Business Services in Toccoa
Fields Accounting & Consulting, LLC is a CPA-led firm that provides business accounting services. We uphold the highest professional and ethical standards. Our years of experience enable us to understand your needs and provide bookkeeping and accounting services that are essential to financial health. With help from our team, you can align your finances with your goals and make it easier to plan for the future.
We handle everything from bookkeeping projects to tax flow management for all types of businesses, including vineyards, doctors, and dentists. Our business and CFO services provide advice and reports that can help you find more efficient ways to run your business. For business services with integrity, call out our Toccoa accounting team today!
Professional and Responsive Service
Many times, business owners struggle to perform accounting on their own. We provide bookkeeping that offers insights into how your revenue generates and where your money is going. This information provides the knowledge you need to make sophisticated decisions about finances.
What Bookkeeping Does for Your Business
Bookkeeping is distinct from accounting. Bookkeeping focuses on collecting and recording transactions. Invoices, receipts, and other documents are centralized and stored. When bookkeeping is incorrect, you end up with inaccurate records feeding poor decisions. Bookkeeping is a big step toward a strategic view of your finances. It helps you get ready for future changes, reporting needs, and regulatory demands. Both your strategy and your daily operations benefit.
Common Bookkeeping Mistakes
Many business owners start by doing bookkeeping in-house. That quickly becomes overwhelming. Our years of experience ensure everything is correct. Common bookkeeping mistakes include:
- Failing to record any A/P or A/R document
- Accidentally recording a document twice
- Recording inaccurate figures
- Supplying a wrong date
- Failing to account for taxes or other outside factors
- Forgetting to “archive” a receipt or other document
These are all simple mistakes, but they are hard to root out. It can take hours to find the source of a problem. Business owners can discover that they are spending days on bookkeeping each quarter. Investing in business bookkeeping saves time and money.
Why an Accounting System Matters
Accounting builds on bookkeeping. It allows you to make better use of the financial data that bookkeeping records. Beyond maintaining records, accounting is about decision support. It also helps you ensure you are meeting obligations, like taxes. Accounting systems have existed for thousands of years. The oldest financial records are more than 7,000 years old. Ancient merchants wrote receipts on clay tablets, and payments could take weeks to deliver. Luckily, today's systems are easier. A company's accounting system enables it to stay on top of needs and predict financial trends. You can update your financial picture in hours or days, not weeks.
Your accounting system clarifies your direction. It enables you to see where you've been and where you are going next. An accounting system means less waiting between the time a transaction happens, its effects, and when you see those effects. That allows your business to turn on a dime. If an urgent situation arises, you will be ready. Accounting systems also protect against liability. Without accounting, you may run up against unexpected financial obligations. It's also possible to overlook payments due that improve your cash flow.
An accounting system clarifies:
Funding: Where is money coming from in your business? Accounting enables you to see clearly. You'll discover who your best customers and clients are. You'll also see when funding is in flux, when relationships are deepening, and when you need to diversify your funding.
Expenses: Whether you have a one-time purchase or a subscription, accounting captures all expenses. That is critical to picking out purchases that don't provide value. Otherwise, businesses can go for years without noticing unnecessary costs. That often wastes thousands of dollars.
Invoicing: Accurate and timely invoices drive cash flow. Without them, you won't get paid. Invoicing must be consistent and reliable. Your accounting system ensures invoices are right every time. In some cases, invoicing can even be automated. That keeps delays to a minimum.
Retention: Most companies retain years of financial records. Your accounting system is key to identifying when you no longer need documents. Then, older documents must be kept secure. A formal accounting system answers questions about these processes.
Statistics: Statistical analysis of your finances is the fastest way to know where you stand. Statistics from your financial documents let you recognize changes and make course corrections. Businesses can improve continuously by comparing their quarterly statistics.
Financing: Investors look for financial information to be in order. With a history of sound accounting, decision-makers feel greater confidence in providing funds. That can open doors to faster growth.
An accounting system consists of all the processes and technologies that touch accounting. Each system incorporates locally accepted standards. There are many accounting systems, but all must use Generally Accepted Accounting Practices (GAAP) in the United States. Other countries use other frameworks. If you are growing internationally, a CPA-led team enables global accuracy.
Part-Time CFO Services
What is a CFO? The CFO supports the strategic decisions of the executive team with financial insight. We empower you with Fortune 500 CFO services without the premium pricing. Your CFO is always available to advise you, but you pay only for the services you use. Our CFO services include:
- Tax preparation guards you against financial liabilities and regulatory scrutiny. Even if you are currently late on filing or may owe money, our part-time CFO team helps you get back on track. We also prepare taxes for quarterly and annual filings.
- A CFO's financial insight is the key to reducing expenses and increasing cash flow. We examine your complete financial picture, then provide your executive team with actionable approaches. You can improve your cash flow fast.
- No matter how complex your business becomes, bookkeeping stays the cornerstone. CFO bookkeeping services reflect the exacting standards of a Certified Public Accountant. We strive for 100% accuracy and deadline adherence.
- Special projects require deep financial insight. If it's time to expand your business, enter a new market, or invest, we provide the knowledge you need. We'll advise you on how to obtain funding while reducing overhead and risk.
Small Business Accounting
An accurate recording is the first step in any accounting process, and capturing all transactions is key. Then, the raw data must be kept for later use. Some businesses may hold on to records for many years due to industry regulations. That is common in law, finance, and healthcare.
If all you have is raw data, it is easy to miss the forest for the trees. The accountant's summary function prevents that. Summarizing clarifies your financials with reports that support complex business decisions. A professional summary can be read and understood in minutes and benefit you, your team, and your shareholders.
Reliable Accounting Makes Tax Filing Easier
Accurate tax filing is one of the most important reasons for business accounting. When accounting happens throughout the year, it makes taxes simpler. Each financial statement makes your taxes easier to plan. That means you can clarify your tax burden long before you file. You can also uncover more opportunities to save money on taxes.
Do you have a new venture? Are you bringing an existing one to the next level? Business consulting helps. We have worked with businesses in every phase of growth. We focus on making sure accounting is manageable. Reducing overhead and time spent on accounting makes your company more agile. Our top business consulting services include:
QuickBooks: QuickBooks is the most popular accounting software. We can train your team at your office. We perform all setup, organize QuickBooks based on your needs, then equip you with the skills to use it. If questions arise later, we'll be there to advise you.
Entity Selection: Entity selection affects everything about your tax situation and reporting. We guide you in exploring your options and making the right choice. Selecting the correct entity protects you from a lengthy and expensive process of changing your business structure later.
Budgeting and Business Planning: Any business depends on its budget. Your budget aligns finances with your goals. We prepare your budget based on a full analysis of expenses and finances. We also help you find chances to save against projections. With our help, you'll tap new opportunities.
Financial Statement Preparation: Financial statements are usually produced once quarterly and once annually. These statements are your official declaration about your finances. We prepare financial statements according to the best accounting and business standards.
Compilations: Compilations consist of all financial statements prepared by an accountant over a specific time. A compilation often has years of documents. Compilations ensure your information is available for any purpose.
Accounting for Vineyards
Vineyards have accounting responsibilities that other businesses don't. The nature of the industry means business value can fluctuate quickly. Likewise, vineyards are accountable for excise taxes. Excise taxes are notoriously complicated and change each month. We provide customized reporting for vineyards. We can break out figures like sugar purchases, base juice, and base wine. That helps with accuracy if an annual harvest is poor. If you need a different report, simply ask our team.
At Fields Accounting & Consulting, LLC, we clarify these issues to deliver reliable accounting. We have years of experience in vineyard accounting. Inventory for vineyards is complex. Unlike other businesses, inventory doesn't consist only of finished goods. Inventory can also refer to raw materials and items in transit. We provide a verifiably complete inventory for your vineyard. Cash flow management is monitoring, analyzing, and optimizing receipts versus expenses. Understanding your cash flow defends against events, like natural disasters, that can cause downturns.
Vineyard expenses can vary, but our system enables accurate and timely payment. The interface between a vineyard and ATF - the federal Bureau of Alcohol, Tobacco, Firearms, and Explosives - adds complexity to your business. We clarify your quarterly and special ATF reporting requirements and issue reports on time. No other team has as much experience with the ATF.
Federal Tax Planning and Preparation
As your business grows, federal taxes get complicated. We support you in a proactive tax planning strategy. Tax planning enables you to reduce your taxes in safe, legal ways. That means planning and executing transactions to reap tax benefits whenever possible.
We also prepare and file federal taxes for your business, using the law to your benefit. With so many changes in the tax code in recent years, this has never been more important. Revisions are sure to continue, but we will keep you ahead of the curve.
Business Services You Can Count On
No matter your industry, our team is here to help. Our reputation in the community reflects our personalized service, attention to detail, and sound advice. When your accounting team understands your business, you can rest easy. We provide world-class service at a fraction of the price. To learn more, contact Fields Accounting & Consulting, LLC today!