Services
Bookkeeping
Bank and credit card reconciliations, monthly financial statements, and sales tax returns are critical accounting tasks that ensure the accuracy of a business’s financial records.
Bank and credit card reconciliations involve comparing the company’s internal financial records against bank statements to spot and rectify discrepancies, thus ensuring transactions are recorded correctly.
Monthly financial statements, including the balance sheet, income statement, and cash flow statement, provide a snapshot of a company’s financial health, helping stakeholders make informed decisions.
Sales tax returns involve calculating the tax owed on sales transactions, collecting it from customers, and remitting it to the appropriate tax authorities. Regularly performing these tasks helps maintain compliance with financial regulations and supports effective financial management.
Taxes
Individual and business returns, estate/trust returns, nonprofit returns, and tax planning are essential components of tax management and compliance.
Individual and business returns involve reporting income, expenses, and other pertinent financial information to tax authorities to determine tax liability.
Estate and trust returns focus on managing and settling the financial obligations of deceased individuals or ongoing trusts, ensuring that assets are distributed or maintained according to legal requirements.
Nonprofit returns address the unique tax-reporting requirements of nonprofit organizations, which are often exempt from income taxes but must demonstrate compliance with tax regulations to maintain their status.
Tax planning is a proactive approach where individuals and businesses strategize on how to minimize tax liabilities and maximize financial efficiency through legal means, such as timing income and deductions, selecting the right type of investments, and making charitable contributions. These practices are crucial for effective financial management and legal compliance across different sectors and personal circumstances.
Audit & Attest
Nonprofit and commercial/contractor compilations, reviews, and audits are specialized financial services that ensure accuracy and compliance in financial reporting.
Compilations involve assembling financial statements based on information provided by a client, without providing any assurance on the accuracy of the data. This service is often used by smaller entities that need financial statements prepared for management or third-party use.
Reviews offer a moderate level of assurance, involving analytical procedures and inquiries to assess whether the financial statements are consistent with known accounting frameworks. This service is typically sought by organizations that need to assure external parties, like creditors or investors, of the reliability of their financial information.
Audits provide the highest level of assurance through an extensive examination of financial records, internal controls, and accounting practices. This rigorous process is essential for nonprofits and contractors who must demonstrate fiscal responsibility and compliance with regulatory requirements. These services help organizations maintain financial integrity and trust among stakeholders.
Payroll
Payroll processing, quarterly report filings, and W-2 & 1099 reporting are essential services that help businesses manage their employee compensation and meet regulatory requirements.
Payroll processing involves calculating wages, withholding taxes, and other deductions, as well as distributing paychecks to employees. This service ensures accurate and timely payment in compliance with labor laws.
Quarterly report filings are required by various governmental agencies to document wages paid, taxes collected, and taxes owed. These filings help monitor and ensure the business’s compliance with tax regulations.
W-2 & 1099 reporting is critical at the end of the financial year; W-2 forms report the salary and tax information for employees, while 1099 forms report the compensation paid to freelancers and independent contractors. These forms are necessary for recipients to file their personal tax returns accurately. Together, these services streamline financial operations, ensure compliance with tax laws, and reduce administrative burdens for businesses.
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Enhance Your Financial Strategy
with Wedgewood Accounting, PLLC
We invite you to connect with Wedgewood Accounting, PLLC for a comprehensive business accounting assessment.
Our expert team is dedicated to helping you understand your financial landscape and identifying strategies to enhance your financial health and compliance. Whether you're looking to streamline your accounting processes, assess financial risks, or optimize tax strategies, our tailored approach ensures that your business receives the meticulous attention it deserves.
Is it time to take the first step towards financial clarity and success.
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