BUSINESS SERVICES

WE HAVE A FULL LINE OF ACCOUNTING SERVICES FOR BUSINESSES AND NON-PROFITS

ACCOUNTING and BOOKKEEPING

 

 

Monthly, quarterly, or annually, our team will provide the following:

  • Reconciliation your bank accounts, balance sheets, accounts receivable and accounts payable

  • Maintenance of fixed assets and depreciation schedules

  • Financial reports including balance sheets, cash flow, profit and loss statements, trial balances, and statement of activities and statement of functional expenses (nonprofits)

  • Maintenance of other general ledger accounts

  • Cash management services

  • Assistance with budget forecasting and budget-to-actual variance analysis

  • Other customizable services as payroll, tax planning, and tax preparation

Bookkeeping, also known as “frontline accounting,” is one of the most important elements of a solid reporting foundation. Reports from any accounting system are only as good as the inputted information.  Our experienced staff can process your daily accounting records in an efficient, cost-effective manner. We will also train your employees on how to best execute this component of accounting.  We know small business owners have more important projects to do and sometimes keeping accurate accounting records becomes tedious.  At JFW Accounting services we take care of your books so you can focus on running your business and generating profits.

AFFILIATIONS
VIRTUAL ACCOUNTING SERVICES

We understand common problems faced by small, newly established businesses and will assist entrepreneurs in managing their cash flow concerns.  As a part of your financial team, we will help you minimize your loss and maximize your profits by providing monthly and quarterly accounting and financial management and budgeting queries while addressing all of your tax questions.

OUT SOURCED CONTROLLER/ CFO SERVICES

Has your business grown to the point where you are considering a full-time CFO or Controller to provide financial insight? Do you have sufficient financial resources to hire one? Whatever your answer to these questions, we have the solutions!  Through our very cost-effective Outsourced Controller/CFO services package, we will provide a financial manager who will work with you to help guide your business to success.  Beyond that, we make sure our clients understand their financial statements as we guide them through a better, more informed decision-making process.

We guarantee you will have more time to focus on your business and customers by providing the following:

  • Establishment of strong financial controls

  • Training and managing your accounting staff

  • Budget preparation and monitoring

  • Profitability analysis by service or product line

  • Improved trend analysis

  • Accurate and timely financial reports

  • Cash management services

NON-PROFIT ORGANIZATION SERVICES

We can help maintain your non-profit organization’s tax-exempt status by handling all of your monthly and quarterly financial accounting and yearly IRS reporting (Form 990) needs. Because the IRS uses very specific revenue and expense classifications to determine if your organization will retain its tax-exempt status, it is a good practice to develop your accounting systems around your revenue and expense classifications.

We offer the following services:

  • Design, install and maintain your accounting system

  • Monthly/quarterly review and compilation your financial statements to include the statement of functional expenses and revenue support schedules

  • Bi-weekly, semi-monthly or monthly payroll preparation

  • Preparation of financial reports for your board of directors

  • Implementation of  effective budgeting practices

  • Training for your accounting personnel

  • Preparation of schedules for your annual 990 tax filing

  • Review your initial start-up documentation, including incorporation and form 1023

COMPILATIONS & AUDIT PREPARATION

A Compilation 

A compilation involves an accountant preparing or assisting in preparing, financial statements without expressing any assurances that the statements are accurate, complete, and/or in conformity with Generally Accepted Accounting Principles (GAAP). Unlike a review, few, if any, procedures are performed.

AUDIT PREPARATION ASSISTANCE

An audit is a formal examination of an organization’s accounts or financial situation. It is the top level of investigation performed on a business’ financial statement.  We can help your operation prepare for external financial or regulatory audits. We will work with your internal management team to identify issues and develop and implement appropriate corrective action prior to your audit reviews. We will prepare and perform necessary testing as well as provide supporting documentation and work papers.

COMPILATIONS

Assurance as to Generally Accepted Accounting Principles

Entities covered

Understanding of internal controls, and assess control risk

Inquiry procedures required

GAAP disclosures omitted

None

Nonpublic

Not required

Nonpublic

Maybe omitted provided accountant’s report discloses omission

PAYROLL SERVICES

Are you considering outsourcing payroll? If so, you are not alone. Managing payroll is a time-consuming burden. Payroll is a necessary function of employing people, but it does not help create revenue or increase sales. Simply, payroll is a drain on most employers’ resources.  Outsourcing payroll helps reduce costs and workload by freeing up time to take care of what’s really important: attending to your clients and growing your business.

1. Do you want to avoid paying IRS/State/Local tax penalties for a late or incorrect tax filing?
Did you know that 40% of small businesses pay an IRS penalty each year for late or incorrect tax fillings? We guarantee accurate and timely filling of your payroll taxes.

2. Are you looking for ways to reduce back-office overhead?
The costs associated with processing payroll can be greatly reduced by outsourcing. We can assist with the reduction of back-office expenses directly related to processing payroll.

3. Are you looking for ways to increase productivity among your current staff?
Payroll management is a time-consuming process. By letting us remove this burden, your employees can focus on more value-added and revenue-generating activities.

4. Do you worry your current payroll process is not capturing all the latest changes in payroll tax laws?
Payroll tax laws are ever-changing and failure to comply with these changes can result in penalties and inaccurate payroll. We will insure that your payroll is in compliance with the latest federal, state, and local tax laws.

5. Do you have a contingency plan if something happens to your primary payroll person?
If the employees who processes payroll lands a new job or leaves the business, your company loses its payroll knowledge. By outsourcing with JFW Accounting Services you will maintain the payroll process continuity regardless of staff turnover.

Through our very solid partnership with Paychex, an international payroll processing company, we can streamline and manage your payroll and guarantee accurate and timely tax deposits and returns.  Additionally, we can process your payroll in-house utilizing QuickBooks Payroll.

MAILING ADDRESS:
JFW Accounting Services
P.O. Box 2721
Upper Marlboro, MD 20773

OFFICE LOCATION:

1200 18th Street NW
Suite 700
Washington, DC 20036

OFFICE LOCATION:

3261 Old Washington Rd.
Suite 2020
Waldorf, MD 20602

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