Precision Accounting & Consulting

At PAC we offer extensive tax planning to answer this question, such items we focus on is how your business is incorporated, whether a C-Corp, S-Corp, or Partnership. These items alone depending on your infrastructure can open up a different array of tax benefits. We also examine pre-tax benefits that most owner’s are not aware of that can help reduce tax liabilities and put more money in the tax payer’s pocket, not Uncle Sam.

At PAC we take a deep dive like no other accounting firm. We look at you profit and loss statement from a trend analysis, running your financials in different formats that allows us to measure a company’s financial health from a prior year and month to month comparison. We also offer job costing for our extensive network of construction clients that need to know whether or not a specific project is profitable.

Invoice Promptly and Follow Up on Payments: Send out invoices promptly and establish clear payment terms. Follow up on late payments politely but persistently.

Offer Incentives for Early Payments: Consider offering discounts for early payments to encourage clients to pay invoices sooner.

Manage Inventory Efficiently: Avoid overstocking inventory that ties up cash. Regularly review and optimize inventory levels to reduce excess stock.

Control Expenses: Regularly review expenses and identify areas where costs can be reduced without compromising the quality of products or services.

Improve Cash Conversion Cycle: Shorten the cash conversion cycle by reducing the time between spending cash and receiving payments.

Streamline Processes and Automate Billing: Implement efficient systems and automation for billing and invoicing to minimize delays and errors.

Evaluate Pricing Strategies: Regularly review pricing strategies to ensure they are competitive while providing adequate profit margins.

Tax Compliance: Businesses must comply with federal, state, and local tax regulations. This includes income tax, sales tax, payroll tax, and other industry-specific taxes.

Employment Laws: Compliance with labor laws, including minimum wage requirements, overtime pay, workplace safety regulations, anti-discrimination laws, and proper employee classification (e.g., independent contractor vs. employee).

Data Protection and Privacy Laws: Businesses that collect and handle customer data must comply with data protection laws such as the General Data Protection Regulation (GDPR) in the EU or the California Consumer Privacy Act (CCPA) in the United States.

Licenses and Permits: Ensuring proper licenses, permits, and certifications are obtained and maintained to operate legally in a specific industry or location.

Handling payroll taxes and ensuring compliance is crucial for businesses to avoid penalties and maintain legal and financial integrity. Here’s a step-by-step guide on how businesses can manage payroll taxes and compliance:

Determine Employee Classification: Classify workers as either employees or independent contractors according to IRS guidelines. Properly classify workers to ensure the correct taxation and compliance with labor laws.

Collect W-4 Forms: Have employees complete Form W-4 to determine their withholding allowances for federal income tax purposes.

Payroll Schedule and Deposits: Establish a regular payroll schedule and ensure timely deposit of withheld taxes to the appropriate government agencies. This includes federal and state income taxes, Social Security, and Medicare taxes.

File Quarterly and Annual Tax Forms: Submit quarterly and annual tax forms to report payroll taxes to the IRS and other relevant agencies. Forms such as Form 941 (Employer’s Quarterly Federal Tax Return) and Form 940 (Employer’s Annual Federal Unemployment Tax Return) must be filed.