting structure. You may design the mix of services you want to avail of by including tax planning, payroll, tax preparation or other services you may have in mind.

  • General Ledger

    The general ledger is the heart of your firm’s financial records. It constitutes the principal "books" of your accounting and financial systems. Since each transaction passes through the general ledger, any issue with your general ledger affects all your books.

  • Payroll

    An average of eight hours every month is spent by small-business owners doing payroll preparations. That means a total of 12 whole days per year which could have been used to generate sales instead, or looking for new business openings, enhancing products or services or dealing with customers.

Services

  • Business Services
  • Small Business Accounting

As an owner of a small business, have many other valuable needs other than maintaining your accounting books. Our firm takes care of your bookkeeping to allow you to focus on running your company and producing income.

Every month or every quarter, as called upon, we can perform the following tasks for you:

  • Reconciling your bank account
  • Generate a balance sheet
  • Generate an income statement
  • Reconstitute your general ledger
  • Offer continuous consultations

We provide these services as the financial backbone of your small business accounting structure. You may design the mix of services you want to avail of by including tax planning, payroll, tax preparation or other services you may have in mind.

Bank Reconciliation

The Southbourne Tax Group can reconcile your business checking account for you every month to maintain an updated bank account, accounting schedule and tax status.

As such, you can then:

  • Determine if you have lost checks, missing deposits and unofficial wire transmittals.
  • Identify and avoid excess/unjustifiable bank fees and assures you of correctly-posted bank transactions.
  • Pinpoint and stop mismanagement of funds within your firm.
  • Want to find out the financial health of your business? You will never really achieve such information until all accounts are cleaned up and carefully reconciled and reflected on an accurate financial statement.
  • Take proper and efficient control of your cash usage. Wise funds management more than saves you money; it creates income, too.
  • Get protection for your business and yourself. By promptly reconciling and objecting to your bank regarding any unofficial, fraudulent or fake checks presented to your bank and encashed at that bank, you can avoid the responsibility for any shortfall and allow the bank to resolve the issue instead. You will unburden yourself of that trouble – one good reason for having the protection. And we know that illegal activities abound.
  • Get peace of mind. You can rest and be at peace at night if you know your bank accounts are reconciled and balanced and that all escrow funds, checks, accounts and disbursed funds are duly accounted for.

Balance Sheet

A balance sheet provides a quick view of your business' financial status at a specific point of interest.

Namely, a balance sheet can give the following benefits:

  • Get a quick outlook on your business’ financial capabilities and strength.
  • Pinpoint and evaluate patterns, especially in the area of payables and receivables. For instance, if you are taking longer time to complete your receivables, you may need to collect them more aggressively.
  • Evaluate if your business can readily manage the regular financial ebbs and flows of expenses and revenues.
  • Find out if your business can have the capability to expand.
  • Evaluate if your business is experiencing a slowdown in terms of your payables to prevent an unavoidable shortage of funds.
  • Assess if you have to take drastic measures to strengthen cash reserves.

Together with income statements, balance sheets provide the most essential elements in financial reporting to prospective lenders such as investors, banks and vendors who evaluate how much credit to offer you.

Income Statement

An income statement, also referred to as a profit-and-loss statement, essentially sums up a detailed list of all your revenues and subtracts another detailed list of all your expenses to provide a profit or loss statement for any period.

An income statement makes you do the following tasks:

  • Monitor revenues and expenses in order to determine the operating condition of your business.
  • Pinpoint which areas your business are above-budget or below-budget.
  • Monitor drastic rise in the frequency of your product returns or the cost of goods sold as a percentage of your sales.
  • Determine particular items produce unexpected expenses, such as phone, fax, mail, or supply inventory disbursements.
  • Determine your income-tax level.

Keeping a Neat General Ledger

The general ledger is the heart of your firm’s financial records. It constitutes the principal "books" of your accounting and financial systems. Since each transaction passes through the general ledger, any issue with your general ledger affects all your books.

Allowing us to evaluate your general ledger system every month makes us figure out any errors, such as double billings or any unaccounted disbursements. From there, we can remedy the discrepancies in order that your books will remain accurate and in proper order.

Payroll

When it comes to employee salaries, state laws and the IRS have made the payroll process a tedious and long job for the small-business operator.

An average of eight hours every month is spent by small-business owners doing payroll preparations. That means a total of 12 whole days per year which could have been used to generate sales instead, or looking for new business openings, enhancing products or services or dealing with customers.

We provide payroll answers that satisfy your business needs and allow you to use your time doing what you do best – operate your business.

Why You Need to Outsource Your Payroll
  • It is Cost-Effective
    Utilize your staff for more productive tasks and let us handle payroll and the related legal requirements. Minimize overhead by eliminating the need to employ specialized staff.
  • It is a Time-Saver
    Our payroll service removes the task of tailor-fitting, updating and keeping your own payroll system by eliminating data entry, investigating updates or new laws and other concerns.
  • Worry-Free Payroll Tax Filing
    Remove the burden of computing and filing your own payroll taxes by allowing our professional staff to do it for you. Federal, state and local payroll tax requirements are often changing and getting more complicated. Do you really want to spend so much time studying all the laws and keeping your information current?
  • Lets You to Concentrate On Core Competencies
    Our expert staff leave you to center your attention on the core competencies of your firm. We are accounting experts; hence, you have professionals working with you to satisfy your business needs.
  • Extensive Reports
    You derive a vast array of user-friendly and accurate payroll reports. For a nominal professional fee, we will also provide you with union reports, authenticated payroll, workers' compensation records and many more.
Get the Payroll Solution That Best Suits Your Business Needs

With regards to payroll service, there is no such thing as one size that fits all. Hence, The Southbourne Tax Group provide the following 3 tailor-fitted processing choices:

1. Complete Payroll Services

Our Comprehensive Payroll Service undertakes all your payroll processing; hence, you are free to do more essential jobs. You derive:

  • Preparation of your payroll checks, including regular, prompt printing
  • Laser-printing of all your payroll checks on "blank" check stock to ascertain high-level security and satisfy the micro-encoding requirements required by the Federal Reserve System
  • Trouble-Free IRS and State tax reporting, including EFTPS tax deposits
  • Free Direct Deposits
  • Preparing and submitting required new-employees reports
  • Meticulous reporting on your firm’s employees’ record of vacation, sick days, and accrued personal days
  • Maintenance of your payroll records in excellent condition

2. After-the-Fact-Payroll Services

The Southbourne Tax Group transforms your manually-generated payroll records and other payroll data and store the information to our data files; hence, you derive:

  • Trouble-free IRS and state-tax reporting, including EFTPS tax deposits
  • Easy-to-read, user-friendly monthly, quarterly, and annual payroll tax reports
  • Meticulous reporting on your employee's vacation, sick days, and accrued personal days
  • Developing and submitting required new-employee reports
  • Your payroll records maintained in tip top shape

3. Online Payroll Processing

Enter your employee's hours and earnings conveniently and securely online and you derive:

  • The capability to easily print payroll checks using your own printer
  • Free Direct Deposits
  • Trouble-free IRS and state-tax reporting, including EFTPS tax deposits
  • Easy-to-read, user-friendly monthly, quarterly, and annual payroll tax reports, as well as W-2, W-3 and 1099 forms
  • Meticulous reporting on your employee's vacation, sick days, and accrued personal days
  • Developing and submitting required new-employee reports
  • Maintenance of your payroll records in excellent condition
Custom Payroll Reports Service

There appears to be an infinite amount of special reports government agencies require of companies. Worry no more! We will undertake preparation of the following reports for you:

  • Reporting of Certified Payroll for Government Contractors
  • Audits for Worker's Compensation
  • Unemployment Claims
  • Audits for Child Support
  • Audits for Social Security
  • Preparing and assisting with Federal and State registration applications

Cash Flow Management

A veteran businessman once said, "Happiness is a positive cash flow." As a business operator, you must agree with him. Everything always feels good when your cash-in is more than your cash-out.

A crisis involving cash can drain you emotionally and even decimate your business. If you have ever tried begging, borrowing and stealing to take care of tomorrow’s payroll, you can understand what that means.

Our firm also provides cash management to let you do the following:

  • Determine when, where, and how your financial needs will happen.
  • Assess which are the best ways of sourcing out your additional cash needs.
  • Prepare to meet these needs when they do occur, by maintaining good connections with bankers and other creditors.

The beginning point for preventing a cash crisis is letting us design a cash-flow projection for you. We can assist you design both short-term (weekly, monthly) cash-flow projections to aid you manage your daily cash, and long-term (annual, 3-5 year plan) cash-flow projections to help you develop the required capital sourcing plan to solve your business requirements.

We can also prepare historical cash-flow statements to assist you acquire a comprehension of where all the funds went.

Developing an accurate cash-flow projection is only one of the several cash management services we deliver. You also benefit from the following:

  • Assistance in acquiring the right line of credit
  • Cash-collection acceleration measures
  • Reliable collection policies
  • Effective and tested payment policies
  • Assistance in acquiring the highest rate of return on your standby cash

Strategic Business Planning

A Strategic Business Plan provides your business beyond having an instrument to acquire financing. If your plans and ideas still remain germinating inside your head, preparing a strategic plan will allow you to map out clearly your firm’s direction. It will ensure that that your principal staff members converge at the same stage in the plan at every moment, and guides both management and staff centered on the current tasks.

A Strategic Plan will help you when:

  • Beginning a brand-new enterprise, service or product
  • Expanding an existing organization, service or product
  • Acquiring a brand-new enterprise, service or product
  • Reviving a struggling company

The Strategic Plan serves as a blueprint, illustrating your company mission and culture, its products, the market environment, management group, financial condition, and business obstacles and opportunities.

Succession Planning

If you have a family-owned firm, retirement is not as easy as saying “I quit!” and then ceasing to do office work. You need to address some critical questions, such as:

"What is the future of the business under a different manager?"and

"Will you have sufficient funds for your retirement?"

The family relationships complicate the entire transition process because of the family history and personal emotions involved. Most people do not feel comfortable talking about topics involving such matters as aging, death, and financial problems.

Like it or not, planning for succession must be a priority for any family enterprise since more than seven out of ten family-based companies do not survive the transition from founder to the next generation, commonly crumbling due to estate taxes or family disagreements -- or both.

Developing and implementing a well-designed succession plan is essential to the survival of a family business from one generation to the next.

We can assist you with the following major issues

  • Keeping it a family affair. Will you bequeath the business your family or let a third party buy it? We can aid you in determining the benefits and issues of all the potential choices you can make.
  • Who will operate the business after you retire? Managing is entirely different from owning a business. You have the option to relinquish control of your business to only one child but give equal shares of the ownership of the company all your children, whether they are involved actively in the business or not.
  • Reducing the tax share. The issue of tax in the transition process of a family business can be a major hurdle. Usually, a family business is not cash-rich; but taxes, like aging and its ultimate result, are inevitable when ownership of a business changes.
  • Keeping it fair. Shifting ownership of family usually puts a significant level of stress to each family member involved in the issue. Our firm communicates with every family member to assure that every one of them is convinced that he or she is a getting an fair and just share of the pie.
Services For Individuals

Personal Financial Management

Creating Financial Freedom!

Creating and protecting your personal assets needs special care. We provide you with individualized attention and a complete financial strategy that aids in managing possible risk, enhance output, and ascertain the increase and durability of your assets.

The Southbourne Tax Group will help you:

  • Design and manage a personalized budget by computing your average expenditures according to type based on past information given to us. We offer quarterly and annual check-ups to make sure you avoid hidden cash-flow issues which might stall your plan to keep within budget.
  • Cover for your child's college education by projecting the estimated amount of money you will need, evaluating your assets, assessing estimated deficits and weighing possible alternatives and measures to address the expected cash needs, and creating a viable savings strategy based on your financial condition and risk level.
  • Safeguard your family’s interest whenever you become disabled by assuring that sufficient cash in your emergency fund and evaluating your life, disability, home, health, and auto-insurance policy. We will likewise evaluate your will and several powers of attorney intended to cover your affairs in case you are disabled from managing them yourself.
  • Attain your investment objectives by determining the measures required to optimize your financial revenues as well as the necessary tasks to help reduce your risk while creating enhanced viability of your financial revenues. After that, we refer you to reliable strategic partners in the investment planning sector.
  • Save enough money for a stable retirement by determining your retirement goals, evaluating your assets and resources for your retirement income, assessing estimated cash deficits, and aiding you pinpoint the best financial planning company to identify and attain your retirement needs.

Tax Services

Tax Preparation

Personal income tax return preparation can be such a daunting task that can leave you asking more questions and needing more answers. Based on a report published by the US Government's General Accounting Office, a majority of taxpayers (that is, 77% of 71 million taxpayers) believe that they benefited from letting a professional tax preparer do their return.

Admittedly, present tax laws have become so complex that filing a rather simple return can be very challenging. It can be very easy to neglect whatever deductions and credits you are entitled to. And even if you have a PC software application to help you, you cannot take away for the vital help of an expert tax professional.

Books are in a Mess? No Worries!

If you run a small company and are lagging in your bookkeeping, fret no more. We are here to help you. We can prepare your bookkeeping for you during the current year, do a full Schedule C, including your personal income tax filing. Moreover, we can help set up a simple technique that lets you keep your books in excellent shape in the following year.

Tax Planning

Planning your tax can give you a successful and legal means of decreasing your tax burden. We help you not only in terms of tax compliance but also in proactively applying tax-saving measures to optimize your after-tax revenue.

We commit to prioritizing the improvement of our comprehension of the present tax law, intricate tax code, and newly-passed tax regulations by constantly attending tax seminars.

Companies and individuals end up paying the least amount of taxes permissible by law as we continually find ways to reduce your taxes during the entire year, not merely at the year’s end.

Company Papers and Records

Company Papers to Maintain for One Whole Year:

  • Communications with clients and vendors
  • Duplicate copies of deposit slips
  • Purchase Orders (not just Purchasing Department duplicate)
  • Stenographer's notes
  • Requisitions
  • Receiving papers
  • Stockroom withdrawal forms

Company Papers to Maintain for Three Years

  • Employee personnel files (post employment)
  • Employment applications
  • General correspondence
  • Expired insurance policies
  • Petty-Cash vouchers
  • Internal audit reports
  • Office internal reports
  • Physical inventory tags
  • Time cards for part-time employees
  • Savings bond registration records of employees

Company Records to Maintain Forever

While federal policies do not demand that you keep tax records "forever”, in many instances you might need to maintain these documents in your archives indefinitely.

  • Audit reports from Accountants/CPAs
  • Cancelled checks for vital expenses (particularly tax payments)
  • Contracts, leases presently in force
  • Corporate papers (incorporation, charter, by-laws, etc.)
  • Cash books, charts of accounts
  • Papers exhibiting fixed-asset additions
  • Deeds
  • Depreciation schedules
  • Financial statements (Year-end)
  • General and private ledgers, year-end trial balances
  • Investment trade confirmations
  • Insurance records, current accident reports, claims, policies
  • Journals
  • IRS revenue agents' reports
  • Legal papers, communications and various vital matters
  • Mortgages, bills of sale
  • Minute books of directors and stockholders
  • Property records
  • Property appraisals by external appraisers
  • Tax returns and worksheets
  • Trademark and patent registrations
  • Retirement and pension records