A Business Plan is much more than a tool to obtain financing. If you still have all you plans and ideas locked up inside your head… preparing a business plan helps you clarify your company’s direction, ensures your key leaders are all “on the same page”, and keeps both management and staff focused on the tasks at hand.
A Business Plan is often needed when…
- Starting a new venture, product or service.
- Expanding a current organization, product or service.
- Buying a new business, product or service.
- Turning around a declining business.
- The Strategic Plan provides a blueprint, describing your company, its products, the competitive environment, management team, financial health, and business risks.
Remember, failing to plan is planning to fail.
The Tax Prep will help you develop a powerful Strategic Business Plan that drives your business to the level of success you deserve.
Accounting and Bookkeeping
WHAT IS MEANING AND PURPOSE OF BOOKKEEPING?
Bookkeeping is simply recording of Financial Transactions of a business. It helps to:
- To understand Profit or Loss resulting from business activity for any period
- To know the financial status of a business by showing its Assets, Liabilities, and Owner’s Equity on any day. This provides you with accurate and detailed data.
- To get analytical reports to manage and control business to improve profits
- To prepare accurate tax returns for IRS
- To maintain permanent classified record of details of all income and expenses
- To get accurate statements of your customers for timely collections
- To get accurate statements of suppliers to make payments on time
- To present correct financial statements to get financing from banks/partners
- To assure compliance of various taxing and regulating agencies by filing required reports/returns like returns for sales tax , franchise tax, payroll etc.
- To attain valuation of business for buying or selling business any time.
- At The Tax Prep, we hire Chartered Bookkeepers, CPAs or Post Graduates having experience of over 7 years to do your bookkeeping.
Personal Financial Analysis
It doesn’t matter how much money you have, what matters is happiness and how you lived. And that requires Financial Analysis and Planning. The goal of developing and implementing a financial plan is the ability to live the life that you want.
Life is a series of events. When your life changes, your financial life does too. You have to prepare for all the events of your life to address your immediate and long terms needs and goals.
The key steps to Personal Financial Analysis are:
- Assessment of income, expenses, assets and liabilities
- Setting financial goals – short term and long term goals
- Financial plan to accomplish the goals
- Execution of Financial Plans
- Monitoring, Reassessment and Adjustments
The Tax Prep helps you find simple solutions to all the series of events to live the life you want.