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Frequently Asked Questions About Accounting, Payroll, and Tax Services

Frequently Asked Questions About Accounting, Payroll, and Tax Services

Got a question? Let's see if we can answer it. 

Are we the right accountants for you?

There are many types of accountants with very different backgrounds. In order for you to have a successful relationship with us (our firm), we need to be the right fit for you and your business. 

  • Do you have a small to medium sized business for which you want to retain a CPA to act like a CFO? Yes, we might be a good fit.
  • Do you need a one-stop service from a team of accountants for all your accounting, tax, and payroll needs? Yes, we might be a good fit.
  • Do you just need your year-end tax return prepared? No, we are not a good fit.
  • Do you need your annual financial statements audited or reviewed? No, we are not a good fit.
What industries do you work with?

We specialize in many small- to medium-sized businesses in the South Jersey area, and are proud to have clients in the following industries:

  • Restaurants
  • Child Care Centers
  • Adult Care Services
  • Landscaping
  • Transportation 
  • Auto Repair Shops
  • Construction
  • Medical Practices
  • Engineering
  • Insurance Agents
  • Professional services
  • Real Estate
  • Retail
  • Salons
  • Contractors
What are your fees? Every client engagement is unique, and we do not believe in one-size-fits-all pricing. Schedule a discovery call today so we can determine the complexity of your transactions, number of your business accounts, number of transactions, format of the financial information, and number and complexity of the forms of your tax return.
How quickly do you respond if I need help? 90% client questions are answered when you call our office or email us during our normal office hour 8:30am-4:30pm. If the "Team member" is taking the day off, emails and calls are answered within 24 hours.
How can I get out of this big debt? Start by creating a detailed debt repayment plan, prioritize high-interest debts, and explore debt consolidation options. Our CPA team can help analyze your financial situation and develop a personalized strategy to get you back on track.
How to keep track of records? Implement a robust bookkeeping system, maintain digital copies of all documents, and regularly reconcile accounts. We can set up an efficient record-keeping system tailored to your needs.
What are my tax write-offs? Common tax deductions include business expenses, home office deductions, and vehicle expenses. Let us review your financials to identify all potential write-offs and maximize your savings.
Where did my cash go? Cash flow analysis can pinpoint where your money is going. We specialize in cash flow management to help you understand spending patterns and improve financial health.
What should I look at on financial statements? Focus on key areas like revenue, expenses, net income, and cash flow. We provide comprehensive financial statement analysis to help you make informed decisions.
Should I buy a new vacation home? Consider factors like financing, tax implications, and personal versus investment use. Our team can provide a detailed cost-benefit analysis to guide your decision.
Should I have a second location? Evaluate market demand, financial health, and operational capacity. We can help analyze the potential risks and rewards of expanding to a new location.
Can you help me clean up my QuickBooks? Absolutely! We can organize your QuickBooks, reconcile accounts, and set up a system to ensure accurate financial tracking and reporting.
Can you run my payroll? Yes, we offer comprehensive payroll services to ensure timely and accurate payroll processing, including tax filings and compliance.
Should I offer retirement? Offering retirement plans can attract and retain employees while providing tax benefits. We can help you select and implement the right plan for your business.
Should I sell my business? Consider factors like market conditions, business valuation, and personal goals. We provide valuation services and can guide you through the selling process.
Should I go get a job? Evaluate your current business’s profitability, market potential, and personal aspirations. We can help analyze your financials to make an informed decision.
How do I get caught up? Start by organizing your records, prioritizing tasks, and seeking professional help if needed. We can assist with backlog bookkeeping and bring your accounts up to date.
What’s my business worth? Business valuation depends on factors like revenue, profit, market conditions, and assets. We offer detailed business valuation services to determine your business’s true value.
How do I deal with my business partner? Clear communication and setting defined roles are key. If issues persist, consider mediation. We can provide guidance on partnership agreements and conflict resolution.
How do I deal with my problem employees? Address issues with clear communication and documented policies. We can help you develop effective HR strategies and policies to manage your team better.
How do I pay less taxes? Explore tax-saving strategies like deductions, credits, and entity restructuring. We specialize in tax planning to help minimize your tax liability legally.
How do I get paid quicker? Implement strategies like offering discounts for early payments and using automated invoicing. We can assist with optimizing your accounts receivable process.
How should I structure my business? Choosing the right structure (LLC, S-Corp, C-Corp) depends on factors like liability, taxes, and future goals. We can help determine the best structure for your business.
What personal expenses can I deduct? Certain expenses like home office and vehicle use can be deducted. We can review your expenses to ensure you take advantage of all eligible deductions.
Can you help me with making estimated payments? Yes, we can calculate your estimated taxes and help set up a payment schedule to avoid penalties and stay compliant.
Can you help me understand where my cash is going? Absolutely! We offer detailed cash flow analysis services to help you track your spending and identify areas for improvement.
Can you help me grow my business? Yes, we provide strategic planning, financial analysis, and growth strategy services to help your business thrive.
How long should I keep my records? Generally, keep tax records for at least seven years. We can help set up a record retention policy tailored to your needs.
Should I have a retirement plan for my team? Offering a retirement plan can improve employee satisfaction and provide tax advantages. We can guide you in selecting the best plan for your business.
Should I collect sales tax on the items I sell? It depends on your location and the type of goods or services you provide. We can help you understand your sales tax obligations and ensure compliance.
Can you help with understanding my financial statements? Yes, we provide clear explanations and insights into your financial statements to help you make informed business decisions.
I'm thinking of selling my business; how much is it worth? Business valuation requires a detailed analysis of financials, assets, and market conditions. We offer expert valuation services to provide an accurate assessment.
I'm thinking about bringing on a partner; can you help? Yes, we can help with partnership agreements, financial assessments, and structuring to ensure a smooth transition and clear terms.
I'm thinking about getting a loan; what are my chances? Loan approval depends on factors like credit history, financials, and business plans. We can help assess your eligibility and prepare the necessary documentation.