For businesses

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Accounting for businesses

Our experienced, knowledgeable accounting staff is ready to provide your organization with accurate, timely, and incomparably personalized service, whether you need it on a temporary or ongoing basis.

We truly care about our clients and their financial success.  We talk with them, not at them or down to them. We return phone calls and answer emails.  We are committed to listening carefully to their questions and understanding their concerns. We take a proactive stance in serving each client's needs.

Tax preparation and planning

Whether you operate as a sole proprietor, a not-for-profit, or a corporation, we can help you develop strategies that take advantage of new tax laws and legislation — not only during income tax season, but throughout the year. We can help with:

  • Income taxes
  • Sales taxes
  • Property taxes
  • Employment taxes

Tax advice and problem-resolution

You tax liability is impacted by all the ways that money moves in, out, and through your company.  With the expertise of Michael K. McGee, S.C., on your team, you will have the timely, relevant information you need about the tax implications of:

  • Incorporation options
  • Profit-sharing plans
  • Gifts and bonuses
  • Employee compensation and benefits
  • Operating expenses
  • Accounts payable and receivable
  • Inventory control
  • Asset management

General accounting consulting

Our service goes beyond merely giving you numbers. We apply judgment, experience, and professional standards toward providing thoughtful, impartial advice that our business clients find invaluable.

We can help you set up the bookkeeping systems most suitable to keep your particular company operating efficiently.  We can give you guidance regarding which financial statements and reports will be most meaningful for your decision-making. We can help you with periodic and ongoing development and analysis of financial models, cost controls, profit plans, and internal reports.

We can answer your questions, connect you with information resources, and be on the lookout for trouble or opportunities. We can help you make strong decisions about:

  • Bookkeeping oversight
  • Accounting system recommendations and setup
  • Budgeting
  • Cash flow analysis
  • Payroll processing
  • Financial statement preparation and analysis
  • Representation before tax authorities
  • Real estate purchases and sales
  • Controller/Comptroller responsibility
  • Equipment purchase, sale, and lease
  • Financing and loan applications
  • Due diligence for mergers, acquisitions, and expansions
  • Business plans and forecasts
  • Assessment of benefit and compensation plans
  • Operating results analysis
  • Asset protection
  • Succession planning
  • Financial and investment planning
  • Resource allocation

CPA vs. bookkeeper

Do you need a CPA, or will a bookkeeper do?

Assess your needs

Every organization needs to make smart decisions with its money and pay its taxes. The accounting function:

  • Tracks financial transactions
  • Identifies financial problems and opportunities
  • Assesses financial performance
  • Prepares and files tax returns

So do you need an accountant, a bookkeeper, or both? The answer depends upon how much you want to take on internally and how much expert advice you need.

CPAs

A CPA analyzes bookkeeping reports. A CPA's job is to help clients examine their options and make good decisions about:

  • Tax strategies
  • Cash flow management
  • Measuring profit and loss
  • Borrowing and investing
  • Corresponding with the state and federal taxing authorities
  • Buying and selling property or equipment
  • Preventing fraud and misappropriation of funds
  • Setting up bookkeeping systems

Unlike bookkeepers, CPAs are required to have college degrees, pass a four-part CPA exam, and commit to ongoing education. A CPA license authorizes an accountant to issue an opinion on bookkeeping reports and represent his/her client before the IRS.

Bookkeeping

Bookkeeping is the job of keeping track of a business’s money: the checks it writes, the bills it needs to pay, the money it is owed, the deposits it makes, the inventory it is holding. A bookkeeper:

  • Collects, organizes, and records daily transactions
  • Produces financial statements, balance sheets, and other reports
  • Maintains the company’s checkbook

Bookkeepers keep records and prepare reports. But the bookkeeping profession is not regulated, and only a CPA has the education and credentials to perform analyses and provide recommendations that businesses need for decision-making.

Every company needs someone who can manage day-to-day record-keeping. But a company that is looking for expertise in analyzing its financial situation and making strategic decisions is a company that is looking for a CPA.

Read about the difference between accountants and CPAs.