Small Business Accounting
Small businesses come with their own set of tax needs.
We also understand how every business is just as individual as the people running them. That is why Trace Financial offers a number of customizable business packages to create the most personal and tailored approach to every client’s business needs for taxes and accounting. Our proactive approach sets the tone for our services. The packages are designed to meet our clients where they need to be met. From business formation to fully automated accounting, we can handle it all.
Quickbooks is the leading accounting software for small businesses and our preferred software and has been available for many years and as such has a long-standing reputation for being on the cutting edge of efficiency and technology.
All while still being extremely user friendly for the average person. We suggest allowing professionals to establish it for your company to optimize set-up and verify all information is as correct as possible. We can handle everything from stress-free set up to monthly retainer packages. If you prefer to be more involved, this is a teachable time for many companies. We offer training to help our clients understand steps they can take to have the proactive approach that the team at Trace Financial is so passionate about.
If Quickbooks is already established, we verify that everything needed is correctly in place. Especially in the chart of accounts. If you are trying to obtain financing, or even sell your business, the chart of accounts is the first impression of the overall health and organization of any business. If transferring from another system, we ensure that everything is transferred correctly, reconcile and confirm the chart of accounts is in good condition.
As previously mentioned, we provide in-depth training to help our clients navigate Quickbooks. During this training, we show how to use the system to maintain expenses, track payments as well as streamline overhead. This includes linking the system to various accounts, like online banking, so that everything is in a central location.
We offer full-service monthly compliance work. This includes categorizing all transactions in the business account. As well as reconciling and providing monthly financials with a summary. Various tax filings can be added on, such as sales tax. This package is designed to keep the business up to date and audit-ready.
This package includes the following technology at no additional cost:
- Quickbooks subscription
- Expense management application for phone/web.
*technology package is also available as a stand-alone option.
Based on years of experience, we know that it is actually more cost-effective for our clients to partner with one of our trusted payroll partners. We have a number of tried and true providers that we trust to take care of our clients. Through our partnerships, they are able to provide competitive pricing.
Some benefits of working with us and our partners specifically for payroll services include:
- As you grow, so will your team. Our payroll partners not only make sure that you are set up for an easy transition with timely payments, but also that the set up you have with your employees is the most suitable for your needs. For example, is it better to have W2 employees or contractors? This varies based on needs, location, etc.
- Your payroll partner will provide all the human resource support you need without hiring an in house HR manager. Furthermore, they have tools to assist with hiring, offer letters, competitive pay, and benefit options.
- Most companies have to pay a staff member to learn the various payroll laws that need to be understood so that your business is less likely to flag the IRS. As well as maintaining the various monthly deadlines. It is our job to understand these laws and give you the peace of mind knowing that it is handled by experts who have worked in this industry for years.
Starting a business is an exciting time!
We make sure that our clients are completely set up for success. Download our free “Start Up Guide.”
Some things to keep in mind are:
- Business plans in order to secure loans and other funding.
- Best payment processing and expenditures systems that fit your business needs.
- Decide on the proper company formation for both legal and tax purposes.
- Understand what permits are needed and how to obtain them. A second fold element of this is also understanding how those permits impact your production or services.
- Identify and verify the need for business insurance and how to shop for it accordingly.
- Understand and implement all applicable employment laws for your city, state and federal governments.
This goes a bit without saying, but we can help small businesses with tax needs.
- Strategy starts today, no really. We can’t maximize your tax savings if we’re not talking about it until after December 31st. We encourage our clients to reach out often. Let’s discuss the burning questions, the concerns that keep them up at night, and let’s definitely have those conversations long before April.
If utilizing our full-service bookkeeping*:
- We manage and track all expenses so that they are accounted for and our clients are notified of the estimated quarterly tax amount and provide links for where to pay it. These numbers are based on the financials we prepared. Yes, that’s correct, businesses pay quarterly taxes. Not to worry, just means we extend the time spent on taxes, FUN! We also note that everyone does not share our enthusiasm.
*If not utilizing the full-service bookkeeping, all filings are based on financials provided by the client.
Trace Financial fully understands that most people have a great idea and a desire to make an impact in the lives of their customers. Those are the driving forces behind small businesses.
We appreciate and respect that about our clients. We also understand that many small businesses feel like that is all they have. They feel like they are floundering, trying to understand all the nuances that go into starting and maintaining a business. It is important for small business start-ups and current owners to understand the importance of strategy and cash flow in their organization. And business plans, did we mention business plans?
Point is, there can be a lot of overwhelming information that discourages a lot of small businesses. We want to alleviate those concerns by offering our consultation services. These are calls with the owner, Liz, and her team to make sure that each of our clients feel prepared to take the necessary steps they need for their company’s growth.
We understand bookkeeping and maintenance plans are not ideal for every business. Still, it is our goal to instill a solid foundation for every business we come in contact with.
That is why in addition to the initial Quickbooks Set-Up, we can also provide training to your team so that they are able to take the reins and run with whatever organizational structure fits your business model.
This provides owners with the peace of mind to know that their systems have been installed correctly and that their teams have been trained by the people who created the business organization.
If you ever have questions or need to change the organization, we will be there ready to help. If this seems like the best fit for your business endeavors, please be sure to express that in our contact form.
Trace Financial is a growing, small but mighty team of professionals that are working to deliver clients the very best service.
We absolutely still have the feel of a small business where you can usually catch the owner via Facebook Messenger. If you call, she answers or calls you back.
Our level of service and commitment to our clients is unprecedented.
We are striving to not only become Denver’s premier accounting firm, but more importantly, the accounting firm our clients recommend to everyone they know.
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Learn more about Trace Financial, our strategies, what makes us different and if we're a good fit for you.
“Liz is a highly qualified professional who can help you transform your business. Highly recommended. Five stars.”
– Dennis Berry