Businesses are booming in Dallas – which is a really good thing. Consequently, accounting operations are now very critical to every business in the city. However, it can be quite demanding of time and impair your ability to accomplish daily goals. Thankfully, a Dallas CPA firm will be able to relieve you of the daily, monthly, and annual tasks, allowing you and your staff to focus on what matters most: the development and success of your business. Let a Dallas CPA Firm assist you in achieving your objectives.
Nevertheless, if you choose the wrong Dallas CPA firm, it could be detrimental to your business and cause you emotional and financial distress. “My accountant is difficult to reach” is one of the most frequently heard concerns from business owners. You would not want to deal with a Dallas CPA firm that is not on top of its game and may let your business slip through the cracks.
You will know that you have engaged with a great Dallas CPA firm when they will be able to provide accurate financial data to their clients – a commitment that should never be compromised. They will also be able to organize important financial records and provide the information necessary to run your business more effectively on a daily basis. A top-tier Dallas CPA firm can offer a comprehensive range of affordable accounting services, including the following:
- Preparation of the general ledger and financial statements
- Monthly/Quarterly/Annual Bookkeeping
- Setup of the accounting system for new businesses
- Preparation of business tax returns (Business Property/Sales & Use)
- Personal financial statements
What a Dallas CPA Firm Can Offer to Its Clients
Preparation of Financial Statements
A Dallas CPA firm can help you in preparing financial statements that adhere to professional standards, but they make no representations or warranties about the underlying information contained in them. Financial statements can be an effective tool for management to use in making financial choices.
They will help in the preparation of financial statements and data entry for the presentation for internal purposes and for the banks’ requirements and references.
Expert Analysis of Cash Flow and Budgeting
A company could be successful and still encounter cash flow difficulties. A great Dallas CPA firm could anticipate and assess your business’s financial position, ascertain financing requirements, and monitor cash flow sources and uses.
Bookkeeping/Write-Up
Financial records that are meaningful and well-organized could give information that helps your firm operate successfully on a regular basis which could be the key to a successful business. A Dallas CPA Firm should have experienced and professional personnel that will be able to help you with your day bookkeeping duties.
They will maintain orderly books by reconciling bank accounts, credit card statements, and other balance sheet accounts.
They will also usually do a monthly or quarterly “review” of the books to ensure internal accounting is accurate.
Sample accounting software usually used for the preparation of client books:
- Quickbooks desktop and online
- Xero
- Quicken
- The Wolfepak (gas and oil accounting software)
- ADP
Thankfully, since we are already at the digital, a CPA firm can acquire a remote connection to your accounting software via innovative software. This eliminates the need for you to email them all of your data – which in turn, will be less hassle on your end.
Organizing Payable Accounts
Additionally, Dallas CPA Firm will ensure they’re booked to the correct account before allowing you to approve what you would need to pay. This frees up your time to focus on operating your business and adds an additional layer of an internal control system and fraud prevention.
Financial Projections and Forecasting
Forecasting is critical when it comes to managing and leading a firm to success. A great Dallas CPA firm has experienced staff that could help you in attaining your company’s financial goals, whether they are simple estimates or intricate financial modeling.
Payroll Services
As a business expands, it may be necessary to hire additional personnel, which may lead to additional payroll administration. A Dallas CPA firm can help you install the controls needed to ensure that your payroll system is dependable, efficient, and effective. Furthermore, they can help you develop a payroll system, and they will timely prepare all required payroll tax forms.
- Payroll taxes must be reported and set up for payment and completed and filed for 941.
- Report payroll Unemployment taxation as well as set up the fee for form 940.
- State unemployment taxes must be reported, and the payment for form TWC must be made.
Creating Accounts for Unemployment Tax and State Withholding
The CPA firm will maintain constant communication with you regarding new payroll tax adjustments well as other changes to payroll tax reporting.
- Prepare payroll for clients via ADP, Paychex, Payroll Success, Gusto, and Paylocity (PEO).
- 1099 preparation for the purpose of reporting payments to suppliers to the IRS at the end of the fiscal year (the new 1099-NEC tax form change that you could or would not want to tackle yourself).
- Quarterly and annual payroll payments and reports to the IRS are filed electronically (Form 8655).
- Prepare W-2 forms and electronic filing.
Compilation
When reading financial statements, the CPAs have a thorough understanding of the industries in which their clients operate. They adhere to the Guidelines on Standards for Accounting and Review Services and are committed to using their expertise to ensure that your financial statements are free of major misstatements.
Dallas CPA Firm: Additional Services
- Calculate owner bonuses and draws, as well as quarterly distributions.
- By preparing payable accounts by doing a book review, you may add another set of internal control systems to help avoid fraud.
- Keep track of year-end fixed asset additions using our fixed asset software, which can be loaded into your tax return during tax preparation.
- Provides services in consulting, training, and specialization
Examples:
- Consultation and training
- QuickBooks Introductory Class – began with your business’s accounting.
- Conversion of accounting software (i.e., from QuickBooks desktop to QuickBooks online).
- Temporary personnel for your office.
- Property Tax Returns
- Reporting of escheatment
- Reporting and returns of sales tax
- Census reporting and management for 401(k) plans
Conducting thorough research on the best Dallas CPA firm is critical to ensuring you make the best choice – this can be very crucial for your business. You can also inquire with other experienced businessmen and gather some information about which one is the best Dallas CPA firm you can engage with.
