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Business Accounting Services

Accounting Solutions For Small & Midsized Businesses

By the Book Accounting takes the time upfront to really get to know the client, to improve their efficiencies and provide strategic value. This will save time and effort for the client to put their attention to their own business while having peace of mind that their accounting and tax strategies are being handled professionally while evolving the business needs. Tax needs aren't just during tax deadlines, they are all year-round strategies to make sure the client is in the best position for achieving their goals.

Entity Selection

Business Entity Selection

Choosing the right business entity is an exciting and important step in the lifecycle of a business. The entity you choose helps outline roles and resp among owners, guides you in conducting your business, provides exit options, and who can and cannot take salaries, among other important business strategies.

Our Approach
 

​We will help you understand and assess the various ways that you can set up your business. Selecting the correct business entity type is critical as it determines your tax rates, liability, fundraising restrictions and more.

tax planning goals advice

Tax Planning, Goals, Advice

Tax planning is the analysis of a financial situation and creation of a plan to ensure you are on track with your goals. A plan can consist of trying to lower your tax liability, incorporate a retirement plan, grow the business and hire new employees, purchasing assets or setting up estimated tax payments.

By the Book Accounting & Tax Solutions Approach

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We meet with our clients to understand the unique business. This understanding helps us give tax advise that best suits the client's needs. Advice and tax planning are included for all our full-service clients. We meet on a quarterly basis with our clients to ensure that your business stays on track to maximize tax efficiency.

chart of accounts

Chart of Accounts, Bookkeeping, Accounting

A Chart of Accounts is an index of all the financial accounts in the general ledger of a company. It is an organizational tool that provides a breakdown of all the financial transactions that a company conducted during a specific accounting period, broken down into subcategories. Maintaining the accounts is bookkeeping & accounting.

The Importance...

 

Depending on the business Chart of Accounts can vary tremendously. It is important that the Chart of Accounts gets set up correctly in the beginning to save time come tax time.

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The day-to-day tasks of reconciling bank accounts, credit cards, loans and investments to make sure the monthly financials are up to date. Journal Entries are necessary and need to be handled by a professional to make sure everything is being accounted for accurately. Then whatever comes up throughout the year, the financials are ready.

payroll

Payroll

Payroll is the compensation a business must pay to its employees for a set period or on a given date. It is sometimes managed in-house by your company, but very often it is outsourced to specialized firms that handles paycheck processing, employee benefits, insurance and accounting tasks, such as tax withholding.

Angela says:

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Recording and processing payroll is very tedious and needs to be handled by a professional. Businesses are at risk if payroll is not handled accurately and paid timely. It is never easy to backtrack on payroll. The penalties and interest on improper payroll handling can be extremely high and daunting.

wage reasonableness

Wage Reasonableness

Reasonable compensation is the value that would ordinarily be paid for like services by like enterprises under like circumstances. Reasonableness is determined based on all the facts and circumstances.

Journal Entries

Each journal entry contains the data significant to a single business transaction, including the date, the amount to be credited and debited, a brief description of the transaction and the accounts affected. Depending on the company, it may list affected subsidiaries, tax details and other information.

Our Thoughts

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The important steps mentioned above, handled by us, free up your time to be used in your actual business, which results in making your business grow. Then we set up quarterly meetings to pull in owners to go over the financials, set more goals for the growing business, ask questions and adjust accordingly.

What We Do...
 

All the categorizing of the chart of accounts we do upfront and adjust depending on the business. This makes a difference on the look of the financials. The look of the financials is important when going for a loan, making financial decisions for the business, and preparing the tax return. Then the reconciliation of bank, credit cards, investments, loans and payroll flow smoothly into the correct accounts and again are presented on the financials the appropriate way to make whomever reads them understand the business health easily.

Financial Statements

Financial Statements

Financial statements are written records that convey the business activities and the financial performance of a company. Financial statements are sometimes audited by government agencies, accountants, firms, etc. to ensure accuracy and for tax, financing, or investing purposes. For-profit primary financial statements include the balance sheet, income statement, statement of cash flow, and statement of changes in equity. Nonprofit entities use a similar but different set of financial statements.

Your Protection....
 

When everything is set up in the beginning the right way and handled by us it gives our clients the peace of mind to know their accounting and tax are handled the best possible way to grow the business correctly.

loan assistance

Loan Assistance

small business loan is a type of commercial financing qualified businesses can get from traditional banks, online lenders and credit unions. Businesses can use funds to cover the costs that come with operating and growing a business, including everything from working capital and equipment purchases to larger purchases like real estate. Business loans provide business owners with financing either as a lump-sum payment or credit line. In exchange for this funding, your business agrees to repay the money it borrows over time, plus interest and fees.

How We Can Help...

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By The Book has decades of experience helping individuals and businesses apply for and receive loans.  The complexity lies in navigating the many different types of loans available.  You also need to take into account programs that you while qualify for that may yield a better financial opportunity for your situation.  We take a holistic approach to helping clients gain the influx of capital they need that starts with improving your credit score and ends with the client successfully budgeting for the payment of the loan.  Here are the steps we commonly help with:
 

Understand your Options

Build/maintain good credit

Prepare your documents

Follow best practices

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By the Book Accounting & Tax Solutions

847-280-1675

Serving the Chicago & Milwaukee Metropolitan Areas

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