Taxandaccount

Services

Our Services

Discover seamless Tax and Accounts Outsourcing at TaxandAccount. Our adept professionals specialize in bookkeeping, payroll, tax preparation, and financial reporting. With us, you can streamline operations, enhance efficiency, and ensure compliance, freeing up your time for business growth. Trust TaxandAccount for precise, timely, and cost-effective financial solutions tailored to your unique needs.

Service Modules/Tailored Solutions


Treamlining Financial Processes for Your Business





  • Efficiently manage your accounting and bookkeeping tasks with our comprehensive services. We take care of the entire document handling process, from following up on invoices, check stubs, and bank statements via email or calls to downloading and organizing them from portals or emails.
  • Say goodbye to the hassle of dealing with physical documents—whether received or scanned, our document management system ensures seamless organization of scanned, downloaded, or emailed documents, including meticulous management of historical records.
  • Communication with clients is a breeze through email and phone, addressing any missing information or documents promptly. For a more personal touch, we offer in-person meetings for handing over essential documents.
  • Preparing spreadsheets and CSV files for QuickBooks import is part of our expertise, ensuring a smooth reconciliation of your bank accounts on a daily, monthly, or quarterly basis.
  • In the realm of accounts payable, we handle the nitty-gritty details, including entering vendor invoices item-wise, coding, reconciling vendor accounts, and processing payments through electronic means or checks. Our dedicated team also manages credit periods and addresses vendor queries efficiently.
  • On the accounts receivable front, we take charge of entering and preparing invoices for clients, maintaining account statements, and overseeing the billing system. Timely follow-ups and debtor reconciliations ensure that your credit periods and collections are managed with precision.
  • Experience a new level of financial efficiency with our services, where attention to detail meets streamlined processes for a hassle-free accounting experience.
  • Streamline Operations – Transfer of Legacy Data, Software Transition, Organization of Historical Documents, or any Project-related Tasks
  • End-of-Month Procedures – Adjusting Prepaid and Accruals, Accurate Expense Coding, Bank and Credit Card Reconciliation, Removal of any Anomalies
  • Financial Closure – Reconciliation of Intra-Company or Intra-Bank Transactions, Depreciation Assessment, Preparation of Profit & Loss, Balance Sheet, and Cash Flow Statement for Review
  • Coding and Establishment of a Consistent Chart of Accounts (Creation of Assets, Liabilities, Revenues & Expenses as Required)
  • Manual Transaction Matching – Development of Rules for Recurring Transactions
  • Management of Subsidiary and Group Companies’ Accounts
  • Collection and Compilation of W-9 Forms
  • 1099 Preparation, Submission, and Issuance (Payee, IRS, and State Tax Department)
  • Entry of Adjusting Journal Entries based on Analysis
  • Reviewing – Monthly/Quarterly Bookkeeping
  • Reviewing – General Ledger Balances for Work Completion and Resolution of Anomalies
  • Client Onboarding and Configuration on QuickBooks or Other Accounting Software
  • Monthly – Account Reconciliation – Vendor/Debtor Reconciliation
  • Real Time Accounting – Generating and Distributing Purchase Orders/Invoices – Assigning Codes to Purchases – Establishing Item Masters
  • Real Time Accounting – Billing Clients or Debtors/Overseeing Inventory/Adapting Discounts/Handling Returns/Bad Debts/Debit Notes/Integrating them into the System, Ensuring Reconciliation
  • Real Time Accounting – Developing Chart of Accounts, Maintaining Fixed Assets & Calculating Depreciation
  • Real Time Accounting – Daily Balance Reporting/Sales/Purchases, Monitoring Payments, Invoices, Expenses, Product Costing/Setting up Job Costing


All financial reporting/support task for management & CFO

 

  • Help in preparing SOPs
  • Document/Report Important Observations/Variances with 
  • meaningful Insights
  • Financial Statement Comparative Analysis & Budget v/s Actual, 
  • Cashflow, Past Years, Costing, Sales etc
  • Assisting and Support in CFO works and General Financial 
  • Management & Analysis


  • Annual Tax Optimization – Gathering Comprehensive Financial Documentation such as Bank Statements, Credit Card Statements, Check Stubs, Invoices, etc.
  • Compiling a Spreadsheet/CSV for Seamless Import into QuickBooks (Monthly/Quarterly/Yearly)
  • Recording Adjusting Journal Entries – Aligning Books with Bank/Credit Card Statements, Incorporating Intra-Company Transfers, Depreciation, Meals & Entertainment, Insurance, Lease Adjustments, Payroll, Sales Tax Reconciliations, and other pertinent business entries
  • Formulating Fixed Assets/Amortization Schedules
  • Chasing Down Missing Information – Addressing Pending Items via Client Email Communication
  • Tax Coding of Accounts to Facilitate the Preparation of a Trial Balance for Tax Returns
  • Reporting and CFO Support – Handling all Financial Reporting and Support Tasks for Management and CFO
  • Yearly Financial Review – Preparing the Trial Balance for Input into Tax Software
  • Inputting the Final Trial Balance into the Tax Software for Accurate Tax Return Filings
  • Implementing Tax Adjustments within the Tax Software for Enhanced Tax Optimization


  • Sales Data Compilation – Generating Internal Sales Reports from POS/ERP, Scrutinizing Returns, Credit Notes, Discounts, etc.
  • Recording and Aligning Sales Reports with QuickBooks or the Accounting System
  • Formulating and Reviewing Sales/Use Tax Calculations
  • Configuring and Facilitating Sales/Use Tax Payments through State Websites/Platforms
  • Conducting Regular Sales Tax Filing and Ensuring Compliance on a Monthly/Quarterly/Annual Basis
  • Reconciling Sales/Use Tax Entries with the Books of Accounts
  • Preparation and Support for Sales/Use Tax Audits, if Required
  • Calculating Back Taxes for Sales/Use Tax, if Applicable
  •  


    • Employee Management Setup – Establishing Employee Profiles and their Master Records
    • Recording Daily/Weekly/Monthly Time Cards
    • Addressing Time Card Queries, Resignations, New Employee Onboarding, and Removals through Email/Phone Communications with Clients
    • Real-Time Payroll Computation Preparation

     

    • Conducting Email and Phone Follow-ups
    • Reviewing Payroll Computations, Including Breakdowns and Government Tax/Deduction Components
    • Printing and Issuing Paychecks/Pay Stubs
    • Filing 940/941 Payroll Compliance Forms
    • Managing State Form Filings and State Compliance
    • Reconciling Payroll Entries with the Books of Accounts
    • W-2 Preparation, Submission, and Issuance (Social Security, IRS, Employee)
    • Reviewing Form W-4 and Determining the Appropriate Tax Withholding from Employee Wages
    • Setting up and Facilitating Payments through EFTPS (Electronic Federal Tax Payment System)


  • Client Document Coordination: Coordinating and Dispatching Client Organizers
  • Client Communication and Follow-Up: Engaging Clients via Email and Phone to Ensure Timely Submission of Tax Documentation
  • Efficient Information Gathering: Utilizing a targeted questioning approach for tax return preparation through Email or Phone interactions
  • Document Organization: Arranging Documents Received via Email or Scans into the Tax Software, File Cabinet, or Firm Server
  • Tax Code Integration: Implementing Tax Codes in Trial Balance and Entering Data into Tax Software for Business Returns
  • Data Input and Verification: Reviewing and Inputting Information from Tax Documentation into the Tax Software
  • Accuracy Assurance: Double-checking entered information against Source Documents
  • Year-to-Year Comparison: Comparing Current Year Tax Returns with Previous Year for Consistency
  • Error Resolution: Identifying and Rectifying Diagnostic Errors in the Tax Return
  • Client Approval Process: Seeking Follow-Up and Approval from Clients for Tax Returns, addressing Missing Information and Clarifications
  • Review and Note Preparation: Reviewing Tax Returns, Compiling Review Notes, and Formulating Questions for Further Clarification
  • Adjustments and Approval: Making Corrections and Adjustments to Tax Returns, securing Client Approval
  • Client Authorization: Obtaining Client 8879 Signatures for the Filing of Tax Returns
  • Specialized Reports: Generating Specific Spreadsheets or Reports for Taxes or Work Papers as per the Firm’s Policies
  • Document Organization: Aggregating and Categorizing Work Papers, Including Source Documents
  • Tax Forecasting: Generating Estimates and Projections based on Current and Previous Year Figures as needed
  • Advance Tax Management: Facilitating Advance Tax Payments in accordance with Client Specifications
  • Book to Tax Adjustments: Crafting and Assessing Entries for Book to Tax Adjustments

 

  • Individual Tax Expertise: Crafting and Evaluating Individual Tax Returns (Federal – 1040, 1040NR; State, City)
  • Corporate Tax Proficiency: Preparation and Evaluation of Corporate Tax Returns (Federal – 1065, 1120, 1120S; State, City)
  • Diverse Tax Forms: Preparing and Reviewing Various Tax Forms such as 990, 1041
  • FBAR Compliance: Completing and Submitting FBAR Forms
  • Information Returns/Form Filings: Preparing and Submitting Information Returns/Forms including 5471, 5472, 2555
  • Comprehensive Tax Form Services: Crafting and Reviewing Various Other Tax Forms


  • Compilation of IRS Notice Document Checklist to be Requested from Clients
  • Follow-Up via Email to Obtain the Required Documents
  • Retrieval of IRS Transcripts for Documentation
  • Drafting Responses to IRS Notices for Review
  • Liaising with IRS on behalf of the Accountant through Scheduled Calls
  • Gathering Documentation for the Preparation of Accounting
  • Generating Accounting Write-ups for Multiple Years based on Limited Documentation such as Bank Statements and Credit Card Statements
  • Downloading IRS Transcripts and Aligning with Bank and Credit Card Records
  • Formulating Tax Returns based on the Prepared Accounts, Addressing Back Taxes
  • Researching Specific Topics in Taxation or Accounting
  • Compilation of Comprehensive Work Papers and Spreadsheets for Reference


  • Dispatching the Engagement Proposal
  • Ensuring Engagement Signatures – Persistent Follow-Up
  • Email and Phone Communication for Essential Document Collection as per Checklist (e.g., Prior Year QB File, Business and Personal Tax Returns Copies, Incorporation Documents, etc.)
  • Establishing the Entity, if Necessary, and Compiling Required Documentation (e.g., Operating Agreement)
  • Configuring and Integrating Entities into QB or Alternative Accounting/Tax Software
  • Integration into Billing Systems or Other Relevant Software Platforms
  • Facilitating Software or Data Migration as Needed, Including any Catch-Up Work
  • Establishing New Entities/Chart of Accounts as Required


  • Internal Firm Accounting and Budgeting
  • Invoicing Clients Internally in Accordance with Engagement and Firm Policies
  • Data Entry Tasks for Contact Management and Additions
  • Research for Prospect Meetings
  • Efficient Management of Contact Lists and Database
  • Updating Client Database with New Information
  • Live Chat Management on the Firm’s Website
  • Handling Email Inboxes for Partners, Managers, and General Emails
  • Calendar Management and Meeting Scheduling for Partners and Managers
  • Supervising Social Media Updates
  • Management of Firm’s Accounts Receivable: Billing (Timesheet Updates), Collection, Reconciliations, and Follow-Up on Outstanding Client Payments
  • Workflow Optimization and Updates
  • Oversight of Firm’s Accounts Payable: Vendor Management and Payment Processing
  • Executive Administration and Support
  • Administration of Firm’s Online Portal, Document Sorting, and Email Management
  • Calendar Management: Efficiently scheduling, updating, confirming, and canceling meetings, and managing due dates.
  • Client Communication: Following up with clients on documentation and other relevant matters.
  • Call Handling: Answering calls and taking messages.
  • Document Management: Organizing scanned documents, arranging email documents, and downloading necessary files.
  • Client Email Management: Following up with clients via email for standard documents, arranging meetings, and collecting missing information.
  • Client Phone Management: Following up with clients via phone for standard documents, arranging meetings, and collecting missing information.
  • Client Engagement Procedures: Facilitating client engagement signing and 8879 signing.
  • Client Organizer Coordination: Arranging and dispatching client organizers.
  • CPE (Continuing Professional Education) Hours Credit and Management.
  • Travel Arrangements: Organizing travel plans.
  • E-Newsletters: Composing and sending electronic newsletters.
  • Proposal/Engagement Preparation: Drafting and sending proposals and engagement documents.


  • Physically matching fixed assets to fixed asset records.
  • Accounts Payable and Loans Confirmation.
  • Contacting suppliers to verify the accuracy of accounts payable balances.
  • Confirming loan balances with lenders.
  • Reviewing board of director’s minutes to validate the approval of dividends.
  • Audit/Review Documentation Preparation:Creating and maintaining comprehensive audit/review documentation and workpapers.
  • Generating analyses, audit plans, checklists, confirmation letters, memoranda, and correspondence related to identified issues.
  • Compiling representation letters, summaries of significant findings, and client-provided questionnaire responses.
  • Preparing documentation for peer review in accordance with the checklist.
  • Financial Statement Compilation:
  • Entering adjustment transactions to the General Ledger through journal entries.
  • Preparing financial statements from trial balance in compliance with SSARS-21 standards.
  • Engagement Tools Utilization:
  • Generating workpapers and reports using Excel, Word, or specialized audit software and engagement tools such as Caseware, AdvanceFlow, Checkpoint Engagement, TR, PPC, etc.
  • Conducting a thorough review of financial statements to ensure conformity with the applicable financial reporting framework.
  • Performing ratio analysis with historical, forecasted, and industry results.
  • Investigating inconsistencies and addressing unusual or complex situations.
  • Inquiring about accounting transaction recording procedures.
  • Investigating transactions near the end of the accounting period and material events post-financial statement date.
  • Scrutinizing significant journal entries.
  • Reviewing communications from regulatory agencies and management reports of previous accountants who reviewed or audited the entity’s financial statements.