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Accounting Software

MDS has the skills and knowledge to install, setup, train, and support our QuickBooks customers. Many of our clients find that using accounting software helps to organize their accounting process. We understand the challenges you face and know that keeping records is vital to the success of your business. We can offer guidance on everything from complex accounting questions to mastering advanced features of your QuickBooks accounting software.


We offer the following services to help clients manage their accounting software:

~ Software setup
~ Training on how to use your software
~ Quick answers to software questions
~ Tips and tricks for making the most of your software purchase

Bank Financing
Need money to grow your business?

Requesting a business loan without adequate preparation sends a clear message to the lender: High Risk! Therefore, it pays to be prepared and organized in your approach for financing.
 

Put your best foot forward by allowing us to prepare a winning loan proposal for you. Our proposals have a high likelihood of success because they are created from the lender's perspective.
 

You get the money you need because we know exactly what banks want to see. Even more
importantly, we know how to prove to them that you will be able to pay them back.
 

Our winning loan proposals come complete with...
 

~ Executive Summary: Where we concisely state the purpose of the loan, the exact amount of money required, an explanation of what the loan will be used for and why it is needed.
~ Pro-forma Cash Budgets and Financial Statements: We use your data and underlying assumptions to prepare information that your banker can easily read and buy into.
~ Owners Personal Financial Statements: We make copies of the last 3 years of personal tax returns for the bank as well as identify the collateral being pledged as security for the loan.
~ Representation: We help substantiate your financial needs/position to your banker in person.

New Business Advisory Services
Thinking of owning your own business?

 

MDS accounting and consulting staff will work with new and developing businesses to help simplify business formation and incorporation procedures. We will take the time to learn about your business plans so we can recommend the right entity type. We will explain the advantages and disadvantages of each type of business entity so you can be confident that your choice not only suits your business needs now, but that it will also minimize future tax liability during your profitable years.
 

We help you...
1. Select a business structure that best fits your needs by evaluating tax advantages, legal
exposure, ease of operation and portability should you need to relocate.
2. Select the right accounting software by evaluating your budget, needs and hardware.
3. 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.
4. Prepare and file all required state and local licenses and permits.
5. Prepare and file your application for your Federal Employer Identification Number.
6. Provide payroll and payroll tax filing when you bring on your first employee and
compliance with employment laws so you don't get hit with fines and unhappy
employees.
7. Develop a solid Partnership or LLC Agreement, if applicable.
8. Prepare an initial business plan to clarify your marketing, management, and financial
plans.
9. Determine your start-up capital needs and identify sources of start-up capital and
backup sources if needed.
10. Evaluate and quantify your borrowing power so you know how much money you can get
your hands on if needed.

Let us help you succeed by getting your new business off to a good strong start.

Non-Profit Organizations

We can help you setup and maintain your non-profit organization's tax-exempt status by
handling all the IRS reporting for you.

Each year the IRS requires most tax-exempt organizations to submit the Form 990 and its
relations, which includes the following items.


1. Income Statement with very specific revenue and expense categories like donations,
salaries, postage, rent...
2. Balance Sheet with specific categories like cash, accounts receivable, accounts
payable...
3. Functional Expense Statement with all the expenses allocated to either program
services, fundraising, or operations.
4. Individual Program Expense Statement that reports all of the expenses for each
program or service like seminar programs or educational mailings.
5. Revenue Support Schedules that detail the organization's sources of income in
specific categories like charitable donations, membership fees, investment income.
The IRS uses these very specific revenue and expense classifications to determine if your
organization will retain its tax-exempt status. So it is imperative that you build your
accounting system around these revenue and expense classifications.
 

Here's what we do for you...
~ Review and compile your financial statements
~ Design, install, and maintain your Accounting System
~ Weekly, bi-weekly, or monthly payroll preparation
~ Payroll Tax Preparation and Deposits
~ Provide training for your accounting personnel
~ Complete and file your non-profit status application
~ Provide training for your board on non-profit financial statement usage and effective
budgeting practices

Tax Preparation & Planning

MDS Tax Preparation and Planning services provide confidence that your tax returns are
prepared by a qualified professional that keeps up with the changes in tax laws and is
always looking for new ways to help save you money. While preparing your own tax return
may sound like a good way to save money, it often ends up costing you in the long run.
Today's tax laws are complicated, making filing a relatively simple return confusing for many
people. It is easy to overlook deductions and credits to which you are entitled. Even if you
use a computer software program there is no substitute for the assistance of an
experienced tax professional.


Tax Returns for Individuals:
 

~ Tax Return Review: We can review your tax return to identify any potential problems
the IRS may identify.
~ Electronic Filing: Your federal and state tax return can be filed electronically so you
receive your refund more quickly. We have the ability to file returns in all states where
tax filings are required.
~ Payroll Adjustment: Our staff will show you how to adjust your payroll withholding to
get more money back each week.  
~ Help with Deductions: We will show you potential deductions to limit your tax liability
for next year. In addition, we will give you a sheet of commonly overlooked deductions
to limit the following year's tax liability.
Books a Mess?


If you own a small business and haven't kept up your bookkeeping, we can help you. We will prepare your bookkeeping for the year, prepare a full Schedule C, as well as your personal income tax return. Then we will help you set up an easy system that allows you to keep your books in shape next year.
 

Business Tax Preparation:
 

We prepare tax returns for all types of businesses including sole proprietors, partnerships, limited liability companies and corporations. We can also handle multi- state taxes for businesses with locations in more than one state.

 

Tax Planning:
 

Planning is the key to successfully and legally reducing your tax liability. We make it a priority to continually update our knowledge of the current tax law, complex tax code, and new tax regulations.


Services offered include:

 

~ Deferment of income – splitting income among family members or legal entities in order to get more of the income taxed in a lower bracket
~ Reduction of income taxes – shifting income or expenses from one year to another in order to have them fall where it will be taxed at a lower rate
~ Reduction of retirement distribution taxes – by deferring tax liabilities through certain investment choices such as pension plans, contributions and other similar plans

Outsourced Controller & CFO Services

Growing businesses often reach a point where they need professional financial advice, but can't afford a full-time Controller or CFO. We will work with your business to customize our CFO and controller services so you will only pay for the services you need. With the guidance and support of a professional financial manager, you will begin to make better business decisions, clarify your business plans and free up valuable time to grow your business, all for less than hiring a full time CFO.
 

Here's what you get with our Part-Time CFO services:
 

~ A professional who establishes strong financial controls in your business to reduce
employee theft and increase profits.
~ Training and managing your accounting staff.
~ Improved quality and timeliness of financial information.
~ Budget preparation and monitoring.
~ Profitability analysis by service or product line.
~ Tax saving strategies.
~ Trend analysis.
~ Assistance in defining long-range plans and the quantification of goals.
~ Cash management.
~ Liaison with bankers, attorneys, vendors, insurance agents, etc.
~ Assistance in obtaining financing from banks, including assistance with negotiations.
~ Review/negotiation of insurance policies.
~ Development of company accounting procedure manuals.
~ Analysis of equipment purchases, expansions, etc.
~ Mergers and acquisitions assistance

~ Custom designed collection policies and procedures

Small Business Accounting

MDS is a full-service accounting firm that caters to businesses of all sizes. As a small business owner you have more important things to do than to keep your own books. We understand that it’s difficult to make confident decisions without reliable financial information. We take care of your books for you, so you can focus on turning your vision into reality.
 

Each month or quarter we will do the following things for you...
 

~ Reconcile your bank account
~ Generate an income statement
~ Generate a balance sheet
~ Clean up your general ledger
~ Provide unlimited consultations
These tasks form the solid foundation of your small business accounting system. You can customize the package of services you receive by adding payroll, tax planning, tax preparation, or any of our other services.
Bank Reconciliation. Reconciling your business checking account(s) each month allow us to keep your bank
account, accounting, and taxes up-to-date.
 

Having us reconcile your account each month allows you to...
 

~ Identify lost checks, lost deposits and unauthorized wire transactions.
~ Detect and prevent excess/unjustified bank charges and ensures transactions are
posted correctly by your bank.
~ Detect and prevent embezzlement of funds from within your company.
~ Know how your business is doing? You can't really know unless all accounts are
reconciled and properly accounted for on your financial statement.
~ Manage your cash more effectively. Proper management of funds not only saves
money, it makes money for you.
~ Protect yourself. By timely reconciling and promptly objecting to your bank about any
unauthorized, fraudulent or forged checks presented to your bank and paid by that
bank, you can relieve your agency of responsibility for the shortfall and transfer the risk
to the bank. This reason to reconcile alone should be enough. Crime exists.
~ Sleep Better. You will sleep more peacefully at night knowing your bank accounts are
reconciled, in balance and that all escrow funds, accounts, checks and disbursed funds
are properly accounted for.

 

Income Statement: An income statement, otherwise known as a profit and loss statement, basically adds an itemized list of all your revenues and subtracts an itemized list of all your expenses to come up with a profit or loss for the period.
 

An income statement allows you to...
 

~ Track revenues and expenses so that you can determine the operating performance of
your business.
~ Determine what areas of your business are over-budget or under-budget.
~ Identify specific items that are causing unexpected expenditures. Like phone, fax, mail,
bank charges, or supply expenses.
~ Determine your income tax liability.

 

Balance Sheet: A balance sheet gives you a snapshot of your business's financial condition at a specific
moment in time.
 

A balance sheet helps you...
 

~ Quickly get a handle on the financial strength and capabilities of your business.
~ Track fixed assets and liabilities.
~ Identify and analyze trends, particularly in the area of receivables and payables.
~ Determine if you need to take immediate steps to bolster cash reserves?
~ Determine if your business has been slowing down payables to forestall an inevitable
cash shortage?
 

Balance sheets, along with income statements, 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.

 

Maintaining a Clean General Ledger
 

The general ledger is the core of your company's financial records. These records constitute 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. Having us review your general ledger system each month allows us to hunt down any discrepancies such as double billings or any unrecorded payments. Then we will fix the
discrepancies so your books are always accurate and kept in tip top shape.

 

Unlimited Consultations
 

We are always available to spend time with you so you fully understand how to interpret and utilize the financial information we provide. Our consultations are already included in our price, so please feel free to call us whenever you have a question or concern.

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