Monthly Archives: April 2014

Starting a New Business?

Creating a start-up company?

Starting a new business is a process that goes well beyond the insightful flash that hits you on a whim. However, there is no magic to the business planning process. But it does require strategic planning. No two companies are exactly alike. Nor will they not follow the exact development path. But Business & Financial Solutions helps you to develop a customized plan, based on your specific needs. We help you to map out the path that works best for you and your company start-up.

Strategic Planning

The strategic planning process is one of the most important aspects of new business planning. Usually a need or an idea lights the new business candle, but it is process that keeps the business alive and enables it to grow. Most successful entrepreneurs have focused on business process. Even Facebook focuses on a business process that encourages rapid expansion. Business process matters and it matters right from the start.

When creating a new business, there are many important decisions to make and many rules and procedures that must be addressed. While there is no single source for all filing requirements, the following steps have been developed to assist you at the onset of your business. It is helpful to begin with a business plan.

Business Plan

A business plan is a blueprint of every aspect of your business. Sales, marketing, advertising, promotion and location are just some of the categories to consider when creating a plan. Browse through our website for additional information. See how our business plan writers can help you. A feasibility study may need to be done in order to determine a suitable location, depending on the type of business you are starting. Choose a business structure. Then select a business entity type and name, based on the availability in your state. You should probably consult with business consultants for the sake of branding, marketing other business development of the name and company, as well as a determination as to the type of business entity to form.

Our Accounting Firm

Business & Financial Solutions has everything that you need for the start-up of your new company, from setting up the charter to tax preparation. Our company’s services are available on a continuous basis, or as-needed. So we encourage you to take advantage of our free initial consultation. Take the opportunity to meet with one of our strategic planners. And let’s talk about starting a new business. Contact us at (240) 297-1055, or email: info@bfswebsite.com.

BFS has office location in Frederick, Vienna and Rockville. (Washington DC Area)

Call us at (855) 557-2222. Or email us at info@bfswebsite.com.

Accounting & Bookkeeping for Restaurants

Accounting Details

Every business transaction is recorded in the General Journal. The General Journal is called the book of original entry. A journal is a chronological record of transactions, in order of date. Each entry is called a journal entry. And each represents a different business transaction. Further, each transaction is recorded once, and only once. This is probably all Greek to the average restaurant or business owner. For that reason you will want to see professional accounting and bookkeeping for restaurants.

All journal entries follow the rules of debit and credit. In fact, these are the very basics in bookkeeping and accounting. Effective and efficient bookkeeping requires the basic understanding of these principles. However, the better bookkeepers have a broad knowledge of these concepts. And this is only derived from experience. Needless to say, this is more than simply a matter of posting check and deposit transactions.

Survival of the Fittest

Controlling costs is what makes the difference as to whether a restaurant survives, or not. And the inability to control labor, food, liquor, beer and wine costs is a sure recipe for failure. The only true measure for determining accurate costs, is accurate bookkeeping and accounting. While the bookkeeping is the first line of defense, our CPAs cannot discount the importance of the final accounting in this venture.

Our Services

Don’t get caught up too much in the cost of accounting services. Because you can be a penny wise, and a pound foolish. Business & Financial Solutions is a full-charge bookkeeping service, with the accounting and CPA infrastructure built into the company. All the bookkeeping, accounting and tax needs may be provided under the same roof. And our firm is open year-round. So we don’t close after the end of tax season. Our accountants have extensive experience and knowledge in hospitality bookkeeping, accounting and hospitality management.

Make the Call Today!

So contact BFS today! Speak with a member of our staff. Call (855) 557-2222. Or email us at info@bfswebsite.com. Our approach to business is honest, ethical and timely. And our experience with restaurants and hospitality is irrefutable. Lastly, we currently have clients in Bethesda, Germantown, Washington DC, Baltimore, Silver Spring, Wheaton, Takoma Park, Laurel, Columbia MD. Get an experienced CPA to help with management of your financial infrastructure.

We have office locations in Rockville, Frederick and Vienna.

Construction Accounting Firm

Help With Accounting

Finding an accounting firm capable of project, construction, job or fund accounting is is not an easy task. And it is not a matter of just picking up the phone calling someone. No doubt, there are good firms. And there are bad ones. You have to choose one. But is it the best construction accounting firm for you?

Business & Financial Solutions is dedicated to helping you achieve success within your construction business. We have extensive experience providing full-service accounting. And the construction industry is one that we know well. We are intimately familiar with your day-to-day operations. For example, there is the need for orderly, accurate financial data and the requirements to ensure a pain-free audit. And there is internal need to track each job, both collectively and separately.

There are challenges that you face within your industry. Such as increasing costs and competition. And there are various issues concerning inventory for some companies. Thee are questions over whether you should be on cash based, or accrual based accounting. In fact, these are issues that should not be entrusted with a general bookkeeper, unless there is oversight. But this should not be an accountant with limited knowledge of job and project costing. The best firm, or candidate, is one with job cost experience.

Construction Accounting

The construction industry has long struggled with the inherent challenge of accounting for indirect contract costs. This is a result of expenses occurring that are not directly related to one contract. Or it may be because foreseeing what their actual amounts will be, such as repairs and maintenance, is not realized.

The American Institute of Certified Public Accountants (AICPA) issued a Statement of Position 81-1, “Accounting for performance of construction-type and certain production-type contracts.” And statement this was designed to guide contractors on the indirect costs problem and others like it.

Every construction company wants the most accurate accountability of each job in order to determine the job’s profitability. And often bonuses are paid to employees that are specific to that project. But there is also a matter of accurate performance of each job. Because your the investors, associated with the company, will need this information. Again, these are not the responsibilities that a company wants to lay on a general bookkeeper, or inexperienced CPA. You will need the help of a professional team.

Our Firm

Business & Financial Solutions works on behalf of construction and manufacturing companies. And we collaborate closely closely-held businesses with multi-state operations. Also, we work with professional service firms, financial institutions (including credit unions), and not-for-profit organizations. Our firm make a commitment to exceptional, yet efficient client service. In addition to the construction world, our accountants provide consulting. And our tax team offers expertise to companies of all sizes throughout Maryland, Washington DC, Virginia and nationwide.

Our firm performs services of a vast range. Some of these include oil and gas taxation, collaborative divorce settlements. And high net-worth tax planning is also a field of expertise. Further, we have clients in a wide range of locations, including the Washington DC Metro area.

Our objective is to add accuracy and efficiency to your financial records. And we deliver in a timely manner. Visit one of our offices in Fairfax, Montgomery and Frederick Counties.

Offices located in Vienna, Rockville and Frederick.

Business Consulting and Development

Business Consulting

Operating a business requires a team with a unique blend of leadership and experience. Often it is necessary to hire a business consulting firm to compliment the expertise missing from your internal team. And this may be on a permanent, periodic or temporary basis. The team at Business & Financials Solutions holds a wide range of expertise, from accountants to business developers.

We deliver financial management systems to produce innovative client-focused best practices. Further, we are proactive accountants, business coaches, tax planners and management consultants. And our goal is to help improve your business operations. We will prepare an outlined plan of action that meets your specific needs. And our experts can even provide a professional business plan to help with funding.

Accounting firms, in general, recognize the need to stand out in order to win new business. But not many of them are successfully proactive in their approaches. For most firms, they are missing the experts in their field, coupled with a sophisticated referral generation strategy. However, this is required to create a steady stream of new high-quality well-paying clients.

Business & Financial Solutions has a strong database of referrals and network opportunities. But first, we must build the foundation of your business to support the referral. BFS will not refer one of its clients or colleagues to a company that does not hold up to our standards. Our accountants, consultants and tax professionals carry the same strategies and principles in to the offices of all our clients.

Tax Planners

Our firm is a leading provider of on-demand financial and tax accounting solutions at reasonable consulting rates. And some of our services include business consulting and tax planning. Our company established in 2002. And business development has been part of our services since day one. Our company operates under the guidance of principles, integrity and results. We focus on developing strategic partnerships and improving market penetration. And we build upon the well-established relationships achieved since our first day.

In closing, our accounting and tax services have served the needs of thousands of clients under troubled circumstances. So we assist in financial and tax planning, and overall trouble-shooting for small to mid-size companies. But we also have favorable results with non-troubled companies. That is, we have been able to help take them to the next level of business.

Office locations in Rockville, Frederick and Vienna.

Call Business & Financial Solutions at (855) 557-2222, or you can email us at info@bfswebsite.com.

IRS & State Income Tax Extensions

When to File Extension for Income Tax Returns

Business & Financial Solutions is a full solutions accounting firm, open year-round. We prepare individual income tax returns, and well as all business tax returns. And we provide a broad range of accounting and tax services to meet other specific needs of our clients.

Further, our services include tax preparation for individuals, businesses and non-profit organization. In performing services for our clients we will file your Application for Automatic Extension of Time to File U.S. Individual Income Tax Return. Whether an existing and new client, we can prepare this extension at no cost.

How It Works

An extension is a way to ask the Internal Revenue Service for more time to file a tax return. The deadline to file your 2013 returns is April 15^th, except when April 15^th falls on the weekend or a federal holiday. In this event, the deadline will be on the following business date. Form 4868 will extend the deadline by six months for an individual income tax return. With an extension, your deadline to file is extended to October 15th. An extension of time to file is not an extension of time to pay. Tax payments are still due by the deadline. Therefore, it is wise to send payment for what you expect you will owe in taxes.

Penalties & Interest

Incidentally, the IRS imposes a late filing penalty for those individuals filing late, and did not file the extension. Of course there is an exception if the taxpayer actually has a refund. But the late filing penalty applies to any portion of tax that is unpaid as of the payment due date. And it also applies to any tax return filed after the filing due date. The failure-to-file penalty is calculated based on the time from the deadline of your tax return (including extensions) to the date you actually file your tax return.

The penalty is 5% for each month or part of a month that the tax return is late, up to a maximum penalty of 25%. If you file your return more than 60 days after the due date or extended due date, the minimum penalty is the smaller of $135 or 100% of the unpaid tax. The penalty can be waived at the discretion of the IRS if taxpayer can show that the return was filed late due to a reasonable cause. IRS Form 843 should be completed and filed for the Request for Abatement of Penalty and Interest.

Contact Business & Financial Solutions for additional information at services at (855) 557-2222, or email us at info@bfswebsite.com. Our tax and accounting services are year-round for individuals, businesses and non-profit organizations.

Our offices are located in Rockville, Frederick and Vienna.

Filing the Estate Income Tax Return

Who should file tax returns on Estates and Trusts?

When a property owner dies, a fiduciary manages the estate. Often, a lawyer or other professional may be hired as a fiduciary. But many times one of the heirs or beneficiaries may serve as a fiduciary. The fiduciary is in charge of filing Form 1041. But a trust tax preparer is usually hired to complete the form. And we offer our help in filing the estate income tax return. The IRS code mandates that the fiduciary file this form if the estate receives income of more than $600. Also, the form has to be filed if one of the beneficiaries is a foreign citizen who lives in another country.

Form 1041

Form 1041, U. S. Income Tax Return for Estates and Trusts, must be filed if the estate has any tax liability. Even if it earns less than $600 the return has to be filed. Form 1041 must be filed if the entity earns more than $600 in gross income. This rule holds true even where no revenue is subject to trust income taxes. The will or a court may appoint an executor to manage the estate or trust. According to the IRS, the executor must file this form each year. Filing must continue throughout the entire period for which the executor has authorization to manage the account. And this must be done even if the executor transfers all of the assets to the beneficiaries.

If the fiduciary does not have to file Form 1041, regardless of the reason, the fiduciary should probably file anyway. Even if the trust lost money, the fiduciary should file the form. The IRS allows a taxpayer to carry over some types of losses. Consequently, it creates a deduction that the taxpayer can use to reduce tax liability in future years.

Business & Financial Solutions

Our company offers tax preparation for form 1041 and form 706 for clients nationwide. We also work with the fiduciary to track income and expenses for financial reporting purposes. And the same information can be used for estate planning. Or it may be that you need returns prepared for smaller entities to meet the IRS, or your state’s guidelines. It should be noted that sometimes these tax returns have to be prepared simply to meet the guidelines of your state. Therefore, even where it is not required by the IRS, the return may be required by your state. Ask one of our CPAs about more details.

BFS provides services in the Washington DC, Northern Virginia and Greater Baltimore Areas. But we also provide the same services nationwide.

For CPA help with Fiduciary accounting and financial reporting, please contact Business & Financial Solutions at info@bfswebsite.com, of call 855.557.2222. Our company offers full accounting services for estates with office locations in Rockville, Frederick MD and Vienna.