Business Services

In today’s complex business climate, businesses face the challenge of complying with regulations and statutes from all levels of the government. It’s difficult to know which laws apply to your business and to satisfy the ever-changing regulatory requirements without professional assistance. With our business planning services we provide a range of services which can assist you from forming a business to providing a financial analysis, and litigation support. 

Business Formation. If you are opening a business you would need to determine the type of business structure you will use, such as a sole proprietor, a limited liability corporation, an S corporation, or a C corporation. Each form of business structure has it's benefits and drawbacks. We can offer professional advice regarding these business structures and help you file necessary documents with various government entities.

Additionally, if you will be closing or changing your business, you may need to contact and inform various local, state, county and federal government agencies, such as the Office of Finance, County Clerk, Employee Development Department, Department of Labor and Internal Revenue Service. We can meet closing requirements, file the final employment tax returns, and assist with the Statement of Abandonment, among other aspects of compliance. 

• Local and State business regulations: To lawfully conduct a business within the city, a business must acquire permits and meet regulatory ordinances. Depending on the nature of the business, it may also be required to comply with laws set by the State Contractor’s License Board and the Department of Consumer Affairs. We advise you on pertinent regulatory matters, file applications with local and State agencies as necessary, and keep you up-to-date with changes in business laws that can impact you significantly.

• Obtaining and renewing city business license: If you plan to conduct a      business in the city, you need a business license and must pay a business tax      annually. You may also need to interact with more than one City department. We can take over these routine but important start-up business imperatives on your behalf. Our team has assisted all manner of Los Angeles businesses, from independent contractors, professional businesses and service companies, to manufacturers, wholesalers, retail outlets and home businesses.

Financial Analysis. If you have questions such as, “Which customer segments can generate the highest margins in the future?  How can we make our business processes more efficient?” Financial analysis has the answer to your specific business questions and offers predictive insights into your company’s future finances. Forward-looking businesses leverage financial analytics for more decision-making power on the critical areas that can directly impact the bottom line.

Our financial analytics service in Los Angeles assesses internal financial information, operational information and external data to recommend real-time decisions that improve day-to-day operations, create adaptive processes, and increase the accuracy of financial and business forecasts. 

Strategic Planning/Forecasts. As a business owner you would like to know whether you are on track to meet your strategic business goals. However, without a financial forecast it is impossible to control business finances or have a clear understanding of your financial standing. With a clear understanding of how to plan expenditures and restrict excessive spending, you can run your business operations smoothly, pay down debt and still make investments to grow your company. We can help assist you in forecasting company revenues and costs and put together a realistic budget that would provide a reasonable basis for your strategic business planning. 

Internal Controls. Internal controls refer to company's policies and procedures adopted to ensure protection of business assets and correctness of accounting and financial reporting. They are implemented to prevent errors, risks, or financial fraud, and protect the organization from failure. Booxmax accountants can review your organization's internal controls across various functions to determine whether internal controls are working as designed (or if they exist). We recommend an annual review to ensure that operations are running at their maximum efficiency, internal control activities are sufficient for the current risk environment, and compliance requirements pertaining to local, State and Federal laws are being met. 

Litigation Support/Forensic Accounting. If you have a business dispute with your business partners and need assistance we can assist you. Booxmax accountants are well qualified and have prior financial audit experience. We can analyze the complex accounting issues pertaining to your case and assess your economical losses. 

Booxmax is a trusted provider of business management services to Los Angeles companies. We provide tailored advice and assistance to businesses across various industries. Let us simplify your life by handling the day-to-day affairs of managing a business.  Our practical advice and on-demand expertise is helping our clients tackle daily business challenges easily and achieve business goals successfully. We offer a range of business management services such as: 

Cash Flow Planning. Cash flow problems may impact your ability to pay timely for your supplies, make loan payments, or effectively run your business.  Even successful businesses could experience issues with cash flow, especially businesses that are growing quickly.  We will assist you in identifying the causes and turning around your cash flow problems. 

A/R collections and reconciliations.  If you are experiencing cash flow problems, it could be because your A/R were not billed timely and are not collected in a timely manner.  We can help you monitor whether your customers are making timely payments and identify old outstanding invoices.  

Budgeting/Projections.  Since business revenues and expenditures tend to fluctuate, these variances often make it difficult to plan ahead.  A budget is another effective tool to control business finances, it also provides a better understanding of your current financial status. If you want to have a better handle on your finances and the ability to plan your expenditures, we can develop a reasonable budget and projections to use as part of your business operations. 

Bill Pay (A/P). If you are behind on making payments to vendors and owe late fees, or don't know your exact monthly expenses, we can assist you in managing these costs. Through Bill.com we can set up and make timely vendor payments on your behalf.

Audit Assistance. Getting a letter from the IRS or a State tax authority can be frustrating. If you are going through an audit, or want to appeal an audit, we can represent you professionally. We review documents, negotiate the owed amount, minimize penalties and work out an installment arrangement to manage additional payments to the tax authorities.

Commission Reviews. If you are a business owner, you may need to pay commission to outside contractors or for outside services. For example, smaller trucking owner operators often pay a percentage from the revenue generated from a truck load to a broker. If you have multiple loads per month, it may be difficult to monitor your commission payments on these loads. We can ensure that your commission payments are accurate and prevent overpayments. 

1) When I open a new business, do I need to have a separate business checking or savings account? Yes, best business practice is to have a separate business account. Mixing personal and business funds will make it difficult to keep accurate financial records and to file taxes accurately. 

2) I have opened a new business. How should I record my business transactions? You could use an accounting software such as QuickBooks Online to manage your books, or you could hire an experienced accountant to help you manage your accounting functions which will prevent costly mistakes. 

3) What is an income statement? An income statement, also called profit and loss (P&L) statement, is a financial statement that shows revenues, expenses, and losses of your company during a certain reporting period. It is used to evaluate your company's financial performance.  As part of our bookkeeping service, we provide monthly income statements for your business.

4) What is a balance sheet statement? A balance sheet is a financial statement that consists of all the assets, liabilities, and shareholder equity at a certain point of time. It is used to evaluate a business and it provides an overall review of company's' finances at a certain date. This is one of the financial statements that a business owner should keep to show to the IRS.

5) What is a cash flow statement? A cash flow statement summarizes the amount of cash and cash equivalents your company receives and spends. It shows how well your company is generating and handling cash. If you are experiencing difficulties making payments to vendors it could be because your business is not generating enough cash to cover its obligations. 

6) What are my sales tax responsibilities? If you are selling goods or services and your business is located in a State that has sales tax, you must collect tax from customers and remit it to your State or local government. We can help you with State of CA sales tax returns.

7) How can I prepare for the tax season? To make it easier to file taxes, you should keep detailed records of your business expenses throughout the year.  Also, keep in mind, if you are using part of your home for business, you may be able to deduct some home expenses on your tax return. You should also keep your financial statements updated so you can provide them to a tax preparer. We can help your business be prepared for the tax season. 

 8) I am planning on hiring employees. How can I set up payroll for my employees?  You can use a professional service or use a payroll software online to compute payroll and meet the requirements. However, IRS and the State, require that companies collect taxes such as Medicare, Social Security from employee and submit it to the government. You are also required to file quarterly tax returns pertaining to company payroll. It is easy to have an error if you are not familiar with the requirements.  Booxmax offers employee payroll services to our clients.