Business owners are good at what they do. We bring the bookkeeping and accounting services to help you focus on profitability.
"You've got to understand accounting. You've got to. That's got to be like a language to you.”
Somerset Tax Partners, LLC provides full-service bookkeeping and accounting for your business. Our software of choice is QuickBooks, although we do work with other software platforms such as Sage, Wave, Freshbooks, and Xero. Our ideal client is a small to medium size business. Our clientele ranges from under $100k in annual revenue to multi-million dollar businesses.
Bookkeeping and accounting services include reconciling bank account statements, maintaining the Profit and Loss Statement and Balance Sheet, and data entry into the General Ledger.
Accounting is more than accounts and numbers on a page. It tells the story of a business. Is the business profitable? Are sales up or down? Are expenses within a desired range? Which product or service line is working? Can we invest in opportunities? Accounting provides a comprehensive review of your business performance. Our expert team provides you with the insights you need to make informed decisions and drive your business forward. Our services include:
Choose Somerset Tax Partners, LLC for expert financial reporting and business analysis that empowers you to make well-informed decisions and achieve your business goals with confidence.
Bookkeeping may feel like a necessary evil and just another cost of operating a business. However, data entry is critical to the health of your business. Accurate bookkeeping ensures tax deductions are not missed, tax returns are correct, and that customers are paying. Our meticulous approach to handling your financial records ensures your business stays organized, compliant, and provides you with the information you need to focus on your customers. Our comprehensive bookkeeping services include:
Partner with Somerset Tax Partners, LLC to keep your small business finances in top shape. Our dedicated bookkeeping services give you the clarity and confidence to focus on growing your business with peace of mind.
We specialize in navigating the complexities of state sales taxes to ensure your business stays compliant and stress-free. Our comprehensive sales tax services are designed to minimize risk and avoid penalties, allowing you to focus on what you do best. Our services include:
Choose Somerset Tax Partners, LLC for expert sales tax management and peace of mind. Let us handle the complexities of sales tax so you can concentrate on growing your business.
A: The key financial reports include the Profit and Loss Statement and Balance Sheet. Each provides different insights into the financial health, performance, and stability of your business.
A: The bookkeeping system should be reconciled to the bank account statement at least monthly. Financial reports should also be reviewed monthly. If an error occurs, it can easily compound and skew the profit and loss statement. Errors are important to catch at least monthly. Monthly reviews also allow you to identify positive and negative trends and make adjustments to stay ahead of problems and opportunities.
A: When in doubt, document, document, document. Documentation is critical not just for accurate bookkeeping but also to defend deductions in the event of a tax audit. Missing documents, receipts, and records are the surest way to give a tax auditor reason to assess more tax and penalties. Keeping documents is easy. Programs such as QuickBooks Online allow for digital images to be attached to individual transactions. There are a variety of other methods to retain documents.
A: The state Department of Revenue publishes sales tax rates. It is important to know your local sales tax rate. In some states, such as North Carolina and Arizona, tax rates vary by county, so you have to be aware of where the transaction is taxable. Because of the Wayfair case, you also have to be mindful of sales taxes when transactions are made across state lines. We can provide sales tax information to you. Be aware that the state Department of Revenue may not provide you with all the information you need to be compliant.
A: You may need to amend the sales tax return. We recommend that you first contact a knowledgeable tax professional to review the question and potential error to determine if any action is necessary. If a correction is warranted, it is likely that the original sales tax return must be amended. While the state Department of Revenue usually does not assess penalties on amended tax returns, interest may apply if an additional payment is due after the original due date for the tax return.