Comprehensive Business Services in South Plainfield and Randolph
As a business owner, you are responsible for many things, some of which require skilled expertise. Bookkeeping, accounting, and payroll setup are only a few of the tasks that can be both overwhelming and time-consuming. At Max Bussel & Company, we provide you with all the essential services your business needs so you can focus on growth and expansion.
Our financial specialists, led by Carl Alston, have vast experience in the field of accounting. Businesses in and around Randolph and South Plainfield can count on us to provide the support and guidance needed to succeed. Call for a consultation today!
South Plainfield: (908) 753-1717 Randolph: (973) 328-0888
We Offer Professional Accounting and Bookkeeping
Although they have several similarities, accounting and bookkeeping also have specific distinctions. Bookkeeping records all daily transactions concerning your business. This includes sales, purchases, invoices, and bank reconciliation. An essential function of bookkeeping is to maintain a general ledger.
Accounting takes it to the next level by using the recorded data to analyze, interpret, and make conclusions on how well your business is performing. It uses financial documents, including income statements, balance sheets, cash flow statements, and tax returns, to provide you with the information you need. Our team provides a cohesive approach that includes both services to maximize your business success.
Growing and Managing Your Business
Proper bookkeeping and accounting lead to accurate financial statements, which makes it easier to manage your business. It also helps the tax filing process run smoothly. Your business is required by law to pay quarterly estimated taxes if the expected income tax is $1000 or more. If you have employees, payroll accounting will keep track of federal income tax and deposits as well as Medicare and social security taxes.
As your business expands, professional accounting services become even more critical. Our financial specialists offer convenient accounting and bookkeeping solutions to improve efficiency and productivity. We also help in the setup of cloud and online accounting software. This software has many advantages, including automatic updates, scalability, real-time reports, and access from any location.
What is Cash Flow Management?
This process monitors cash inflow and outflow to make sure you have enough funds to keep your business running. Knowing that the inflow is higher than the outflow can help identify surplus funds for further investment. With historical cash flow statements, you can learn from the past and understand your spending patterns. We can assist you with short and long-term projections and build strategies to meet your company's needs.
Save Time and Money with Our Part-Time CFO services
Our team excels at providing CFO services to small and medium-sized businesses. The most commonly outsourced functions include financial strategy, long-term forecasting, and budgeting. We can perform these functions more affordably compared to having a permanent in-house CFO. If you're between CFO hires, we can provide continuity to ensure operations keep running until you identify a suitable candidate.
Understanding Strategic Business Planning
Identifying the logical next steps your business needs to take will help you achieve its long-term objectives. Strategic planning involves collecting and analyzing data to determine your strengths and weaknesses. Our specialists will help you put in place a strategic business plan through the following steps:
Define Your Current Position
Before outlining a plan, you must understand your standing in the market. Perform internal and external audits to determine your key competencies, as well as how competitors view you.
Come Up with Mission and Vision Statements
A vision statement is a summary of stakeholders' shared goals. It outlines the overall objective that your business hopes to achieve. A mission statement specifies your organization's cause or the path it will follow to achieve its stated vision.
Conduct a Gap Analysis
This analysis outlines the gap between your current business and the ideal one mentioned in the vision statement. These discrepancies include areas that you must improve on, including market share, customer satisfaction, internal controls, and financial strength.
List SMART Goals
These are specific, measurable, attainable, realistic, and timely goals. In this phase, we'll help you figure out precisely what you want to achieve, as well as who'll be in charge of each process. It also involves formulating a clear succession plan.
Perform Regular Reviews
By monitoring progress regularly, you'll remain on course to achieve your long-term goals. We advise you to perform a quarterly review of your strategic business plan.
Comprehensive Payroll Service
Payroll accounting includes the management of employee salaries, taxes, insurance, and benefits. Our team provides various aspects of this service, including:
- Processing paychecks
- Withholding and forwarding payroll tax to the IRS
- Recording the information in company books
- Ensuring adherence to payroll reporting regulations
The benefits of payroll services include time and cost savings, as well as peace of mind. Every pay period, we'll handle direct deposits, garnishments, and other deductions. We'll also file your quarterly and annual tax returns to ensure you avoid the headache associated with this process.
Get Started with New Business Formation Services
Our financial specialists will give you practical advice on the registration of new businesses. We'll start with the definition of various entities to determine which one best suits you. We'll also prepare legal documents such as the Articles of Incorporation, then file them with the relevant authorities. Other types of registration include bank accounts, VAT, and share capital structure.
We can perform all of these services, leaving you free to pursue more profitable activities. Other benefits include improved efficiency and cost-effective service. Our accuracy and strict adherence to legal guidelines also prevent future problems with the IRS.
Our Services for Nonprofit Organizations
Although your organization is tax-exempt, the IRS still expects you to report financial activities through Form 990. The tax agency requires income and expense statements, as well as balance sheets. You must also present a revenue support schedule, which shows the sources of income for various charitable activities. We help set up your nonprofit by applying for and processing the relevant documents.
Other services include:
- The design, setup, and maintenance of your accounting system
- Payroll preparation on a weekly, biweekly, or monthly basis
- Payroll withholding tax and deposits, including filing Forms 990 and 990T
- Training your staff on how to use relevant accounting software
- Compilation and review of your financial statements
We'll provide all the tools your organization needs to prepare for an independent audit if the law requires one. They include financial documents, formal requests to required staff during an audit, and guidance on how the process will proceed.
The Difference Between Audits, Reviews & Compilations
While related, there are differences between audits, reviews, and compilations. During an audit, we seek to determine whether your business complies with GAAP standards of accounting. The report we compile will be useful in reassuring lenders, potential investors, and buyers of its fiscal health.
A review is a basic assessment of your financial statements. Although not as thorough as an audit, it can also be used to convince lenders that your business is on solid footing. During a compilation, we'll help you get your finances in order. Unlike an audit or review, a compilation doesn't require a professional opinion on your business's GAAP-compliance.
These procedures reassure company stakeholders of the organization's credibility. They also facilitate the timely and accurate payment of various state and federal taxes. Other benefits include compliance with banking regulations, fraud deterrence, and fast-tracking a potential sale, merger, or acquisition.
Get Personalized CPA Services from the Pros
At Max Bussel & Company, we're passionate about supporting small and medium-sized businesses in South Plainfield and Randolph. Our top-notch financial services can help level the playing field against larger competitors. Contact us today for more information on how we can streamline your business and ensure its long-term profitability.
South Plainfield: (908) 753-1717 Randolph: (973) 328-0888
Small Business Accounting
As a small business owner you have more important things to do than to keep your own books. We take care of your books for you, so you can get back to the job of running your business and generating profits.
Payroll
We offer payroll solutions that meet your business's needs and enable you to spend time doing what you do best--running your company.
Part-Time CFO Services
Our Part-Time CFO service gives you a professional financial manager who works with you to help guide your business to success.
Audits - Reviews - Compilations
Your stockholders, creditors, or private investors have different levels of risk tolerance, so we provide three levels of assurance to meet your needs.
Cash Flow Management
A cash crisis can be emotionally devastating. It can even kill your business. The starting point for avoiding a cash crisis is allowing us to develop a cash flow projection for you.
Strategic Business Planning
If you still have all your plans and ideas locked up inside your head, preparing a strategic plan can help you clarify your company's direction.
Succession Planning
Developing and implementing a well-designed succession plan is essential to the survival of a family business from one generation to the next.
New Business Formation
Opening your own business is exciting and thrilling. It's everything that comes after the excitement and thrill has worn off that dictates whether a small business will make it or not.
Non-Profit Organizations
The IRS uses very specific revenue and expense classifications to determine if your organization will retain its tax-exempt status.
Internal Controls
We assess your internal control systems to determine the efficiency and effectiveness of your operating procedures, then we make recommendations that help your company become stronger.
