From start-ups to established enterprises, businesses rely on accurate and insightful financial information in order to maintain profitability and capitalize on new opportunities. Nabors CPA Services, P.C.'s accounting services steer you closer to these goals with accurate record-keeping and reporting as well as support on financial issues such as initial accounting system setup, cost-containment, and tax planning. These services include but are not limited to:
- General ledger and financial statement preparation.
- Bookkeeping (Monthly, quarterly, or annual).
- Accounting system setup and support.
- Payroll processing.
- Cash flow budgeting and forecasting.
- Personal financial statements.
- Corporate tax planning and return preparation.
The preparation of your own tax return can be time consuming and complex. With the ever increasing complexity of the tax code, there may be more questions than answers.
Even if you use a computer software program, you may easily overlook deductions and credits to which you are entitled. There is no substitute for the knowledge and experience a tax professional will provide in the preparation of an accurate return.
Our promise to you...
- Your tax return will be prepared and reviewed by tax professionals, and computer software designed to identify potential problem areas typically looked at by the IRS in order to prevent or limit potential IRS notifications.
- Your tax return will be filed electronically at no extra cost to you, providing faster processing of your tax return and any refund you may have coming.
- Our staff will guide you and make suggestions of how you might adjust your payroll withholding to get more money back each week. You will receive the benefit of your money throughout the year instead of giving the IRS an interest free loan.
- We will review your return for potential future years' savings by looking for deductions that may limit your tax liability for next year and will advise you on commonly missed deductions.
- We will file all your extensions of time to file at no charge.
Business Tax Return Preparation
We prepare tax returns for business entities of all sizes, types and industries. These include:
- Sole-Proprietors, Self-Employed and Schedule C
- Farmers (Schedule F)
- Small Business Corporations (S Corporations)
- C Corporations (Conventional Corporations)
- Limited Liability Companies (LLC)
- Not-For-Profit and Religious Organizations
- Information Returns, we can help prepare your Forms 1099/1096 and W-2/W-3.
If you have not kept your books current or just need help in preparing your financial statements, we can help you. We will perform your bookkeeping for the year to then prepare the business income tax returns based on the generated financial statements. We offer full service bookkeeping and can provide you with monthly or quarterly bookkeeping services at a very reasonable cost or we can train you and/or your staff in QuickBooks to allow you to maintain your books in preparation for future years.
Accurate record-keeping is essential to a successful business yet can also be complicated and time consuming. Nabors CPA Services, P.C. can help you with the organization and day-to-day tasks of bookkeeping so that you can focus on your core business.
We take care of your books for you, so you can get back to the job of running your business and generating profits!
Each month or quarter we'll do the following things for you...
Reconciling your business checking account each month allows us to keep your bank account, accounting records, and taxes up-to-date. Having us reconcile your account each month allows you to...
-Identify lost checks, lost deposits and unauthorized wire transactions.
-Detect and prevent excess/unjustified bank charges and ensures transactions are posted correctly by your bank.
-Detect and prevent embezzlement of funds from within your company.
-Know how your business is doing? You can't really know unless all accounts are reconciled and properly accounted for on your financial statement.
-Manage your cash more effectively. Proper management of funds not only saves money; it makes money for you.
-Protect yourself. By timely reconciling and promptly objecting to your bank about any unauthorized, fraudulent or forged checks presented to your bank and paid by that bank, you can relieve your company of responsibility for the shortfall and transfer the risk to the bank. This reason to reconcile alone should be enough. Crime exists.
-Sleep Better. You will sleep more peacefully at night knowing your bank accounts are reconciled, in balance and that all escrow funds, accounts, checks and disbursed funds are properly accounted for.
An income statement, otherwise known as a profit and loss statement, basically adds an itemized list of all your revenues and subtracts an itemized list of all your expenses to come up with a profit or loss for the period. An income statement allows you to...
-Track revenues and expenses so that you can determine the operating performance of your business.
-Determine what areas of your business is over-budget or under-budget.
-Identify specific items that are causing unexpected expenditures. Like phone, fax, mail, or supply expenses.
-Track dramatic increases in product returns or cost of goods sold as a percentage of sales.
-Determine your income tax liability.
A balance sheet gives you a snapshot of your business' financial condition at a specific moment in time. A balance sheet helps you...
-Quickly get a handle on the financial strength and capabilities of your business.
-Identify and analyze trends, particularly in the area of receivables and payables. For example, if your receivables cycle is lengthening, maybe you can collect your receivables more aggressively.
-Determine if your business is in a position to expand.
-Determine if your business can easily handle the normal financial ebbs and flows of revenues and expenses?
-Determine if you need to take immediate steps to bolster cash reserves?
-Determine if your business has been slowing down payables to forestall an inevitable cash shortage?
-Balance sheets, along with income statements, are the most basic elements in providing financial reporting to potential lenders such as banks, investors, and vendors who are considering how much credit to grant you.
Maintaining a Clean General Ledger
The general ledger is the core of your company's financial records. These records constitute the central books of your system. Since every transaction flows through the general ledger, a problem with your general ledger throws off all your books.
Having us review your general ledger system each month allows us to hunt down any discrepancies such as double billings or any unrecorded payments. Then we'll fix the discrepancies so your books are always accurate and kept in tip top shape.
We are always available to spend time with you so you fully understand how to interpret and utilize the financial information we provide. Our consultations are already included in our price, so please feel free to call us whenever you have a question or concern.
Nabors CPA Services, P.C.'s financial statement services comprise all three levels of assurance depending on your company's needs.
Audits - Audits offer the highest level of assurance to third parties, and include in-depth examination and confirmation of account balances, inventories, and selected transactions. We perform audits for you to remove errors, ascertaining the validity and reliability of your information.
Reviews - Reviews provide limited assurance to outside interests and involve inquiries and analytical procedures that confirm financial statement matters and identify any items requiring further analysis. We perform reviews to ensure the integrity of your data.
Compilations - Compilations are usually requested for internal purposes and are based upon information provided by a company's management. They do not offer assurance but may involve some adjustment to accounting records.
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At Nabors CPA Services, P.C., we focus on building close client relationships that add long-term value. This includes assuring the solidity of financial records, evaluating financial procedures and working to produce strategies that help our clients face the myriad of challenges in business planning and execution. Our clients benefit from objective analysis to assist in controlling costs, increasing efficiency, and implementing new technologies and procedures that take advantage of changes in the marketplace, accounting standards, and tax law. Our assurance services will improve information quality or its context, meaning more success for your business. These services include but are not limited to:
- Audits, reviews, and compilations.
- Entity selection and restructuring.
- Accounting software selection, implementation, and support.
Good cash management can improve a company's liquidity, reduce costs, and increase profitability. Nabors CPA Services, P.C. can help you maintain optimal cash flow levels by tracking sources and uses, forecasting, and budgeting accordingly.
To a business entity, cash flow is something that can make or break the business' ability to survive. We can help you analyze your spending, re-balance your budget and/or debts for an optimal cash flow to support your business' success. This balance plan would be revisited if and when there were any major changes in your business structure to ensure that you are operating at an optimal level.
Cash Flow Statement
A cash flow statement is one of the most important financial statements for a business owner. It is a listing of the flows of cash into and out of the business. Think of it as your checking account at the bank. Deposits are the cash inflow and withdrawals (checks) are the cash outflows. The balance in your checking account is your net cash flow at a specific point in time. A cash flow statement is a listing of cash flows that occurred during the past accounting period. A projection of future flows of cash is called a cash flow budget.
Working capital is an important part of a cash flow analysis. It is defined as the amount of money which represents operating liquidity available to a business. Net working capital is calculated as current assets (cash or cash equivalents) minus current liabilities (liabilities due within 12 months). If current assets are less than current liabilities, the company has a working capital deficiency and may lack the ability to pay maturing or short term obligations.
Reasons for Creating a Cash Flow Budget
Cash is the key to a smooth business operation. By creating a cash flow budget, you can identify cash deficit periods in advance so you can take corrective actions to alleviate the future deficit. This may involve a change in the timing of certain transactions or when money will be borrowed and how much.
Periods of excess cash can also be identified so that excess cash may be used to draw interest. This excess revenue can be used to pay down additional debt principal.
Cash Flow is not Profitability
People often believe that a cash flow statement will show the profitability of a business. Cash flow and profitability are closely related, but are completely different. A cash flow statement shows cash inflows and outflows while the income statement shows income and expenses. A cash flow statement reports on the liquidity of the business while an income statement reports on the profitability of the business.
Many income items are also cash inflows. The sales of items are usually both income and cash inflows. As long as a check is received and deposited in your account at the time of the sale the income and cash inflow is the same. Many expense items are also cash outflow items. The purchase of supplies (cash method of accounting) is both an expense and a cash outflow item. Again, as long as a check is written at the time of the purchase the expense and the cash outflow are the same.
However, there are many cash items that are not income and expense items, and vice versa. For example, the purchase of a capital asset is a cash outflow if you pay cash at the time of purchase. However, if money is borrowed for the purchase using a term loan, the down payment is a cash outflow at the time of purchase and the annual principal and interest payments are cash outflows.
A capital asset has a life of more than one year and must be expensed (used up) as it declines in value due to wear and obsolescence. This is called "depreciation". Depreciation is expensed each year in accordance with IRS tables for the type of asset and is a non-cash expense.
With our help and guidance, you will always be on top of your finances and ready for the future.
Nabors CPA Services, P.C. provides guidance in determining which type of business entity is best suited to achieve the client's goals. In assisting our clients in making this decision, we utilize working relationships developed with local attorney’s in consideration of the amount of asset protection needed, personal exposure, state and local laws or regulations applicable to the client's business, organizational structure, and tax implications. We also handle the filing of any elections required by the IRS as well as annual reporting requirements for each entity.
No matter which entity type is selected, a C-corporation, S-corporation, general partnership, limited partnership, limited liability company, limited liability partnership, professional association, or other type, we are careful to consider the effect on who will bear the burden of the taxes paid by the entity, and for liability of debts and obligations of the entity.
Sole proprietorship: The most common and the simplest form of business is the sole proprietorship. In a sole proprietorship, a single individual engages in a business activity without necessity of formal organization.
- General partnership: A general partnership is created when two or more persons associate to carry on a business for profit. A partnership generally operates in accordance with a partnership agreement, but there is no requirement that the agreement be in writing and no state-filing requirement.
- Corporation: A corporation is a legal person with the characteristics of limited liability, centralization of management, perpetual duration, and ease of transferability of ownership interests. The owners of a corporation are called "shareholders." The persons who manage the business and affairs of a corporation are called "directors." However, state corporate law does provide for shareholders to enter into shareholders' agreements to eliminate the directors and provide for shareholder management.
- S-Corporation: An "S" corporation is not a matter of state corporate law but rather a federal tax election. A for-profit corporation elects to be taxed as an "S" corporation by filing an election with the Internal Revenue Service.
- Limited Liability Company: The limited liability company (LLC) is not a partnership or a corporation but rather is a distinct type of entity that has the powers of both a corporation and a partnership. Depending on how the LLC is structured, it may be likened to a general partnership with limited liability, or to a limited partnership where all the owners are free to participate in management and all have limited liability, or to an "S" corporation without the ownership and tax restrictions imposed by the Internal Revenue Code. The owners of an LLC are called "members." A member can be an individual, partnership, corporation, trust, and any other legal or commercial entity. Generally, the liability of the members is limited to their investment and they may enjoy the pass-through tax treatment afforded to partners in a partnership. As a result of federal tax classification rules, an LLC can achieve both structural flexibility and favorable tax treatment.
- Limited Partnership: A Texas limited partnership is a partnership formed by two or more persons and having one or more general partners and one or more limited partners. The limited partnership operates in accordance with a partnership agreement, written or oral, of the partners as to the affairs of the limited partnership and the conduct of its business. While the partnership agreement is not filed for public record, the limited partnership must file a certificate of formation with the Texas Secretary of State.
- Limited Liability Partnership: In order to limit the liability of its general partners, a general or limited partnership may opt to register as a limited liability partnership.
Let us help you succeed by getting your new business off to a good strong start. Call our office for an appointment today.
Professional representation can be vital during an audit, and our experience with tax authorities enables us to guide clients in their dealings with federal and state agencies. If you have been chosen for an audit, the professional representation you can find with our firm can put many of your worries at bay. We are ready and willing to answer any and all questions the IRS may be asking of you. Because...
- Most individuals do not have the experience needed to deal with the IRS in negotiations, and understand the value of being represented by someone with the proper knowledge and experience. At Nabors CPA Services, P.C. we are here for YOU. Make sure you don't over-commit on monthly payments, forget legitimate expenses, neglected Penalty Abatement, or other important facets of the negotiation process by having proper representation.
- Proper IRS representation experience often makes the difference between an equitable agreement, and one that costs you too much money.
- With an experienced negotiator on YOUR side, there is no reason to be scared. You can be assured that you are represented properly, fairly, and to the best of your own advantage.
Small business owners need to be able to concentrate their time on developing new clients rather than performing payroll functions. According to a 2011 survey by the National Association of Small Businesses, business owners spent more than 5 hours per month on administration of payroll. That's almost 8 days each year that could be spent generating sales, developing new business opportunities, or servicing clients.
At Nabors CPA Services, P.C.'s we can help you reduce the time spent on administration through developing and implementing a computerized payroll system that will facilitate processing, timely payment of taxes, and preparation of tax returns. We offer payroll solutions tailored to your business, allowing you to spend time running your company.
Laws and regulations along with IRS reporting requirements can make the payroll function time consuming and a headache for even the most meticulous and experienced professionals.
Companies often process payroll internally because of the following reasons:
- They believe processing payroll internally is more cost-effective.
- They are hesitant to release wage information.
- They want to have flexibility in the timing of payroll cycles and to make last-minute changes.
- Small firms with straightforward needs and a stable, salaried staff may well be better off processing internally. It can be more convenient and efficient, but many discover it's not all that cheap when considering the time spent on payroll processing.
Plus, it is easy to make mistakes without a sound knowledge of payroll procedure and payroll software. Employees, federal, state, and local tax collection agencies all have to be paid on time, and proper reporting is essential in avoiding late payments and penalties.
At Nabors CPA Services, P. C. we offer the following basic services:
- Calculating payroll and tax obligations for each employee.
- Printing and delivering checks.
- Providing management reports.
- Issue paychecks weekly, bi-weekly, monthly, semi-monthly or yearly.
- Direct deposit of checks.
- Issue W-2 / W-3 forms.
QuickBooks can provide useful and timely information in the form of financial statements, reports and graphs. However, it can only provide this information if you purchase the right product and then install, setup and use it properly. We don't just help you use the software, we help you use it more efficiently and more effectively. Nabors CPA Services, P.C. offers the following solutions to help meet your QuickBooks needs:
Installation - We install QuickBooks and help you learn how to use your software.
Setup - We assist new QuickBooks users with initial setup including: Easy Step Interview, Preferences, Lists, Customers, Vendors, Employees, Banking and Reports. We also help experienced users manage their businesses more effectively by improving their current setup. Many users experience problems and lack the ability to generate and track important information as a result of inadequate setup.
Support - Our QuickBooks support service can assist you with any installation, setup or operation assistance you might need. In addition, our support is not limited just to the software part of it, but we can also provide accounting and payroll assistance.
Review - Our QuickBooks review service helps companies that have the human resources to perform daily accounting and payroll tasks, but need an accounting and payroll expert to review your transactions, accounts and reports. This review ensures that you receive timely, relevant and reliable financial information. We also inform you of any corrections, adjustments or reclassifications necessary to ensure that the financial information you receive reflects the correct financial condition of your business. Reviews may be conducted at any time, but monthly reviews provide you with up-to-date information and feedback about your business.