As a small business owner and part of Main Street, you have more important things to do than keep your own books. We take care of your record keeping for you, so you can focus on growing your small business!
Each month or quarter we’ll do the following things for you…
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Reconcile your bank account
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Generate an income statement
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Generate a balance sheet
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Clean up your general ledger
- Provide unlimited consultations
These tasks form the solid foundation of your small business accounting system. You can customize the package of services you receive by adding payroll, tax planning, tax preparation, or any of our other services.
Bookkeeping
Bank Reconciliation
Midwest Accounting will reconcile your bank account each month in order to keep your taxes up-to-date.
Letting us reconcile your account each month enables you to…
- Track checks, deposits, and other transactions.
- Avoid excess/unjustified bank charges
- Ensure transactions are posted correctly by your bank.
- Detect and prevent fraud from within your company.
- Understand how your small business is doing? To know all accounts need to be reconciled and properly accounted for on your financial statement.
- Manage your cash more effectively. Efficient management of cash not only saves money, it makes money.
- Protect your small business, by timely reconciling and promptly objecting to your bank about any unauthorized, fraudulent or forged checks presented and paid by your bank.
Income Statement
An income statement, otherwise known as a profit and loss statement, basically adds an itemized list of all your revenues and subtracts an itemized list of all your expenses to present a profit or loss for the period.
An income statement helps you…
- Identify revenues and expenses so that you can track the operating performance of your business.
- Track what areas of your small business are over-budget or under-budget.
- entify specific items that are over or under budget.
- rack increases in cost of goods sold as a percentage of sales.
- Determine your income tax liability.
Balance Sheet
A balance sheet gives you a snapshot of your small business’ financial condition at a specific moment in time.
A balance sheet mainly helps you…
- Quickly visualize the financial condition of your small business.
- Identify and analyze trends. This is especially useful when examining accounts receivable and payable.
- Understand if your small business is in a position to expand, acquire, or be acquired.
- Determine if your small business can accommodate the normal ups and downs of revenues and expenses
- Identify if you need to take immediate steps to increase cash reserves?
Balance sheets, along with income statements, are the most basic elements in providing financial reporting to potential lenders such as banks, investors, and vendors who are considering how much credit to grant to your small business.
Keeping a Clean General Ledger
The general ledger is the basis of your company’s financial records. The ledger constitutes the central “books” of your system. Since every transaction flows through the general ledger, a problem with your general ledger negatively effects your recordkeeping.
When Midwest Accounting LLC reviews your general ledger system each month, we proactively identify any discrepancies such as double billings or unrecorded payments. Then we’ll fix the discrepancies so your books are always accurate.
Payroll
Paying employees has become extremely time consuming and complicated for small business owners on Main Street.
On average, small business owners spend 12 full days a year managing payroll on their own. That’s valuable time lost that could instead be spent generating sales, prospecting new business opportunities, improving products or serving customers.
We offer payroll solutions across the Midwest that meet the small business’ needs of Main Steet. Our service enables you to spend time doing what you do best–running your small business. This service features our unique secure, online portal for data entry, at your convenience. Click here to see a demonstration video.
Why Outsource Your Payroll?
It’s Cost Effective
Use your staff more efficiently by letting us handle payroll and the associated tax reporting details.
It’s a Time Saver
Our payroll service eliminates the burden of customizing, updating and maintaining your own payroll system–no more data entry, no more researching updates or new tax laws.
It Eliminates Worries
Eliminate the risks of calculating and filing your own payroll taxes. Federal, state and local payroll tax laws are frequently changing and becoming more complex.
We supply Comprehensive Reports
You get access to a wide variety of user-friendly and accurate payroll reports. We can also supply union reports, certified payroll, workers’ compensation reports and much more.
Get the Payroll Solution Customized to Fit Your Needs
We know that when it comes to payroll service – no one size fits all. That’s why we offer the following 3 custom payroll processing options.
Comprehensive Payroll Services
Our Comprehensive Payroll Service takes care of all of the payroll processing for you. You’ll receive:
Your payroll checks prepared and printed on-time, every-time (and online, if you’d like)
Payroll checks are laser printed on “blank” check stock to ensure maximum security and meet the standards as set forth by the Federal Reserve System.
- Free Direct Deposits
- Worry Free IRS and State tax reporting as well as EFTPS tax deposits.
- User friendly, and easy to understand monthly, quarterly, and annual payroll tax reports, including W-2, W-3 and 1099 forms.
- Detailed reports on your employee’s vacation, sick days, and personal days accruals.
- Creation and filing of the required new hire reports
After-the-Fact-Payroll Services
We will take your manually-prepared payroll records and other payroll information and post this information to our data files. You’ll get:
- Worry Free IRS and State tax reporting as well as EFTPS tax deposits.
- User friendly, and easy to understand monthly, quarterly, and annual payroll tax reports, including W-2, W-3 and 1099 forms.
- Detailed reports on your employee’s vacation, sick days, and personal days accruals.
- Creation and filing of the required new hire reports
- Your payroll records maintained.
Online Payroll Processing
Entering your employee’s hours and earnings securely online. With this service you’ll get:
- The ability to instantly print payroll checks on your own printer.
- Free Direct Deposits
- Worry Free IRS and State tax reporting as well as EFTPS tax deposits.
- User friendly, and easy to understand monthly, quarterly, and annual payroll tax reports, including W-2, W-3 and 1099 forms.
- Detailed reports on your employee’s vacation, sick days, and personal days accruals.
- Creation and filing of the required new hire reports
To see a demonstration video of this service and our online, secure portal click here.
Special Payroll Reports Service
We can also prepare the following reports for you:
- Worker’s Compensation Audits
- Unemployment Claims
- Social Security Audits
- Child Support Audits
- W-2 and W-3 processing
- 1099 and 1096 processing
- Preparation/assistance with Federal and State registration forms
How much does it all cost?
In order to give you an accurate price for our payroll services we need to know a little more about your business and what services you’re interested in. Our prices are very affordable. Just give us a call or click here to contact us.
We’re here to help.
Midwest Accounting is ready to be your one-stop accounting team. We’d love to discuss your business with you, and how we can help you optimize your ROI and tax strategy.