Tag Archives: bookkeeping services

What Can We Do For You?

By Lee Byrd

Small business owners and nonprofit executives often wear many hats while managing their organization. Whether it’s day-to-day accounting or oversight of an internal accounting department, an accounting firm offers many services that will allow you to focus on the core strategies of your business. Here at Langdon & Company LLP, we offer a wide range of services from basic bookkeeping to acting in a CFO role to financial statement audits and tax return preparation. Often times you will find that the cost of hiring an accounting firm to perform these services is less than hiring an employee.

Bookkeeping Services

Many small organizations do not have the need or financial resources to hire a full-time employee to perform the day-to-day bookkeeping tasks. In such caserviceses, it may be helpful to seek the aid of an accounting firm that can provide services such as accounts payable and receivable, billing, payroll, bank reconciliations, general ledger entries and monthly financial reports. You will gain the knowledge of an experienced bookkeeper with access to CPAs within the firm at a cost effective rate.

CFO Services

Do you need the expertise of a Chief Financial Officer but can’t bear to add such a salary to your already tight budget? A CPA firm can offer the expertise of a CFO in tasks such as creating budgets, preparing financial statements, analysis of financial data, or review of your organization’s internal accounting personnel offering a greater segregation of duties. These services can be provided on a periodic basis, such as monthly or quarterly, or on a project by project basis, as needed throughout the year.

Audit and Attest Services

Whether it is at the request of a lender or required by the organization’s by-laws, many organizations feel the need for a higher level of review of the financial statements. CPA firms offer attest services that will provide the level of assurance needed. An Audit provides the highest level of assurance that the finaauditncial statements are free from material misstatement and includes the auditor obtaining an understanding of the client’s internal controls and assessing fraud risks. An audit is also the most costly level of attest service. While less costly, a Review is substantially narrower in scope than an audit and provides only limited assurance. A review consists mostly of inquiry and analytical procedures. If the audit or review services do not meet the needs of the organization, CPA firms also offer Agreed Upon Procedure (AUP) services. An AUP is an engagement in which an auditor is engaged to carry out procedures of an audit nature to which the auditor, the client, and any appropriate third party have agreed and to report on factual findings.

Tax and Consulting

In addition to day-to-day booking or more extensive oversight services, accounting firms also advise clients on financial strategies, such as lowering tax burdens, providing suggestions on a business plan, or suggestions on the most effective way to comply with third party regulations. CPAs can also assist with the preparation of state and federal tax returns.

Langdon & Company LLP is a full-service CPA firm committed to providing quality customer service in the highest professional manner. Contact us to see how we can help you!

Lee ([email protected]) is an Audit Manager with Langdon & Company LLP. She works with many not-for-profit and healthcare organizations.

Year-end filing of 1099-MISC

by Russell Barker

You might think 1099-MISC filing is a year-end job and does not need attention before that.  That couldn’t be farther from the truth.  You should always gather W-9 forms from applicable vendors whom you have paid year round.  A W-9 form is an IRS form in which the vendor provides name, address and tax identification number.  This number can either be a social security number or Taxpayor Identification Number (“TIN”). year-end-review-300x225

Generally, a 1099-MISC should be filed if the vendor is unincorporated AND amounts paid are:

  • at least $10 in royalties or broker payments in lieu of dividends or tax-exempt interest
  • at least $600 in rents, services (including parts and materials), prizes and awards, other income payments, medical and health care payments, crop insurance proceeds, cash payments for fish (or other aquatic life) you purchase from anyone engaged in the trade or business of catching fish, or, generally, the cash paid from a notional principal contract to an individual, partnership, or estate
  • any fishing boat proceeds
  • gross proceeds of $600, or more paid to an attorney during the year, or
  • withheld any federal income tax under the backup withholding rules regardless of the amount of the payment.

The reason to start gathering this information is because at year end, you may not have contact with a vendor or cannot reach them.

What are the ramifications if you do not get this information and you should have?  The expense that you are trying to claim may not be valid and you might not have a credit on your books for the expense.  In some cases, this can cause an increase to your net income and more taxes you will have to pay at year end.

The old saying of an ounce of prevention is worth a pound of cure.  By obtaining and filing all W-9 forms, you will avoid a lot of unnecessary stress at year end. Langdon & Company LLP has a team of accounting service professional who are available to help with any of your Form 1099 questions.  Please contact our office for more information.

Russel Barker ([email protected]) is a Quickbooks ProAdvisor in our Accounting Services Department.  He works primarily with physician’s practices and other small businesses.

Accounting Services Requirements

by Russell Barker

The accounting services department at Langdon and Company LLP utilizes a customized approach to serve many companies by providing varied aspects of a “backoffice” accounting department.  We can perform the following functions: accounts receivable, accounts payable, invoicing, payroll and financial reporting.  We communicate with the client to ensure that we have the needed documentation to properly record transactions.  We process transactions on a monthly or quarterly basis for general ledger processing based on the clients’ needs.  We also provide payroll services and offer direct deposit.  To efficiently and effectively perform these functions, great communication is required.  There is supporting information and documentation that is needed.

Typically, for a small business items such as bank statements, invoices, billing records, loan records, amortization schedules, credit card statements, etc. are required in order post to the general ledger.  For payroll, employee information, hours and pay rate is needed.  In order to properly maintain fixed asset records, invoices and applicable financing records are needed.

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With the client providing all appropriate documentation on a monthly basis and L&C recording proper transactions, this will enable our year end process to be more efficient, precise and timely in order for the tax department prepare the clients tax returns in a timely fashion.

 

Russell Barker is a QuickBooks Pro Advisor in the Accounting Services department at Langdon & Company LLP.  He specializes in periodic reviews for a variety of physician’s practices.

 

Benefits of Outsourcing Accounting and Bookkeeping

Accurate bookkeeping and accounting are not optional for successful businesses, but hiring a full time accounting staff to keep your company’s books can be expensive.

While every business needs the financial data that accountants and bookkeepers prepare in order to fulfill regulatory obligations and make solid business decisions, incurring the cost of a full time staff to prepare that data may not be a very good business decision at all.

Outsourcing this work to a Raleigh CPA firm can mean having the expert financial services that you need anytime while enjoying significant savings.

Continue reading Benefits of Outsourcing Accounting and Bookkeeping