Wing to Wing LLC
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Providing Prompt and Efficient Accounting
Solutions
Providing Prompt and Efficient Accounting
Solutions
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Tax and Accounting Services for Small Businesses
Tax and Accounting Services for Small Businesses
Wing to Wing LLC is focused on small businesses that have revenues of less than $10 million. The business entity structures most often associated with small businesses are sole proprietors, partnerships, or S corporations. We provide services for all of them.
What Is a Small Business?
What Is a Small Business?
The definition of a “small business” can vary by industry. The Small Business Association (SBA) is responsible for defining if your business is a “small business.”
The SBA relies on the North America Industry Classification System (NAICS) to determine the classification of a business’ size.
Key Steps in Establishing and Operating a Small Business
Key Steps in Establishing and Operating a Small Business
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• Register Business With State Authorities
• Register Business With State Authorities
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• Obtain a Federal Employer Identification Number
• Obtain a Federal Employer Identification Number
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• Develop a Business and Marketing Plan
• Develop a Business and Marketing Plan
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• Obtain Proper Licenses If Required
• Obtain Proper Licenses If Required
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• Ensure Proper Insurance Coverage
• Ensure Proper Insurance Coverage
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• Determine Tax and Financial Reporting Requirements
• Determine Tax and Financial Reporting Requirements
- A. Record-Keeping
- B. Accounts Payable/Receivable
- i. Proposals and Invoicing
- ii. Bill Payment
- iii. Collections; Upon Receipt, Net 15/30
- C. Financial Reporting
- i. Rhythm: Each Week, Each Month, and Each Quarter
- ii. Profit and Loss Statement and Balance Sheet
- iii. Cash Forecast Report
- iv. Budget Versus Actual or Prior Year
- D. Set Up a Financial System - reach out to us before you do this; we highly suggest Quickbooks Online. We are very experienced in setting companies up on Quickbooks. We also provide training.
- E. If You Will Have Employees, Will Payroll Be Insourced or Outsourced?
- F. Know Your Tax Filing Requirements: Sales, Income, Entity, and Payroll
Key Operating Suggestions
Key Operating Suggestions
- Have a Dedicated Bank Account for Your Small Business
- Use Online Banking Versus Manual Checks
- Link Your Bank Account and Your Financial System Together via Quickbooks online
- Know Your Cash Position Daily
- Track Income and Expense on a Regular Basis
- Keep Receipts Safe
- Issue Invoices Quickly
- Call and Collect on Aged Accounts
- Pay Your Bills Timely
- Understand How to Properly Account for Equipment and Automobiles
- Track Your Mileage Daily and Write It Down
- Produce Financials at Least Quarterly (Monthly Is Highly Recommended)
- Understand and Meet Your Tax Filing Obligations
We hope you found the above mentioned information useful. For inquiries and assistance, please call us at 203-249-2798 or email us at [email protected] anytime.
We hope you found the abovementioned information useful. For inquiries and assistance, please call us at 203-249-2798 or email us at [email protected] anytime.