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Well-organized financial records ensure that your business operations will run more efficiently on a daily basis and are the foundation of a successful business. Our qualified staff can assist you with the day-to-day processes and procedures associated with our accounting and bookkeeping services.
Tax Services
Clear Lake Accounting & Tax, LLC has extensive tax experience in preparing S Corp, Limited Liability Company, Partnership, or Sole Proprietor tax returns. The IRS mandates all corporations to file taxes annually irrespective of whether the corporation turned a profit during the fiscal year. Corporate tax returns are required for companies that have incorporated as C-corporations or S-corporations. The majority of business owners choose these corporate structures because of there many added bonuses such as the ability for the business to pay taxes on profits instead of the owner.
C-corporations are required to pay tax on all profits, excluding any deductions. S-corporations on the other hand have the option of choosing to be taxed as a corporation or as a secondary partnership in which the company is classified as a “pass-through entity” and all earned profits are passed on to the owner and taxes are then collected through his or her personal income tax returns.
Corporate tax returns are generally due by March 15th each tax year, but there are some cases where business owners may seek an extension of six months. Any business filing taxes as a corporation with assets in excess of $10 million must file their tax returns online. Our Tax professionals can file online on behalf of your company, but the tax documentation can only be filed electronically. Corporations can also make installment payments in the months of April, June, September and December.
Bookkeeping Services
Bookkeeping is an integral part of any business’ tax planning strategy. The proper organization, storage and maintenance of your business’ accounting and financial documents will help you avert tax-reporting problems.
Accurate bookkeeping helps gauge your business’ success, you’ll be able to see exactly how well you’re doing. You can review the patterns and trends of your business performance and compare them to previous years. You can also keep track of your expenses and address pain points in your financial status quickly.
Professional bookkeeping doesn’t just help with your business operations. With an organized bookkeeping system, you can easily pull data and convert it into comprehensible charts and metrics. This will give you the confidence and certainty to present to investors and potential investors. Letting them know how your company is performing gives them assurance and helps maintain their trust and loyalty.
However, the process of bookkeeping can be tedious and difficult and many businesses are not as focused as maybe they should be in proper bookkeeping. This along with other factors can contribute to why many small businesses end up failing during their first few years. They can’t keep up with the changes and the demands happening in their businesses that they fail or forget to exert enough effort to properly organize their books.
Through our monthly bookkeeping service, you can focus on other aspects of your business and leave the documentation of financial and accounting reports to us. With our services, you can be sure that your business’ financial records are well kept and organized.
Accounting Services
Providing financial information to our clients in a timely and accurate manner is a commitment that we feel cannot be compromised. Meaningful, well-organized financial records ensure that your business operations will run more efficiently. Our firm provides a full range of cost effective accounting services including the following:
- General ledger and financial statement preparation
- Bookkeeping and transaction processing (Monthly/Quarterly/Annual)
- Accounting system setup for new businesses
- Computerized payroll services
- Business tax return preparation (Sales and Use/Business Property)
- Personal financial statements
- Litigation support
Outsourced Controller/Financial Management
Our outsourced Controller/CFO services are designed specifically for our growing business clients with a need for high-level financial management and advice but lacking the internal resources or ability to support a full time internal position.
In this role, we are frequently called upon to:
- Manage the accounting and bookkeeping processes
- Prepare annual budgets and cash flow forecasts
- Job cost, product pricing, and sales analysis
- Accounting software evaluation and implementation assistance
- Oversight and reporting of month-end financial statements
- Lead monthly meetings with key stakeholders to interpret results and provide insights
Audits, Reviews and Compilations
We view our role in the financial reporting process as an opportunity to provide constructive solutions for maximizing your company’s profitability and efficiency. We provide financial reporting on all three levels of assurance:
- Compilation – based upon client information provided and used primarily for internal use. This is by far the most often requested and allows us to put financial information into a form commonly agreed-to by those familiar with the company.
- Review – some analytical procedures conducted with limited assurance. This service is a higher-level than a Compilation and may be required in complex situations or by third-party lenders. Our report would state we’re not aware of any necessary material modifications.
- Audit – an intensive examination with the highest level of assurance can be performed and the most costly. Because this is rarely needed for our clients, this service is currently provided through our strategic relationships with other CPA firms.
Financial Statements
A new development allows us to assist you in the preparation of your financial statements in accordance with professional standards, much like a Compilation. But, we don’t report on the statements or give any other form of assurance on the underlying information. So, the financial statements produced can be a useful tool for management for making financial decisions. This is increasingly viewed as a better alternative for interim financial statements.