The professionals at My CPA, PA, offer an array of virtual CPA and CFO services. We strongly focus on two main areas – business and IRS tax services. We are equipped with a Hollywood CPA, an in-house tax attorney, a former IRS agent, and more than twelve years of experience. Our team handles day-to-day business accounting services in Hollywood, FL, so you can focus on what’s important—running your business.

Hollywood, FL, CPA for Your Business

The main goal of a business owner is to make money and to grow continuously. As a Hollywood business accountant, we can provide insightful business and accounting services such as:

•  Business consultation and incorporation
•  Monthly bookkeeping and payroll
•  Business tax preparation
•  Profit and loss statements

Hollywood FL IRS Tax Resolution Services

With the invaluable expertise of our in-house Hollywood tax attorney and former IRS agent, our firm possesses a unique and formidable advantage when representing individuals and businesses dealing with IRS issues. Our team’s capabilities extend far beyond conventional tax legal services, offering a comprehensive and specialized approach to addressing a wide range of tax-related challenges.

Spotlight On: Business Accounting Records

Maintaining accurate financial records can be a daunting task that involves many steps. For example, collecting financial transaction data, categorizing, reconciling, and organizing for reporting purposes. However, it can mean a business’s success or failure. Poor cash flow management is one of the top reasons small businesses fail. Here are a few other reasons why every company must maintain accounting records:

Assessing Performance

One of the products of accounting records is financial statements. These are reports that convey the financial performance of a business. First, a profit and loss statement identifies income, expenses, and net income. Then, a balance sheet provides a snapshot of the assets and liabilities of the business. Furthermore, a cash flow statement summarizes the cash inflows and outflows. Over time, these reports help a company to identify variables that have helped or hurt its performance. Furthermore, they also help the business better forecast future performance. Therefore, the company can respond accordingly.

Obtaining Financing

Most lenders will require accounting records before they agree to lend to a business. Investors will require the same to provide them transparency on their potential investment.

Tax Compliance

Almost every business is subject to tax compliance; the starting point is accounting records. These records are used not only to calculate taxable income but also to support deductions.

Informed Decision-Making

Financial records provide crucial data that highlights the overall health of a business and informs decision-makers with a clear picture of the revenue, expenses, and profitability of a business.

It would be very difficult to fully understand a business without accounting records. They serve as not just an administrative requirement but a fundamental business tool.

We provide virtual accounting services to clients from Cooper City, Wynwood, Miami Lakes, and more.