Types Of Services
We're so excited that you've made it this far on our website - welcome!
If you're visiting us for the first time, chances are you may run a business, have recently started one, or are planning on launching one, and you're needing some financial advice.
Besides general bookkeeping, accounting and tax preparation, we also offer Quickbooks setup and management, business entity setup and running payroll.
What is Bookkeeping?
Bookkeeping is the process of recording all financial transactions that you make for your business, and storing that information in a type of journal or 'ledger'. Now days instead of using a physical book to record transactions in, the majority of companies use Excel spreadsheets or accounting software like Quickbooks.
There are two types of transactions that bookkeeping focuses on recording:
Credits and Debits.
Credits are the cash transactions that come in to your bank account. They include money that you've earned from your company, refunds, dividends or any other type of cash flow that comes into your account. This credit transaction is commonly referred to as income.
Debits are the cash transactions that come out of your bank account. They include money that you spend on things for your business, such as supplies and materials, payroll, office rent, computer equipment, and other tools that you may need to help your business run. This debit transaction is commonly referred to as expenses.
Why does your business need to keep financial records?
There will be many financial tasks that your company will take care of eventually that will require an accurate set of bookkeeping of all your financial transactions. Tasks such as compiling financial statements, planning budgets, running payroll, making tax payments and reporting, applying for business loans and other tasks will require you to have a good bookkeeping system in place.
How M&M Bookkeeping can help
Recording all your transactions can be a daunting task, and can feel like it's draining the energy out of you. Rather than spending hours a week entering numbers into a spreadsheet or trying to learn how to use accounting software, we can manage all your record keeping for income and expenses.
This saves you time and headache, and allows you to focus on what you love most - growing your business.
We will take care of everything from setting up your accounting software, helping you get your business bank account linked, and making sure all your transactions are recorded and categorized correctly.
Get started today, and start breathing easier knowing your financial books are in professional, trusted hands.
What is Accounting?
If bookkeeping were one side of a coin, accounting would be the other side.
Essentially, accounting works off the recorded transactions of the bookkeeping process to analyze, sort and prepare reports that reflect your company's financial state of being.
Sometimes a business will hire a bookkeeper to record the information, and hire a separate accountant to conduct quarterly reports. Most of the time, the bookkeeper does both the bookkeeping and the accounting.
The periodic reports that every accountant should run are commonly called the financial statements. There are several types of financial statements that a business may hire their accountant to run, depending on what type of business they are (Sole Proprietor vs. S Corporation) and whether they're privately owned or publicly traded.
There are three key statements that your accountant will prepare for just about every business: The Balance Sheet, Income Statement and Cash Flow Statement.
Should your business have an accountant?
Whether you should hire an accountant or not depends on whether you're able to run your own financial statements, or have time to learn how to.
Another thing to keep in mind is that accountants also prepare and file your business taxes. Some business owners may be financially savvy enough to handle their own accounting and submitting the appropriate tax forms and payments to the IRS. If you are comfortable doing this, it might be worth saving the money and handling your own accounting.
If not though, it goes without saying that having an accountant is necessary for your business.
How M&M Bookkeeping can help
If running payroll, pulling financial reports and filing taxes all sounds like a headache to you, we can help!
We are passionate about helping businesses make sense of their cash flow, expense reporting and setting aside for taxes. That way there are no surprises and you can have peace of mind knowing you're in good hands.
What types of taxes should you be aware of?
Probably the most important responsibility of every business owner is filing the correct tax forms and making accurate tax payments from your company's earnings. There are two entities that you will always file taxes under: The Internal Revenue (IRS) and The State Of Colorado.
The tax percentages that are calculated and withheld depend completely on how much revenue your business brings in, and what entity-type your company is filing under (Limited Liability Company, S-Corporation, Partnership, Sole Proprietor).
Need help deciding which business entity is right for your company?
We can help with that too! Call us today to schedule a free, no obligation consultation.
If your business grows and you decided to hire employees that will be on regular payroll, you'll also be responsible for paying employee withholding taxes and state unemployment insurance.
Why is hiring a Tax Professional important?
Having a professional take care of preparing and filing your taxes will ultimately save you time, stress and potentially hundreds or thousands of dollars in IRS penalties and interest.
The IRS doesn't mess around with late or incorrect tax payments, and will impose hefty fines.
However, by hiring a professional to help set aside your estimated tax payments each month, knowing which tax forms apply to you and then filing them on time, you can avoid any issues with the IRS and feel at ease knowing that you're in good hands.
How M&M Bookkeeping can help
The tax codes can change every year, and what may have been permissible two years ago may have changed recently. M&M Bookkeeping goes through yearly state training and testing to ensure we understand the tax codes and regulations. We have been helping our customers with your tax preparation and tax filing for 25+ years, and would love to help you too!