Accounting for Las Vegas Businesses

 

ACCOUNTING

Accounting for Small and Medium-Sized Businesses

 

Ratio CPA is a tax and accounting firm that will help your small or medium-sized Las Vegas business grow profitably.

Whether you run a small business in Summerlin or a medium-sized firm on the Strip – we can take care of your accounting needs, so you have time to tackle what really matters – your clients.

Accounting for Medical and Healthcare Businesses

We offer monthly, quarterly, semi-annual, and annual accounting plans, depending on your firm’s size and complexity.

At Ratio CPA we use cost-effective and secure cloud-based technology to handle your accounting. Our clients have access to online accounts, tax portals, and tax organizers. We save your time and offer quality you can bet on!

Why Is It Important To Choose The Right Tax and Accounting Firm?

Mistakes in accounting can potentially cost your business a fortune, and the way you handle your finances can make or break a company.

What makes us stand out from the competition?

  • We do not outsource or offshore our accounting services – you will be in constant contact with your local, Las Vegas CPA.
  • Your accounting will be up to date, compliant with Generally Accepted Accounting Principles (GAAP), and done with great precision and attention to detail. Our CPA firm does not cut corners.
  • You will have direct access to your company’s books, reports, and other important data on a day-to-day basis – we empower Las Vegas business owners and help them grow their business profitably.
  • You and your staff will save valuable time to focus on core business activities and clients. We are here to offer support, answers, and solutions to keep your Las Vegas business running smoothly, stress-free, and always ahead.

What will my business accounting include?

Our business accounting services are tailored to meet the accounting and tax needs of your company, and may include, if applicable:

  1. Set up of a new company in QuickBooks Online
  2. Migration of a company to QuickBooks Online from another accounting software
  3. Clean up of a company’s accounting in QuickBooks Online
  4. Posting of transactions in QuickBooks Online
  5. Monthly reconciliations of bank, credit card and loan accounts in QuickBooks Online
  6. Preparation of monthly, quarterly or annual unaudited financial statements in QuickBooks Online

Our business accounting services do not include:

 

  1. Issuing invoices/Accounts Receivables
  2. Paying bills/Accounts Payables
  3. Processing Payroll
  4. Bookkeeping

What does an accountant do for a business?

An accountant analyzes data, verifies data, gives forecasts, makes adjustments, and prepares financial reports such as balance sheets and profit and loss statements. An accountant can advise a business owner on a higher level: how healthy is your business? How has it evolved? Where is it going? How is your cash flow? Are your business plans viable? Business owners can make informed, smart decisions based on this information.

In addition, an accountant may prepare an income tax return, consult on tax and accounting matters, and usually has a degree in accounting or finance. They may be or may not be licensed. Not every accountant is a CPA, but every CPA is an accountant.

At Ratio CPA, your accounting will be handled by an experienced and licensed CPA, which is why you can expect the highest quality of services, exceeding your expectations.

What is the difference between an accountant and a CPA?

An accountant does not need to be licensed, while a CPA must be licensed in order to practice. Not all accountants are CPAs, but all CPAs are accountants. A CPA will have higher qualifications than an accountant.

At Ratio CPA, your accounting will be prepared by an experienced, licensed CPA.

Does my small business need an accountant?

Yes. Whether you own a single-member LLC, a partnership, or a corporation, there is always a need for accounting. Your business numbers will be reflected on your income tax return (whether it’s an individual or a business return), and incorrect data will be a red flag for the IRS.

It’s important to have an experienced expert handle your accounting, as mistakes and incorrect entries can cost you time, money, stress, and perhaps an audit.

In addition, accounting gives you valuable insight into the health of your company: your growth, income, spending, profits, cash flow and strategies for the future.

An accountant can help you set up your accounting file, cleanup any past mistakes and inconsistencies in your accounting, and maintain your books on a monthly, quarterly or annual basis.

The right tax and accounting firm is an invaluable asset for any small business.

Can an accountant handle my firm’s tax preparation?

Yes, your tax preparation needs – both individual and for your business – can be handled by an accountant (or a CPA).

At our CPA firm, all tax returns are prepared by an experienced CPA, with deep knowledge of both federal tax laws and Las Vegas tax regulations. We specialize in complex income tax returns. Having a CPA handle your tax preparation means you will have licensed and certified experts working on your return, ensuring the return is correct.

Hiring the right tax preparer can also translate into tax savings for businesses, and Ratio CPA specializes in helping Las Vegas companies lower their taxes.

How do I choose a good accounting firm? There are so many accounting firms out there.

Ideally, your Las Vegas accounting or CPA firm should have experience in your particular industry, a history of working with clients who are similar to you, offer the services you need and place an emphasis on quality and value.

When choosing your accounting partner, it’s important to schedule a consultation and ask the right questions:

  • What makes you stand out among other CPA firms?
  • What businesses do you work with?
  • How many years of experience do you have?
  • What tax services do you offer? What accounting services do you offer?
  • Who will be working on my accounting? Will it be a staff member? A CPA? Who will be making sure my accounting is correct?
  • How will I be communicating with my accountant?
  • How will I be exchanging documents? Will I have to supply paper copies or can I upload my documents to a portal?
  • What software will be used to handle my accounting? Will I have access to this software?
  • What fees can I expect and what is included in the fees?

Though many businesses would like to pay as little as possible for accounting services, when you pay a low fee, you usually get what you paid for: low quality. This often backfires and leads to problems with the IRS or to business decisions that are based on incorrect data. If you’re paying bottom dollar, chances are your accounting is offshored (along with your data), rushed or never even reviewed by a senior member of the firm.

It’s also important to see if the CPA or accounting firm has reviews on sites like Google or LinkedIn and to do some research on the owners and partners of the firm.

How do you charge for accounting and tax services?

We do our best to keep away from billing by the hour. Instead, we first analyze your business needs during a free consultation, and offer a monthly, quarterly, or annual quote. Your fee will depend on your firm’s size and the complexity of your accounting. We do not post our fees online as every client is different.

Clients know their fee before agreeing to work with us.

In certain situations, especially in the case of large projects or accounting cleanup, it is not easy for us to offer a full quote upfront. In these cases we may establish a retainer and negotiate an additional fee once we reach the retainer amount.

Is bookkeeping the same as accounting?

No, bookkeeping and accounting services are two separate services. Ratio CPA is a tax and accounting firm, and currently we do not provide bookkeeping services.

A bookkeeper is a record keeper of your company’s transactions and financial records. They enter data from sales, expenses, everyday transactions. They enter and store this data in an accounting system, such as QuickBooks Online. They may also handle a company’s payroll, invoices, and make sure bills are being paid. 

A bookkeeper does not need to be certified, and they generally do not prepare income tax returns. 

An accountant reviews and analyzes data entered by the bookkeeper, verifies data, gives forecasts, makes adjustments, and prepares financial reports such as balance sheets and profit and loss statements. An accountant can advise a business owner on a higher level: how healthy is your Las Vegas business? How has it evolved? Where is it going? 

An accountant may prepare an income tax return, and usually has a degree in accounting or finance. They may be or may not be licensed. Not every accountant is a CPA, but every CPA is an accountant.

At Ratio CPA, your accounting services will be handled by an experienced and licensed CPA, which is why you can expect the highest quality of services.

CASE STUDY

“Larry” owns a large consulting business and reached out to us in 2019 because his accounting was in very bad shape and his investors were unhappy. We started with QuickBooks cleanup services, but Larry quickly saw the value of working with us and hired us to prepare his partnership and individual income tax returns, as well as to help him with tax reduction planning.

As we closely follow all updates to regulatory changes to the tax code, and we carefully studies Larry’s accounting, we were able to see he had Net Operating Losses (NOL) in 2020 – and could carry these losses back to years when his company showed profits. We amended his past income tax returns and requested a refund from the IRS. By taking the time to analyze his accounting and income tax returns, and by having a firm grasp of current tax law, we were able to save Larry almost a hundred thousand dollars with just one strategy! Larry (just like the majority of taxpayers) was not aware he had access to such tax savings.

In addition, because Larry’s company was on track to high profits in 2021, we were able to pinpoint a variety of other tax reduction strategies to mitigate future taxes.

While the $100,000 tax savings from carrybacks of net operating losses was just a one-time strategy, his recurring tax savings thanks to his tax plan will be over $70,000 in 2021 alone.

This is a combined savings of almost $170,000 in two years – and a potential $450,000 over a period of 5 years.

This is the magic of choosing the right tax and accounting firm!