Small Business Accounting
We take care of the bookkeeping so that you don’t have to.
When you started your business, you didn’t anticipate spending your time on reconciling your bank account and working with your general ledger - you wanted to pursue what you do best and generate profits.
BR Tax Group understands that it is more important for you to focus on business success than on accounting, and that’s why we offer small business accounting services. We take care of the bookkeeping so that you don’t have to.
Whether you prefer that the work is done on a monthly or quarterly basis, we’ll reconcile your bank account, generate an income statement, clean up your general ledger, and generate a balance sheet. Maybe most important of all, when you use our services we will be there to answer all of the questions you have, making sure that your business has a solid foundation and accurate accounting system in place. If you have special areas or services that you want us to provide, whether payroll, tax preparation or planning or anything else, we can customize your package of services and add them on as you wish.
Bank Reconciliation: Bank reconciliation ensures that all of your important records are up-to-date and in sync with each other. By carefully reviewing your business checking account and comparing it to your accounting and tax information, we’re able to help you:
Identify missing checks and deposits and discover unauthorized wire transactions.
Spot bank charges which may be unjustified or excessive and prevent them from happening in the future.
Make sure transactions are posted correctly.
Protect yourself from the risk of funds being embezzled as well as unauthorized or forged checks or other fraudulent activity. Constant analysis and oversight can transfer responsibility and risk to the bank.
Have a clear picture of the health of your business.
Provide you with more effective cash management.
Have the piece of mind of knowing that all of your financial paperwork is in order.
Income Statement: An income statement is a valuable business tool that itemizes all of your revenues and expenses in order to show you your profit or loss during a given period. Having an accurate and current income statement gives you the ability to:
See at a glance where you are spending too much or staying within your budget.
See exactly where you are making money and where you are spending money in order to assess business performance.
See where expenses are running higher than anticipated, allowing you to make corrections.
Identify other unanticipated activities, such as product returns or sudden increases in the cost of goods.
Calculate income tax owed.
Balance Sheet: Having an accurate balance sheet available provides you with a quick way to determine the health of your business at any given moment. By reviewing balance sheet information you can:
See where your business’ strengths and weaknesses lie
Spot trends, determine their cause and come up with solutions, especially those involving accounts payables and accounts receivable.
Make informed decisions regarding the possibility of expansion.
Make informed decisions regarding your ability to remain flexible in the face of expansion and contraction of business.
Determine whether you need to increase your cash reserves.
See whether your payables are being made in a timely way.
Having an up-to-date, accurate balance sheet and income sheet is essential for businesses that are considering applying for credit or who are responsible for providing financial reporting to creditors. These are the documents that they will rely upon in making decisions that are important to your business’ future.
Keeping a Clean General Ledger
One of the most important services that we provide to small business is a regular review of your general ledger system. The reason that this is so essential is that the general ledger is where the most essential information about your company’s finances is recorded. If something within the ledger is incorrect, the problem will flow through the rest of the company’s financial information, so having us double check for accuracy and discover any discrepancies will ensure that bigger problems don’t develop along the way.
“Bernard and his team at BR tax group are top notch. This is my first year using them after switching from a different local CPA and I didn't realize how much tax info I've been missing. His communication is great. The additional information he provides to maximize tax savings is something I didn't get from my previous CPA. Thanks Bernard”
Frequently Asked Questions
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You can prepare your taxes yourself, especially if your business is simple.
But once you have contractors, employees, business loans, equipment purchases, mileage, mixed expenses, or growing revenue, things get more complex. At that point, tax preparation becomes a way to make sure your business is reported correctly, your deductions are handled properly, and your records can support what you file.
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Send anything that shows what your business earned, spent, bought, paid, borrowed, or changed during the year.
That usually means your income records, bank statements, credit card statements, payroll reports, contractor payments, loan documents, mileage records, and prior-year tax return. Also tell me about anything unusual, such as buying a vehicle, hiring someone, opening a new location, or taking out a business loan.
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Messy books can slow things down. If expenses are in the wrong categories, transactions are missing, or personal and business spending are mixed together, your tax return may not show the right profit. We may need to clean things up before filing, so your return is accurate and easier to support.
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Possibly, if it was truly for your business and you have proof.
Still, it is much better to avoid this when you can. A separate business bank account and business credit card make everything cleaner. They save time, reduce confusion, and make your records much easier to defend if anyone ever asks questions.
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Most small business owners can deduct ordinary business expenses like software, advertising, supplies, insurance, rent, payroll, contractor payments, professional fees, travel, and some vehicle costs.
The question I usually ask is simple. Was this expense clearly for the business? If yes, we can look at how it should be handled. Personal expenses should stay personal.
Our Offices
Georgetown
Austin - Arboretum
Austin Downtown
Let's Get Started
Our services are designed specifically for business start-ups, entrepreneurs and small businesses of all sizes. Let’s start the conversation.
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