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What is the Timeline For Monthly Accounting?

May 17, 2022 4:00:59 PM / by Bryan Cremeen posted in small business taxes, small business accounting

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How quickly can you get your books in order? It might be faster than you think. A monthly accountant can help you find the right items to retrieve, close your books, and create monthly financial statements for you with a surprisingly fast turnaround time.

As your small business makes the transition to monthly accounting, you’re probably wondering about the timeline of receiving your financial statements each month.

Based on the clients that CSI Accounting & Payroll has worked with over the last 50+ years, here are some of the reasons why we think you may be asking these questions:

  • You’re being responsible about obligations to third parties, such as a bank that you have a large loan with, and you need to tell them when they can expect your monthly statements. 
  • You’re anxious because you didn’t know when you could expect to hear from your prior accountant. 
  • You’re wondering how quickly your back taxes can get done and you can start moving forward. 
  • You’re excited to get your statements each month so you can keep a closer eye on your finances. 
  • You’re just curious!

The small business owners who have fallen into these categories often want to know:

  • How long does it take to update my books to do my back taxes?
  • Moving forward, when do you need to have all of my information for each month?
  • Once CSI has all of my information for a month, how quickly can they close my books?
  • When can I expect to receive my financial statements and have my monthly meetings?

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Which Small Businesses Are Now Eligible to Apply For the ERC (Employee Retention Credit)?

May 16, 2022 10:45:00 AM / by CSI Accounting Staff posted in small business taxes, small business payroll, small business accounting, how to

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The ERC is a great COVID relief effort, so why aren't there more eligible small businesses applying? Long story short, the media was distracted by the initial excitement of other COVID relief efforts. Now that the stimulus checks and PPP loans seem to be through, where's the excitement for the Employee Retention Credit?

Although this benefit was cut on September 30, 2021, you may still be eligible to claim credits from 2020 to Q4 2021.

Perhaps one of the most important things mentioned in this article is how CSI Accounting & Payroll has helped ERC applicants in the past (and can help you as well!) - no hassles, no worries. We've worked with thousands of small businesses in our more than 50 years in operation, so we're familiar with various application processes and know how to regularly check for updates on benefits just like this one.

In this article, we also discuss:

  • What is the ERC?
  • How has the ERC expanded?
  • Are you eligible for the ERC?

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Online Accounting Services vs. Local Accounting Firms

May 5, 2022 4:15:00 PM / by CSI Accounting Staff posted in small business taxes, small business payroll, small business accounting

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If you've been doing your own small business accounting for a while, do you ever worry that you're missing something or aren't capturing all of your deductions?

Your expertise is in running your business, so you know when it's time to place your trust in an accountant. But do you know the differences between using an online accounting service or a local accounting firm?

When you first consider outsourcing accounting, you'll see that big-name online services do a lot of advertising. We tend to trust names we recognize, so lots of business owners use big-name services because they assume one with a larger customer base must have better customer service or is more affordable. This is not necessarily true. If you trust other local vendors to help with your operations, why not trust a local accounting firm?

CSI Accounting & Payroll is an example of a local accounting firm. While we've been around for over 50 years and online accounting services are relatively new, we've already heard quite a bit about our differences that matter the most to our clients and to prospective clients who decided to stick with online options.

There are several options, but knowing the differences is key to determining what's best for your business.

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How to Change Accountants

Apr 27, 2022 9:22:00 AM / by Brian Paulson posted in small business accounting

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Do you ever wonder if there's an accounting firm that's a better match for your small business than your current one? Chances are, there probably is. If you're considering switching, then you already have enough of a reason to take the next step - as scary as that seems.

CSI Accounting & Payroll has talked to thousands of small business clients over the past several decades. When new clients express their concerns with their prior accounting firms, they're usually mentioning communication issues - and the surprises, confusion, and frustration that they cause.

Small business owners who want to know more about how to change accounting firms asked us:

  • How do I feel confident in my decision to change accountants?
  • What steps do I take to change accounting firms?

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Small Business Back Taxes Help: Timeline and Process

Apr 26, 2022 10:15:00 AM / by CSI Accounting Staff posted in small business taxes, small business accounting, problem, how to

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Nobody likes to fall behind - not on the dishes filling up the kitchen sink, not on the birthday present that’s going to arrive late, and certainly not on your small business’s accounting. We don’t blame you for wanting to know how long it will take an accountant to do your back taxes. 

If you lost track of your accounting for a while and are now taking the right steps to fix it (such as partnering with a monthly accounting service), you may feel the pressure of what feels like a race against the IRS. Give yourself a pat on the back for your effort, then take a deep breath as you find the answers you’ve been looking for here.

The amount of time and process of working on your back taxes varies by:

  • The amount of work that needs to be made up
  • The outside variables that your accountant is also dealing with
  • Who you’re working with

The following information is specific to CSI Accounting & Payroll but can be used as an example when you’re searching for an accounting service that is a good match for you. Once you’ve decided to move ahead with monthly accounting, it’s our goal at CSI to make your processes and estimated timelines as clear to you as possible. For some clients, the first step is getting your back taxes taken care of. 

When you pass the torch to us by fetching the information we need, you’re also letting go of the overwhelming sensation that you’ve been feeling for a while. CSI has been handling small businesses’ back taxes for over 50 years, and we’ve seen clients with several years’ worth of work to correct. We know the best practices to resolve the issues you’re facing.

Other small business owners who want CSI to get their back taxes done want to know more about:

  • What you need to do to help us get started
  • What the process for doing back taxes looks like
  • How long it will take us to do your back taxes
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What to Do When Your Business Gets an IRS Letter

Apr 15, 2022 7:45:00 AM / by CSI Accounting Staff posted in small business taxes, small business payroll, small business accounting

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As a small business owner, you may be used to opening your mailbox and seeing an envelope from the IRS. It’s not always an indication of something wrong or demanding immediate action. However, if that letter is filled with words like “seize” or “levy,” it’s more than enough to raise some red flags. You may even worry that you’ll go to jail. (Don’t worry; that’s pretty unlikely!)

Warning letters have different meanings for small businesses than they do for individuals. You worked hard to build your business from the ground up, and it’s a big fear that you may have to close it. Plus, if you’ve been working with an accountant or payroll specialist, having so much on the line because of your accounting or payroll can feel like a betrayal of your trust.

At CSI Accounting & Payroll, it’s not uncommon for us to get letters from the IRS. After all, we’ve been working with small businesses for over 50 years. Strong language in letters from the IRS isn’t always a cause for alarm and can just be used to encourage a quick correction of an issue. Everything will be alright; we know what to do.

Other small business owners who have received alarming letters from the IRS want to know:

  • Why they are receiving an IRS letter
  • What it would take for them to go to jail
  • How to get the letter’s issue resolved
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The Benefits of Having Accounting & Payroll Services Under One Roof

Apr 10, 2022 1:15:00 PM / by CSI Accounting Staff posted in small business taxes, small business payroll, small business accounting

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Who likes waiting on the phone to pass information back and forth between your accounting and payroll providers - or, even worse, for their communication issues to get resolved? Absolutely nobody. And you really don't have time for that when you run a small business.

If you're looking for accounting or payroll services, it's a good idea to bridge the gap by bundling with the same provider. CSI Accounting & Payroll offers the best of both worlds when it comes to financial services by allowing just that. You don't need to form several surface-level relationships with customer service representatives; you can have one dedicated payroll specialist and one dedicated accountant who work under the same roof.

This post touches on the benefits of bundling accounting and payroll under normal circumstances, as well as how bundling helped our clients with navigating COVID wages, loans and credits, and forgiveness when it mattered most.

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Thinking About Changing Accountants? Don’t Let These Fears Hold You Back

Mar 22, 2022 10:15:00 AM / by Brian Paulson posted in small business taxes, small business accounting

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Trust your gut. If you’re already thinking about leaving your current accounting firm, then you’re ready to move on.

When you work with an accounting firm, you should treat the relationship as an investment. The performance that you get out of them should line up with the fees that they charge you, otherwise the investment isn't a good value. The sooner you find a better-value accounting investment, the better off you'll be.

Many small business owners who discuss working with CSI Accounting & Payroll say that their relationship with their current accountant has them feeling overcharged for poor communication. They don't feel like what they pay lines up with the service they receive. Don’t settle for inconsistent or lackluster service; the success of your business relies on timely and accurate bookkeeping, accounting, and tax preparation.

In this article, we'll discuss some reasons why someone should switch accountants, as well as the things that may hold them back.

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Can an Accountant Help With Small Business Tax Audits?

Mar 20, 2022 8:23:20 PM / by CSI Accounting Staff posted in small business taxes, small business accounting

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What’s one of a small business owner’s worst fears? Besides your business needing to shut its doors or not turning enough of a profit, it could be the possibility of your business going through an audit.

Growing your network with other business owners is an important part of the operation of any small business. However, when you pool common walks of life together, you start to share the same fears. And the fear of an audit can grow even more rapidly if someone in your ever-growing network goes through one.

Audits are stressful and time-consuming. Small business owners who we’ve talked to over the past several decades have voiced their concerns with the possibility of an audit, as well as how it could hurt their efficiency. Maybe they’re even worried that they could say the wrong things to an auditor or accidentally give incorrect information.

That normally leads to the question, “Can an accountant help me if I ever get audited?” The short answer is yes. In this article, we’ll discuss how accounting firms like CSI can help you with your small business audit and answer in detail:

  • What a tax audit is
  • What causes a tax audit
  • What CSI does to help in the case of a tax audit

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Can I File Multiple Years of Back Taxes At Once?

Mar 17, 2022 5:57:25 PM / by CSI Accounting Staff posted in small business taxes, small business accounting

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When you’re a small business owner focusing on providing quality products or services to your customer base, it’s easy to lose track of some of the things that aren’t done on a regular basis. For many business owners, this means falling behind on taxes.

Emotions on the subject can vary quite a bit. Over the past several decades, we’ve seen a varying amount of worry from the small business owners we’ve talked to. Some are worried because they don’t know what consequences they could be facing - for others, not knowing the consequences is the reason why they haven’t started worrying yet. 

That doesn’t mean they’re aware of the advantages of being up-to-date with their taxes, though. We make it our job to inform business owners of the positives as well.

In this article, we’ll discuss:

  • What back taxes are and how they accumulate
  • The consequences of not filing previous years’ taxes
  • The advantages of staying up-to-date with your taxes
  • What CSI Accounting & Payroll does with back taxes

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