At Elevating Profits, we believe in an approach to tax and financial stability for your business that involves seeing the big picture and going beyond basic compliance. Starting with the end in mind, we take an approach that addresses not only your tax compliance needs, but also your tax planning needs.
Moving beyond just basic tax preparation and bookkeeping, we help our business clients to save money as well by utilizing key tax planning strategies that fit their situations. Being well-prepared and well-positioned can make all the difference in your profitability.
At Elevating Profits, we know that running a business can be challenging, but managing the finances does not need to be.
We offer full-service accounting packages to our business clients. Encompassing payroll, bookkeeping, tax preparation and compliance with the added benefit of strategic tax and financial planning, we often identify an average of $4,000.00 a year in savings for our clients.
Most of the below services are available individually outside of a package option.
Our packages can include the following services:
QBO Set-up, Implementation and Optimization
At Elevating Profits, we understand that there is no shortage of accounting software solutions available to business owners today. We also fully understand that everyone has their preferred software, just as we do. At Elevating Profits, we only work in QuickBooks Online and because of that are very versed in the software allowing us to be a true asset to our QBO clients.
You went into business because you are good at what you do. We went into business because we are good at what we do.
Spending your time entering transactions into QuickBooks is often not the best use of your time and not a great exchange when looking at the Money Value of Time.
With our full-service accounting packages, we come alongside you for the bookkeeping needs. Whether that looks like a second eye on things or us taking over the day-to-day aspects of the bookkeeping needs, we are here to support you where you are.
Depending on the times and the government, there are many things that occur beyond our control that have a direct impact on our businesses.
When these things occur, it can have an impact on all aspects of your business. Unfortunately, being 100% prepared for the unknown is not likely, but with strategic and proactive planning, you can be as prepared as possible and be ready to take action to adapt quickly when needed.
We have worked with our clients on pricing changes to increase profitability, analyzing the true cost of hiring staff, implementing and training on financial reports and analysis and many other things that have improved their business and profit margins, even in down economies.
Business Entity Optimization
There are so many choices of business entities available that it can be overwhelming. The decision of your business entity has not only an impact on your current tax situation and certain operations of the business, but also has implications for years to come. Making the right decision from all angles, is key to having a business structure that aligns with your goals and your vision. With our clients, we are always monitoring their current structure and how we can make it more advantageous or identifying when it might be time to make a conversion of the entity structure to maximize savings and other financial opportunities. What you start out with will often not be the best fit for the long-term.
Financial Reporting: Statements and Analysis
As a business owner, we make decisions every day that have an impact on our finances. Making a choice, without the proper information, can be detrimental to your business. By ensuring you have accurate and up-to-date reports and that you understand what the reports mean for your business, we are you with the ability to make educated decisions for your business.
When you work with us on your accounting needs, you get monthly or quarterly reports (depending on your package) showing you exactly where the financial health of your business stands.
If you opt for our CFO services in addition to accounting services, we come alongside you to analyze the numbers and help you make decisions for the business.
An IRS Audit can not only be intimidating but it can also be a complex process. With our full-service accounting packages, you gain the peace of mind that you can only get by knowing we have you covered in an audit as part of your package choice. If you face an audit, whether for your business or individually, we work with the IRS through the process to ensure an accurate outcome for you.
Outsourced CFO Services
Business is hectic, you are busy, and you are often being pulled in several directions at the same time. We know that the financial management is often the first thing to get overlooked when you are busy. It is time consuming, most likely not your favorite thing to do, and it does not typically generate new revenue for you.
Our experience allows us to work alongside you and ensure you are making smart financial based decisions for your business that will allow for growth and elevated profits. From hiring decisions to investing in growth and everything in between, when these decisions are made from an unemotional financial stance, the decision is one you can be confident in. This is where we come in and support you in analyzing the decisions from a CFO angle.
Need help staying on budget? We can help set up a budget and ensure you are staying on track.
Have some big growth goals this year but unsure how you are going to make it happen? We can work with you to set up forecasts to analyze how we get there.
We help you to not only see what is but also what could be. Math is the path!
With payroll tax deadlines and compliance issues constantly changing between Federal, State and Local levels, payroll, even for just one employee, can quickly become an ongoing challenge for business owners. With our payroll services and software, we ensure that your business is complying with the rules at all levels and that all deadlines are timely met. Allowing your employees access to their own payroll portal, they can get paystubs, W2’s and update withholding all without asking you to make a change for them.
Whether you want to be hands on or hands off with payroll, our software and our team come together to make payroll worries a thing of the past.
In addition, setting up the proper amount of payroll for a shareholder in a business can often be a fine line between too much and too little. With our payroll services, know that we are watching your payroll amount in comparison to your profits and will work with you to adjust your pay as we see needed.
Sales Tax Services
State and local tax authorities nationwide are looking to maximize their sales tax collections. With more and more businesses moving to an online model, sales tax can quickly expand beyond your local city, county, and state. Understanding your Nexus requirements so that you do not fall behind or inadvertently overlook a filing requirement is paramount.
Working with our team, we assist you to analyze your sales tax requirements and ensure timely and accurate filings so that you can sleep easy knowing you are in full compliance.
Tax Preparation & Planning
Proper tax preparation is key to avoiding audits and ensuring you are not overpaying on your tax bill. Proper tax planning is key to ensure you are legally paying as little tax as you are required to.
With our accounting packages we prepare not only your business and personal tax returns, but we analyze your financial circumstances from a business and personal standpoint to ensure tax planning is being done that provides the best benefit to you.
Taxes are not one-size-fits-all, they must be unique to your situation, and at Elevating Profits we get that. By having us on your team, you will benefit from us analyzing different scenarios and seeing what will work best.
With an ongoing understanding of Federal and State tax laws we are constantly seeing if there is a new or better way to do something that will generate legal tax savings.