Our Long Island CPA firm offers a range of accounting and tax services to businesses and individuals in Suffolk County. Having a properly planned out strategy and well-organized financial records are key pieces for success. We offer this service to a wide range of industries with a unique, individualized approach.
Accounting is a must for any business, but can quickly become a challenge for a small business owner. The time you spent on accounting and bookkeeping tasks distracts you from what matters: bringing in revenue.
We help businesses of all sizes with efficient bookkeeping services right out of Long Island, NY. Our computerized accounts are prepared, saved and presented for client review on a periodic basis. We also provide budgeting and forecasting support. You can count on us to manage your business back-end while saving you time and money.
We’re not just your local accounting firm in Long Island accounting firm, we work alongside you as business partners. When you bring Roy Cooper, CPA on board, you can count on us as your business adviser.
We can help you set the foundations of your early stage business so you’re set for the long haul. Our accounting solutions are catered to meet your business needs. Whether you’re deciding on what type of business entity to elect or looking to outsource accounting services, we have you covered.
Financial Statement preparation for small business clients is a long-standing service of our Long Island Accounting Firm. We can prepare and analyze periodic balance sheet and detailed operating statements based on the client’s needs. Our advanced accounting software can provide helpful comparisons and calculations for effective business analysis.
It is a set of reports about an organization’s cash flows and its financial results and condition. They are useful for providing an overview of the financial conditions of the business such its potential to generate cash, and the sources and uses of that cash.
Accounts payable are money a business owes because it purchased goods or services on credit from a supplier. Accounts receivable are money a business is able to collect because it sold goods or services on credit to a customer.
Under cash basis accounting, revenues are reported in the period in which cash is received from customers and expenses are reported when cash is paid out on the income statement.
Under accrual basis accounting, revenues are reported when they are earned and expenses are reported in the period when they occur on the income statement.
A general ledger account is an account or record used to organize and store income statement and balance sheet transactions.
Wages is associated with employee compensation based on the number of hours worked multiplied by an hourly rate.
Salary is associated with employee compensation that is based on an annual rate.
A sole proprietorship is the simplest entity, which is owned entirely by you. You are taxed at the personal level and are responsible for all debts and liabilities of the business.
A limited liability company (LLC) gives owners the legal protection that comes with a corporation, while offering the tax benefits of a partnership. The real beauty of an LLC is that owners are able to report their share of profit and loss on their individual tax returns, avoiding double taxation.
If you’re planning on taking on investor funding, hiring multiple employees, building a powerhouse company, then a corporation may be your solution. It comes with more complex reporting and tax implications, but gives you the best personal protection for debts, liabilities and business decisions. It operates as an independent entity owned by shareholders.
An S corporation (S corp) offers you the same liability protection as that of a corporation, but you’ll only be taxed on personal income you elect to take out of the business.