Services

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Bookkeeping & Payroll

All businesses need someone to do their bookkeeping and payroll. However, not all businesses can afford to pay an employee or find someone qualified to do the job correctly. Our experienced staff can take care of all your bookkeeping and payroll needs at a much lower cost to you than having to pay an employee to perform these duties.
Services offered:

Payroll Processing
-Print payroll checks
-Office pick-up
-Send via regular mail or overnight
-Send via fax, email, or through our secure "Client Portal"

Provide employer payroll reports Payroll Reporting:
-Prepare monthly/quarterly/annual reports
-Reporting to Federal, State, & Local
-Year end W-2's & 1099's

Accounts Receivable/Payable Service:
-Prepare and mail out invoicing
-Pay and mail out authorized bills
-On-line bill pay

Why should you allow us to do your payroll?

1. Saves you money - Use your time more wisely; focusing on your business not "our business". It also reduces your overhead by not having to hire a specialized employee.

2. Worry free payroll tax reporting to Local, State & Federal Agencies - Eliminate the risks of calculating and filing your own payroll taxes by having professionals do it for you. Local, state and federal payroll tax laws are frequently changing and becoming more complex. How much time do you want to spend learning all the rules and keeping your information up to date?

3. Comprehensive Payroll Reports - We can provide a wide variety of user-friendly and accurate payroll reports.
We can also prepare....
- Sales and Use Tax Reports
- Federal Fuel Tax Reports
- KY Weight and Distance Reports
- Transient Tax Reports
- Hotel Occupancy Tax Reports
- Workers Compensation Audit Reports

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Accounting

Small Business Accounting

If you own your own business you know how hard it is to keep up with your company's finances. Plus, you don't have time to do it nor can you afford to pay an employee to keep your books. Let us take care of your financial records so you can spend your time running your business!

Each month or quarter we can do the following things for your company...

-Reconcile your bank account
-Generate an Income Statement
-Generate a Statement of Assets, Liabilities and Equity
-Maintain your general ledger

Bank Reconciliation
Reconciling your business checking account each month allows us to keep your bank account, accounting and tax information up to date.
Having us reconcile your account each month will allow you to...
* Identify lost checks, lost deposits and unauthorized wire transactions.
* Detect and prevent excess or unjustified bank charges
* Decrease the opportunity of fraud within your company
* Make sure that all expenses and revenues are accounted for in your bookkeeping

Income Statement
An Income Statement shows the business owner a catagorized list of revenues and expenses which will show your company's profit or loss for the specified period.

An income statement will allow you to...
* Track revenues and expenses so you can determine the operating performance of your business.
* Compare revenues and expenses to the previous year or give you totals year to date
* Identify areas where you company may be performing well or have "opportunity" areas that needs your attention
* Determine your income tax liability

Statement of Assets, Liabilities and Equity
A Statement of Assets, Liabilities and Equity gives you a snapshot of your business' financial condition at a specific monment in time.

A Statement of Assets, Liabilities and Equity helps you...
* Quickly get a handle on the financial strength and capabilities of your businss
* Identify and analyze trends, particularly in the area of receivables and payables.
* Determine if your business is in a position to expand

The Statement of Assets, Liabilities and Equity and the Income Statement are the most basic elements in providing financial reporting to potential lenders such as banks, investors, and vendors who are considering how much credit to grant you.

General Ledger Maintenance
The general ledger is the core of your company's financial records. These records constitue the central "books" of your system. Since every transaction flows through the general ledger, a problem with your general ledger throws off all your books.

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Tax Preparation

White & Associates, PSC provides professional tax preparation services for individuals, estates, non-profit organizations, and all types of business entities.

Returns we prepare...

- Individual + all States
- Sole Proprietor
- Partnership
- Limited Liability Company
- S Corporation
- C Corporation
- Tax Exempt (Non Profit)
- Estate
- Fiduciary

Whether we like it or not, today's tax laws are so complicated that filing a relatively simple return can be confusing. It is just too easy to overlook deductions and credits which you are entitled.

What we can do for you or your company/organization...

- Drop your tax information off at our office and we will prepare your return and have it ready for you to pick up without you having to waste your time watching us prepare your return.

- Your tax return will be checked and rechecked by our computer software identifying potential problems the IRS may look at more closely and review the math calculations to limit IRS contacts.

- Your tax return can be filed electronically which will result in a shorter wait for your income tax refund.

- We can show you how to adjust your payroll withholdings to get more money back when you file your return or take more money home each pay period.

- Once your return has been prepared, you will have immediate access 24/7/365 to your current and prior year income tax returns that we prepared through our "Secure Client Portal" on our company website. No need to contact us if you need a copy of your return (just login and print your returns)!

- You can also upload tax return information to our company website through our "Secure Client Portal". This could save you trips to the office or manually faxing sensitive information over an insecure fax line.

- Is your tax information in a mess? Bring it to us and we can filter through it and categorize your expenses and income and prepare your return. An hourly rate will be charged for the organization process.

OTHER TAX RELATED SERVICES WE PROVIDE...


- Amend Tax Returns
- Prepare and File Prior Year Tax Returns not filed
- IRS Audit Representation
- Innocent Spouse Relief
- Injured Spouse Relief

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Tax Planning

Planning is the key to successfully and legally reducing your tax liability.

We keep up to date on all new tax laws and legislation to provide our clients with opportunities to help reduce their tax liability currently and throughout the year.

By bringing us your company financial information throughout the year, we can provide you with monthly or quarterly financial reports, recommend ways to save you money, and calculate your tax liability to file estimated taxes.

Along with tax planning, we can help you determine the best entity selection for any first year business that will optimize your tax benefits.

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New Business Formation

Starting a business is an adventure and sometimes adventures come with challenges. Our firm can help alleviate some of those challenges so you can focus on the business part of your adventure.

A plan of action is needed to fulfill your dream or goal of being your own boss and running a successful business. Success lies in the approach you choose to take. We help you avoid the common pitfalls that many new small business owners make when starting their new venture.

We can help you...
1. Prepare an initial business plan to clarify your marketing, management, and financial plans.
2. Select a business structure that best fits your needs.
3. Prepare and file your application for your Federal Employer Identification Number.
4. Prepare and file Articles of Organization/Incorporation, and other forms required to start a LLC, S-Corp, or C-Corp with the state of Kentucky
5. Prepare and file KY Tax Registration Application and all applicable city/county business license applications.
6. Prepare and file Application for Unemployment Insurance if your business is going to have payroll.
7. Prepare a Cash Flow Budget so you know exactly how much money you need to keep the business alive each month for the first few years.
8. Provide payroll and payroll tax filing with you bring on your first employee.
9. This list is not all inclusive nor do all business require the above documentation.

Let us help you succeed by getting your new business off to a good strong start and staying in compliance with local, state and federal agencies.

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Audit/Attest Services

White & Associates, PSC provides quality attest services to our clients while at the same time providing a positive learning experience. Our highly qualified staff and management have extensive experience with auditng local governments and non-profit organizations. We are a member of the AICPA's Government Audit Quality Center which provides us with numerous resources for Government Auditing Standards "Yellow Book audits" and OMB Circular A-133 "Single audits".

AUDIT (High, but not absolute, level of assurance) about whether the financial statements are free of material misstatement.
Audited financial statements provide the user with the auditor's opinion that the financial statements are presented fairly, in all material respects, in conformity with the applicable financial reporting framework.

Below is a list of some of the types of organizations that we have audited:

School Districts
Water Districts
Municipal
Industrial Authorities
Tourism Commissions
Libraries
Extension Offices
Fire Districts

REVIEW (Limited assurance) that there are no material modifications that should be made to the financial statements.
Reviewed financial statements provide the user with comfort that, based on the accountant's review, the accountant is not aware of any material modifications that should be made to the financial statements for the statements to be in conformity with the applicable financial reporting framework.

COMPILATION (Does not obtain or provide any assurance) that there are no material modifications that should be made to the financial statements.
Compiled financial statements represent the most basic level of service CPA's provide with respect to financial statements.

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Consulting

INTERNAL CONTROLS
At times you may need someone from outside your company to evaluate your company's operations to determine if the appropriate controls are in place to ensure proper handling of resources and protect yourself from employee theft.

We assess your internal control systems to determine the efficiency and effectiveness of your operating procedures. Then we make recommendations that help your company become stronger and more profitable by correcting any inefficient or ineffective operation procedures we find.

What we do for you...
- Implement segregation of duties so that duties are divided, or segregated, among different people to reduce risk of error or inappropriate actions. No one person has control over all aspects of any financial transaction
- Make sure transactions are authorized by a person delegated approval authority when the transactions are consistent with policy and funds are available
- Ensure records are routinely reviewed and reconciled, by someone other than the preparer or transactor to determine that transactions have been properly processed
- Make certain that equipment, inventories, cash and other property are secured physically, counted periodically, and compared with item descriptions shown on control records



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