At McSwain & Company, PS, the careful management of your finances is our top priority. We pride ourselves on giving you personalized and thorough service that meets your business or individual needs. Accountant Olympia WA.
We provide a full range of tax and accounting services for our clients and offer consulting services for special needs.
Our professionals are highly experienced in the preparation of trust, estate and gift tax returns, as well as the more familiar individual, partnership and corporate income tax returns.
At McSwain and Company, P.S. we pride ourselves on the timely and accurate preparation of tax returns for our clients. To this end, we make sure our professional staff is well informed of opportunities that can reduce your tax liability. That means understanding the subtleties of the current tax law, as well as keeping up to date with the latest changes. We are committed to fast, professional service even in the face to the tremendous growth in complexity of the tax system in recent years.
TAX PLANNING
McSwain and Company, P.S. helps clients bridge today and tomorrow by developing short- and long-term tax plans for achieving financial goals.
Entity choice and Capitalization: We work closely with our clients and their legal counsel to determine the best form and capitalization structure for operating a business.
Operations: We critically analyze who should own business assets and determine overall choices that would provide accounting to improve cash flow.
Compensation: We work with our clients to explore what level and structure of compensation is appropriate for themselves and their employees. Taking into account ever-changing tax legislation we continually work with clients in the selection, updating and reporting of retirement plans, as well as in the selection of current and post-retirement fringe benefits.
Family Tax Considerations: Often opportunities arise to “share the wealth” in a family business. When this happens, we explore and assist in implementing plans to shift income to family members in possibly lower tax brackets. We also develop plans to provide for the continuity of a business upon the death or disability of an owner. Accountant Olympia WA
IRS CONFLICT RESOLUTION
McSwain and Company P.S. is able to assist you in resolving your tax dilemmas with the Internal Revenue Service. We will listen to your IRS problems, suggest solutions and provide services to resolve issues. We deal directly with the IRS so you don’t have to.
We can assist you with the following options that are available to taxpayers to resolve the collection problem:
- Entering into an installment agreement
- Submission of an offer-in-compromise
- Convincing the IRS to write the account off as temporarily uncollectible
- Filing bankruptcy
- Waiting for the statue of limitations on collection to expire
We can also assist you with the following IRS Problems:
- Preparation of unfiled tax returns
- Assist you with releasing liens and levies
- Represent you in income tax audits
- Assist you with the abatement of IRS penalties
- Assist you with payroll tax problems
For starting a new business, we can assist you with:
- Choosing the best form of business entity;
- Preparation of business applications and registrations;
- Finding the necessary financing is a primary concern for most small businesses, writing and using a business plan – an important step which most small businesses never perform.
For helping your established business grow, we can assist you with:
- The business planning process.
- Writing business plans
- Cash management techniques
- Evaluating accounts receivable and accounts payable.
- Inventory management.
- Pricing strategies and how pricing decisions affect profits.
- Projections and forecasts.
- Employee management services.
- Insurance planning.
- Operational audits.
- Succession planning.
Set-up properly and used effectively, QuickBooks can provide invaluable information to assist you in getting your business to grow. We are here to help you implement and use QuickBooks in the most efficient manner for your business structure. Let us help you get that started, and then support you while you focus on your business. Accountant Olympia WA
McSwain & Company, PS can offer a variety of assistance:
- Hands-On Training – One-on-one training to get you and/or your staff familiar and using your QuickBooks. You pick the location, and we will be there to train you.
- Installation – We can help you choose the correct product and then install QuickBooks on your personal computer or in a network environment. Ask us about our product discounts!
- New Users and Setup – Getting your QuickBooks set-up and tailored to your business needs is very important. We are here to assist new QuickBooks users with getting that structure in place and working for you.
- Experienced Users – As your business grows, so do your QuickBooks needs. Use our experience to improve your current set-up so you can focus on managing your business more effectively. Improper or out-dated set-ups can block your ability to access the information you need for crucial business decisions.
- Support – In addition to installation and set-up, our team of Certified ProAdvisors and experienced staff can assist you with any questions or operational assistance you might need. We are here to provide support for accounting, payroll, and QuickBooks usage. We are currently supporting QuickBooks Pro, Enterprises Solutions and QuickBooks Point of Sale.
- Monthly/Quarterly & Write-Up Services –Do you just need your data reviewed, statements compiled or monthly & quarterly taxes completed? We can offer professional assistance to review your transactions, accounts and reports. We will help you locate and perform corrections, adjustments or reclassifications, as well as understand those financial reports. Timely and accurate financial information is essential to your ability to assess the financial condition of your business.
Each month or quarter we’ll do the following things for you…
- Reconcile your bank account
- Generate an income statement
- Generate a balance sheet
- Clean up your general ledger
These tasks form the solid foundation of your small business accounting system. You can customize the package of services you receive by adding payroll, tax planning, tax preparation, budgeting or any of our other services. Accountant Olympia WA
Bank Reconciliation
Reconciling your business checking account each month allow us to keep your bank account, accounting, and taxes up-to-date.
Having us reconcile your account each month allows you to…
- 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.
- 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 agency of responsibility for the shortfall and transfer the risk to the bank. This reason to reconcile alone should be enough. Crime exists.
Income Statement
An income statement, otherwise known as a profit and loss statement, 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 are 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.
Balance Sheet
A balance sheet gives you a snapshot of your business’ financial condition at a specific moment in time.
A balance sheet helps you:
- Quickly review the financial strength and capabilities of your business.
- 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.
Your balance sheet, income statement and budget are the most basic elements in providing financial controls over your business; in addition these are used to report to potential lenders.
Maintaining a Clean General Ledger
The general ledger is the core of your company’s financial records. These records constitute the central core of your accounting/reporting system. Since every transaction flows through the general ledger; having us review your general ledger system each month is critical for accurate financial reporting.
Payroll and Business Tax Assistance
For businesses whose accounting personnel do not have the time to keep current with the complex and ever-changing federal, state and local payroll and tax regulations McSwain and Company, P.S., offers support in the preparation of these returns and in the research of tax questions arising in the course of business operations including registration in other states.
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