FAQs

1. Is there enough work for a full-time, in-house accountant?
2. Do you want an accountant to be an employee of your company that you’re responsible for hiring, managing, paying benefits, etc.?
3. Will an in-house accountant have relevant industry experience and be able to stay on top of ever-changing tax laws impacting your business?

Companies primarily increase their net income by increasing revenues and reducing expenses. Expert accounting services can help you track income and expenses with more predictability, ensure statutory compliance, and help increase your profits.

One main advantage of better accounting is forecasting. With forecasting, you can prepare financial plans in advance and prevent potential problems down the line.

Budgeting and forecasting projections can make or break a business, and affect your bottom line.

Wendroff & Associates offers many services that can help scale your business, such as full write-up accounting, tax planning, business and CFO consulting, budgeting and forecasting, and accounting automation and workflow.

Full write-up accounting helps you take care of your day-to-day accounting, such as sending invoices, paying bills, and processing payroll. As you grow and want to create more predictability, a budget and forecast would be a great tool to help you manage your expenses and forecast your revenue. This product will help you gain confidence in your financial results, which is an area you can improve year over year.

Here is a list of financial documents we request from our clients:

• All Forms of Income:
  • W-2 (wages), 1099-INT (interest)
  • 1099-DIV (dividends), 1099-B (proceeds from broker or barter transactions), 1099‑R (pensions and IRA distributions)
  • Schedules K-1 from partnerships, S corporations, estates and trusts
  • Any other income reporting statements, including all copies provided from the payer
  • Form 1095-A (for health insurance purchased through a public exchange), Form 1095-B (for health insurance purchased outside of a public exchange), or Form 1095-C (for employer-provided health insurance coverage)
• Copies of last year’s tax returns
• The completed Individual Income Tax Organizer
• Brokerage statements showing transactions for stocks, bonds, virtual currency, etc.
• Copy of the closing statement if you bought or sold real estate
• Form(s) 1098 reporting interest paid, copies of real estate tax bills and other information relating to real property holdings
• Mileage figures for any automobile expenses claimed, including total mileage, commuting mileage, and business mileage
• Detail of estimated tax payments made, if any
• Income and deductions categorized on a separate sheet for business or rental activities
• List of itemized deductions categorized on a separate sheet for medical, taxes, interest, charitable, and miscellaneous deductions
• Copy of all acknowledgment letters received from charitable organizations for contributions made
• All other information notices you received from the IRS or your state tax department, or any items you have questions about.

Taxes can be a major source of stress for many people. With proper tax planning, you may be able to reduce your tax burden or even earn a larger refund. Without professional insight, many taxpayers miss potential tax benefits and pay more than necessary. Proper tax planning allows you to understand what tax benefits you qualify for, such as deductions, rebates, credits, concessions, and exemptions.

Tax planning has both short-term and long-term benefits. The main short-term benefit is more money in your pocket after tax season. Long-term benefits may impact many aspects of your life, such as your children’s education, your retirement plan, etc.

If you’ve yet to invest time in tax planning, we recommend you start as soon as possible!

Business & CFO Consulting is a service that helps to identify, address, and overcome obstacles to meeting your company’s goals. This service can help you navigate many financial challenges of running a business, such as developing and maintaining a budget, networking with investors, and raising funds. Business & CFO consultants also bring in-depth industry knowledge to this process, which helps you to understand how to best position your company among others for financial success.

Almost any organization can benefit from a business & CFO consultant, from startups to established companies looking for a fresh perspective on their financial situation. If your company is facing a particular challenge, this consulting service may help you find a solution you hadn’t considered.

There’s a variety of applications available to businesses to assist in automating your bookkeeping and accounting. Wendroff & Associates accountants have experience with several types of software through our client work and are always researching new technologies to make our clients’ (and our own) lives easier.

Our recommended bookkeeping and accounting software is Quickbooks Online. Quickbooks has been around since 1983 and transitioned to online services in 2001.

Quickbooks Online automatically imports transactions from your bank accounts and credit cards. From there, business transactions can be categorized, reconciled, and displayed as financial statements.

Quickbooks Online offers a variety of packages and can grow with you as your business grows. For most of our clients, we recommend starting with Essentials or the Plus packages, but there may be other packages that better meet your business needs. We’d be happy to discuss these options with you.

Another benefit of Quickbooks is its ability to integrate with other software to assist you with meeting your business needs. These integrations can allow you to track time, pay employees, make bill paying easier, track mileage, and/or get signed approvals.

One of our favorite Quickbooks integrations is with Melio, an application that allows you to pay your bills in a method that works best for you. You can pay via bank transfers or  business debit/credit cards and decide whether vendors will receive a paper check or direct deposit. Gusto, ADP, and Paychex all sync well with Quickbooks and allow you to decide how much payroll detail needs to be reflected in your payroll entries. Also, Docusign can be integrated should you need to send invoices for electronic signature.