We combine the experience of a large firm with the personal attention that only a small firm can provide. Our clients come back to us year after year because they know they are in good hands. We work to develop long-term relationships; whether your needs are simple or complex, we can help. We will thoroughly and conscientiously study your personal situation, and tailor our advice to your specific needs.
Financial Statement Preparation, Compilation and Review
Financial statements are an important tool for management decision making. Financial statements also represent your business to lenders, partners, potential buyers and other interested parties. We perform financial statement preparation, compilation and review services in accordance with guidance issued by the American Institute of Certified Public Accountants. We will consult with you to determine what level of financial reporting and assurance is warranted for your business needs and provide timely financial statements. Additionally, we work closely with the Arkansas Contractors Licensing Board to help fulfill the licensing requirements of our clients.
If your business does not currently have accounting staff, if your business is outgrowing its current bookkeeping system or you just want the peace of mind of professional maintenance of your company books, we are here to help you! We can provide comprehensive bookkeeping services to ensure the smooth operation of the financial side of your business. As your business needs grow and change, we can provide input and planning assistance to make sure your accounting and financial systems keep pace with your business needs.
We understand that as a business owner, you frequently face tough decisions. As a true business partner, we are available to help you deal with most business problems or opportunities. We stand ready to engage in business consulting projects to help you make the right decisions for the future of your business.
Business Formation and Entity Selection
When you are getting started in business, it can be tempting to rush through to the operations part. However, the business entity type (LLC, sole proprietorship, partnership, corporation, etc) that you select for your business has enormous financial and tax implications. It is important that you make the right decision. We can explain each choice and its implications. As your business grows and changes, the type of business entity you choose may need to change also.
Constantly changing federal and state tax laws and regulations make payroll management an ongoing challenge for business owners. Our staff can take the complexity out of payroll preparation and compliance, allowing you to focus on the business at hand. We offer a complete array of payroll preparation and payroll tax reporting services that can be tailored to meet the specific needs of your company. Our competitively priced payroll packages perfectly compliment small business management.
An audit can be an intimidating and complex process. If you or your business face an IRS, state or sales tax audit, we can bring to bear years of experience in dealing with tax matters and audit procedures to ensure that you are properly represented when dealing with the tax authorities.
A notary public can help you to handle various business matters, including witnessing and authenticating document execution and signatures. We offer Notary Public services and are available when you need us.
Our team can help you utilize QuickBooks to its fullest potential. Let the team at Michelle M. Phillips, CPA, PA provide the in-depth knowledge you need to optimize use of QuickBooks in your organization. Ask us about our QuickBooks set-up and training options so you can utilize the QuickBooks platform more efficiently and accurately, saving you valuable time as you maintain the financial information of your company. We can also assist you with cleaning up your existing QuickBooks and helping you get back on track.
Sales Tax Services
State and local tax authorities have an initiative to maximize sales tax collections. We can help you understand and manage your sales tax obligations and prepare sales tax returns in an efficient and timely manner.
Tax Return Preparation
When dealing with the complexities and ever changing landscape of tax regulations, it helps to have a seasoned tax professional on your team. We have 65 years of combined accounting experience specializing in individual and small business returns. We work with a wide range of industries including construction, rental, real estate and many others. Our experience and analytical approach allow us to accurately prepare your returns, while optimizing deductions and credits, helping you save every penny possible. Our personnel is ready to assist you with all your tax preparation needs including individual, corporate, partnership, trust, estate and gift returns.
Effective tax preparation and planning can help you to minimize your future tax liability. We can help you proactively manage both your personal and your business tax issues, including understanding how upcoming business opportunities impact your tax status and vice versa. Not all tax planning opportunities are readily apparent. By having us on your team, you are more likely to benefit from those opportunities. We understand how the latest federal, state and local tax legislation and other developments affect you and your business and we are constantly identifying new ways to reduce federal, state or local tax liabilities.