Get the Answers to Your Important Accounting Questions
If you have questions about the financial aspects of your business or enterprise, find the answers here.
Most small business owners in McArthur, Ohio, and surrounding areas have a broad range of questions when starting their business and throughout their operation. Here are some common accounting questions and answers about our accounting services.
Don't hesitate to get in touch with our accountants if you have further questions. Book a consultation to discuss how to optimize your accounting processes today.
To operate a legal business, preparing and submitting regular tax returns and reports are required according to local and state law.
What does tax preparation involve?
Tax preparation includes preparing the required tax documents for your business.
Federal tax returns
State tax returns
Local tax returns
It also includes the analysis of any potential tax or financial problems and providing solutions and recommendations.
Income & Estate Tax Planning
What is estate tax planning?
During the estate planning process, it's important to consider a plan to ensure you pay the least amount of tax on your savings. Your beneficiaries are legally required to pay tax on the amount they receive. Estate tax planning helps to optimize your estate planning when it comes to paying taxes.
What is income tax planning?
Your income tax planner can analyze your financial situation to make a plan that allows you to legally pay the lowest tax possible. The plan takes all the elements of your business into account and ensures they work together to achieve the best results regarding income tax.
Quickbooks Professionals & Training
I don't have time to use Quickbooks, can you manage my account?
Yes, our certified Quickbooks accountants specialize in managing our clients' accounting systems and financial requirements.
Do I need Quickbooks training?
If you plan on using Quickbooks for your business or are currently using it, professional Quickbooks training [link to Quickbooks training page] will help you use it to its full potential. Utilizing all the tools will save you time and optimize your accounting processes.
Financial Statement Compilations & Review
How long does it take to send me a financial statement?
If you are an existing client and we have all the up-to-date financial information, we can send you your financial statement within one day. If you are a new customer as long as you send us the required financial information, we'll have your statement complete in no time.
When would I need a financial statement or review?
It's important to conduct a financial statement and review it at least once a year to obtain that no material changes are needed to ensure your financial framework is compliant.
What Is the Difference Between an Audit and Financial Statement Compilation?
Audits, reviews, and compilations all involve the analysis of your business's financial statements. However, while audits and reviews require substantiation, a compilation is just for your personal use.
How Do You Calculate Business Valuation?
To calculate the valuation of a business, we use a proven business valuation formula. We'll determine the value of your assets and then subtract the number of loans and liabilities against your assets to determine the overall value.
What is involved in a business valuation?
Depending on your business, the process could involve assessing the value of the company's assets, calculating the costs of running the business, and the current market value.
Reach out to our team to get started or learn more about our process.
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