Small Business Accounting Services

Holmes & Company provides a wide range of accounting services to small business entities.

Accounting Services

We can’t manage what we can’t measure. The foundation of the management process begins with timely and accurate accounting information. The accounting focus for the majority of closely held businesses is on income tax compliance. By slightly modifying this compliance process we seek cost effective approaches to providing more than basic management information from the income tax accounting process. Whether using an in house accounting software application (such as Quick Books), in house bookkeeping software (such as Creative Solutions CBS), or accounting for hand written checks, our goal is to provide two dollars worth of information from a dollar’s worth of data.

Tax Preparation and Planning

Taxes are a cost of doing business, both for businesses and for individuals. Planning for and managing income and property taxes is a profit center unto itself. Good tax planning, implementation and preparation do not cost; they pay. Remember, it is not always what you do, but when and how you do it that makes the difference in the tax bill. Prior planning prevents poor performance.

Financial Reporting

Whether the financial reporting needs are for lenders, insurers, investors or business owners, we endeavor to customize information reporting to include integrating financial and non-financial information that will assist in monitoring activities critical to the success of your business.

Payroll Preparation and Reporting

We can provide your business with complete online payroll services at very attractive pricing.   These services include Human Resources support!

Accounting Software

While most software applications installed on a computer at a business have the capacity to perform many varied accounting and bookkeeping functions, they all require the users possess a strong understanding of accounting principles (as well as general bookkeeping), and for the closely held business, a broad understanding of Income Federal Income Tax Accounting. We are QuickBooks® Advisors and work closely with numerous clients who have specific needs best addressed by the capabilities of QuickBooks®.

The Good: Businesses have access to reasonably priced software that allows them to deal with varied bookkeeping issues such as check writing, payroll calculation, billing and accounts receivable, job costing, accounts payables, inventories and time records. The software maintains the general books and records of the company. Management can view financial position and operating results at any point in time.

• The Bad: Requires strong in-house accounting staff and close, ongoing oversight by your accountant. Software learning curve is much larger.
• The Ugly: Places the business owner in the “accounting” business.
• The Bottom Line: This approach is not for all businesses. Works best where the bookkeeping needs are most critical for time billing, receivables, job costing and/or inventories.

Bookkeeping Software

Installed on a computer at the business or available over the internet, users can take advantage of many of the bookkeeping features of an accounting package such as check writing, bank balance maintenance, payrolls, billing and payables without having to deal with accounting issues or maintain general books and ledgers. Information is physically or electronically delivered or available to us for completion of the accounting function, providing after the fact financial position and operating results for the client. Our choice: Client Bookkeeping Solution (CBS) from Creative Solutions.

• The Good: Access and capabilities can be controlled depending on staff expertise or need to know. Allows company personnel to focus on the bookkeeping functions and avoid dealing with the accounting issues. Data is directly available to or transfers directly to your accountant.
• The Bad: Business can produce multiple management reports but cannot compute financial position and operating results on demand.
• The Ugly: Cost of bookkeeping software can exceed the cost of accounting software.
• The Bottom Line: Works best for most businesses where real time financial position and operating results are of limited value and time billing, receivables, job costing and inventories are not high transaction volume issues.

Write Up Services

The client provides check stubs to the accountant who enters the information into a computer system at the accountants’ office and provides financial position and operating results to the client after the fact.

• The Good: No computer or software is required by the business.
• The Bad: Client pays accountant to enter checks as part of the accounting process.
• The Ugly: Client must manually draft checks, calculate payrolls, address envelopes and keep up with bank balances.
• The Bottom Line: Cost effective in small transaction volume and in initial stages of company start up.

Outsourcing Check Preparation

Client periodically delivers (physically or electronically) payables and payroll information to accountant for preparation of payroll and/or vendor checks for signature by the client. Information for accounting and payroll reporting is captured during the check preparation process.

• The Good: Client does not require staff, facilities or computer access and the accounting process is simultaneous.
• The Bad: Business is paying professional fees for some bookkeeping services.
• The Ugly: Business relies on accountant for bank balance maintenance.
• The Bottom Line: Works well where client does not maintain facilities or support staff, does not wish to divert time from moneymaking activities and where bookkeeping activity is minimal.

How Can We Help You?

^ Back to Top