Business Support Services
The A2Z Difference
What many business owners do not realize is that the success of their enterprises often depends on their bookkeeping and accounting services. Well-kept and up-to-date books will tell you if your company is thriving or struggling to get by. A2Z Income Tax Inc. offers our bookkeeping services so that you can continue to focus on your business without worrying if all the numbers add up.
Financial Statement Preparation
A2Z Income Tax has been serving Houston for the past decade. Our team is well equipped in preparing a financial statement or report for your business or even for individuals. This financial statement can include but is not limited to balance sheets, income statements, cash flow statements, and statements of the owner/shareholder’s equity. Our goal is to make your financial statement as easy to read as possible while clearly outlining the financial status of the business or individual being analyzed. They offer many benefits to businesses, some of which include the below.
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A balance sheet on the business that includes the assets, liabilities, and anything else that directly impacts the bottom line.
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A section on comprehensive income, which is also referred to as a profit and loss statement. This part of the financial statement includes income and expenses, as well as profits over a given period of time. It can also include the cost of manufacturing the good or service in addition to sales of the goods and services.
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A section on earnings per share which outlines what a share of the company would be worth per share or what it is worth per each share. This number is calculated by taking the total net income and dividing it by number of shares in the company.
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A section on changes in equity that analyzes the worth of the business for a given period of time. This can include entries on profits, net income, sales, and more.
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A section on the owner/shareholder’s equity which shows who owns how much of the shares, as well as what may or is publicly traded.
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A section on cash flow which reports on all of the money moving throughout the business and can include operating expenses, payroll, taxes, investing, and more.
Corporation Set Up
Individuals and businesses who are taking in any sort of income should learn more about the benefits of setting up a corporation. However, it can be a difficult task to undertake. Being located in Houston, our bookkeeping services can help you set up a corporation anywhere in the state of Texas. Below are just some of the reasons you should consider a corporation set up.
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Better tax rates for the self employed – Everyone from hair stylists to freelance tech experts can save big on their income taxes by setting up a corporation. The best part is that the cost of setting up a corporation is often deferred or in many cases much smaller than the cost of paying taxes as an individual.
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Selection of Corporation – In Texas alone, there are many types of corporations. Find out which is best for your business by utilizing a corporation set up service in your state.
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Benefits for employees – If you have anyone working for you, setting up a corporation can help you offer benefits such as health insurance, retirement contributions, and more.
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Asset protection – But what happens if the business fails? Setting up a corporation can help you separate your personal and business assets should the worst happen.
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Name recognition and protection – By setting up a corporation, you can both ensure that your name is not used by anyone else. In addition, adding an “Inc” or an “LLC” after the name of your business helps lend it credibility.
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Incorporating vs. Limited Liability Company – These are the two of the most common options available to business owners. Some of the differences between the two include the LLC offering the option to issue shares of stock and split profits and losses among owners.
Accounts Receivable and Accounts Payable
Large businesses can afford to hire a full time staff that can take on both accounts receivable and accounts payable. Small businesses often have to outsource this type of work. Keeping track of those who owe the business as well as those who the business owes money can be a daunting task. In Houston, the practice of having a bookkeeper outside the business prepare these statements is a common practice. Have a look below to learn more about our accounts receivable and payable services.
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Professional preparation of invoices – Did you know that many individuals and businesses prefer receiving detailed invoices for goods bought or services provided? It helps them keep track of their own internal bookkeeping. Our invoice preparation can be customized to include all of your relevant information, amount owed, due date, payment schedule, and more.
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Sale reports – Use our bookkeeping services to help generate sales orders for your accounts receivable needs. In addition to providing documentation of the sale, we can also document when a payment is made. The report also outlines for how much and even creates a unique accounts receivable report customized for your business.
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Vendor bills and payments – Stay on top of all the costs of doing business by having us handle your accounts payable. This includes handling all bills and payments associated with the business, as well as handling the documentation and storage of receipts of payment.
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Pay reports – In addition to handling accounts payable, we can also generate reports on all due accounts. One easy to read report allows business owners to see all of their expenses at a glance. Benefits include making informed, vital decisions and planning for the future.
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Save money – Did you know that many businesses are owed thousands of dollars in unpaid goods and services? Some business are even owed hundreds of thousands. Additionally, many business often are stuck with fines for late or non-payments because it was simply forgotten. Having an expert bookkeeper look over your accounts receivable and payable can generate more money than it costs.
Bank Reconciliation Services
If your small business is always showing differences between bank statements and what your records currently show, you may be in need of bank reconciliation services. Because bank statements are usually generated every month, it can be difficult in real time to know what your balance is, especially if you have multiple accounts. And for those who own their own business, there simply isn’t enough time to constantly check transactions against bank statements. Learn more about what our Houston bookkeeping services can do for your business in the department of bank reconciliation by learning more on its many benefits.
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Real time monitoring of one or multiple bank accounts associated with the business with up to date transaction and balance information.
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Real time updates on checks that have been deposited, cashed, and cleared.
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Alerts for any overdraft possibilities.
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Analysis and updates on interest earned in bank accounts, as well as fees and other charges.
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Instant alerts on bank errors, whether in your favor or against.
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Reports on single bank reconciliations as well as reports on multiple bank reconciliations and how they balance against the books of the business.
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Reconciliations include monitoring deposits in transit, outstanding checks, bank errors, bank fees, interest earned, and more.
A2Z Income Tax, Inc.
Office Visit
Our dedicated team of tax and accounting professionals are ready to provide you with the support and service you need! Get in touch with us so we can better understand how to serve you. Please fill out the form and a team member will reach out to you within 24-36 hours.