HJ Zarabet & Associates, CPAs Small Business Accounting

At HJ Zarabet & Associates CPAs we make it a priority to enhance our mastery of the current tax law, complex tax code, and new tax regulations by attending frequent tax seminars.

Pay the lowest amount of taxes allowable by law because we continually look for ways to minimize your taxes throughout the year, not just at the end of the year.

To get the most benefit out of tax planning it is best to set up an optional one hour in-person or video conference consultation.

Off-Site Controller Service

In business there are few things more important than the proper accounting of your revenue and expenses, yet this is, mistakenly, one the most overlooked responsibilities of many small business owners. We understand that as a small business owner you have more important things to do than to keep track of your own books. You or a spouse may try to do it yourselves to save money. Or maybe you try using a bookkeeper who lacks the complete training you will find in a CPA. Let HJ Zarabet & Associates, CPAs oversee your small business accounting, so you can get back to the job of running your business and generating profits. All at a fee that may pleasantly surprise you.

We'll do the all of following things for you included in your monthly fee (if required)

Reconcile your bank account (frequency depending on your service level choice)

Reconciling your business checking account allows us to keep your financial position up-to-date

Having us reconcile your account 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
Know how your business is doing? You can't really know unless all accounts are reconciled and properly accounted for on your financial statements
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
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

Generate a comparative income statement (frequency depending on your service level choice)

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 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 Fee of goods sold as a percentage of sales
Determine your income tax liability

Generate a comparative balance sheet (frequency depending on your service level choice)

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

Clean up your 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 of your books

Having us review your general ledger system regularly 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.

Provide unlimited support

We are always available to spend time with you so you fully understand how to interpret and utilize the financial information we provide

This service is already included in our price, so please feel free to contact us whenever you have a question or concern.

Properly classify your credit card transactions

Every credit card transaction needs to be properly coded to the correct ledger account

We do it for you

"Gross up" your payroll accounts

Payroll amounts as provided by the payroll service are entered as a net check amount. This leads to inaccurate payroll reporting

We will gross up your payroll amounts to accurately show your correct payroll expense

Make any necessary adjusting journal entries

Non-cash adjustments are a necessary part of keeping your books correctly updated

We will enter any necessary AJE.

Properly classify any assets purchased as an expense or as a capitalized fixed asset

Capitalization is not just for the first word in a sentence

Large purchases may need to be capitalized and depreciated as well. As CPAs, we know the proper rules of capitalization.

Properly record all draws or distributions

When you, the small business owner contributes or withdraws cash from your business, it needs to be entered correctly

We make sure it is properly entered so it has the correct effect on your tax return.

Properly record officer health insurance payments

There are right ways and wrong ways to record an owner's or officer's health insurance payments

Let HJ Zarabet do it correctly to properly meet current tax laws.

Correctly set up loan payable accounts and create amortization schedules

We make sure that any loan you take is correctly booked

And that you are getting all the interest expense deductions you are entitled to.

Send out scheduled reminders to vendors on your A/R list to encourage faster payments (Optional)

Personal Tax Return

Grow and preserve assets by keeping Uncle Sam out of your pockets.:

Defer income so you can keep your money now and pay less taxes later

Reduce taxes on your income so you keep more of what you make

Reduce taxes on your gifts so you can give more

Reduce taxes on your investments so you can grow your wealth faster

Reduce taxes on your retirement distributions so you can retire in style

Here's just a few of the Tax Saving Strategies we use

Splitting income among several family members or legal entities in order to get more of the income taxed in lower bracket

Shifting income or expenses from one year to another in order to have them fall where it will be taxed at a lower rate

Deferring tax liabilities through certain investment choices such as pension plans, contributions and other similar plans

Using certain investments to produce income that is tax exempt from either federal or state or both taxing entities

Finding tax deductions by structuring your money to pay for things you enjoy, such as a vacation home

Remember, we work for you not for the IRS. Many of our clients save many times the fee in reduced tax liability through careful planning and legitimate tax strategies

Business Tax Preparation

Here's what you get when HJ Zarabet & Associates, CPA completes your business tax return:

Your tax return will be checked and rechecked by our computer software identifying potential problems

We will then manually review each return to catch anything the machine may have missed

Your tax return will be filed electronically (if applicable)

You will receive a copy of your completed tax return as well as a copy of your Form K-1 (if applicable)