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.
Accounting FAQs
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.
TAX PREPARATION
To operate a legal business, preparing and submitting regular tax returns and reports are required according to local and state law.
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
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.
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
Yes, our certified Quickbooks accountants specialize in managing our clients' accounting systems and financial requirements.
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
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.
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.
Business Valuations
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.
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.
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.
Contact us
Reach out to our team to get started or learn more about our process.