Can Patrick Accounting Help Me with My Taxes?
Can Patrick Accounting Help Me with My Taxes?
So, you’re looking for someone to help you with your taxes. Well, you’re not alone. A recent study by the Pew Research Center revealed that 56% of Americans feel they’re paying more in taxes than they consider “fair.” If you find yourself in this situation and can answer “yes” to the following three questions, we’re here to provide the tax help you need, ensuring you pay the IRS exactly what you owe—no more, no less.
- Are you a business owner looking to operate your business in a compliant and ethical manner?
- Do you have a well-thought-out plan in place for the growth of your business?
- Are you open to collaborating with an outsourced team to handle your accounting, bookkeeping, and tax needs?
At Patrick Accounting, our primary focus extends beyond just managing taxes. We’re dedicated to partnering with small business owners to offer systems and insights that empower you to make informed decisions and operate successful businesses. We take on the responsibility of accounting, bookkeeping, and tax preparation so you can focus on your core business activities.
The core of what we do at Patrick Accounting is NOT just taxes, we partner with small business owners to provide systems and insight to make great decisions & run awesome businesses. We take care of the accounting, bookkeeping, and tax preparation so you don’t have to.
So, the answer is yes and no. We can help you with your taxes if you are a business owner wanting to do things the right way, planning to grow your business, and willing to work collaboratively with an outsourced team for accounting, bookkeeping, and tax. The way we help small business owners with taxes is by providing ongoing monthly bookkeeping services so that we can offer the right tax advice and insight to help you plan throughout the year.
If you are JUST looking for someone to help with your personal or business tax return only, then we are NOT a good fit for you.
Understanding the Role of a Tax Accountant
Our team of tax experts goes beyond just handling your federal tax returns as a business owner. We take care of a comprehensive range of tax-related tasks, ensuring your financial compliance and peace of mind. Here’s what we do:
- State income tax return
- Sales tax (if applicable)
- Local business returns (if applicable)
- Tangible personal property tax return
- Franchise and excise taxes
- Industry-specific taxes (liquor tax, tobacco tax, wheel tax, etc.)
- Renewal of annual business licenses
- Federal Insurance Contributions Act (FICA)
- Federal Unemployment Tax Act (FUTA)
- State unemployment tax (SUTA
If you want a deeper dive into the ins and outs of the taxes that you as a business owner are responsible for, check out this article.
Beyond addressing your current tax needs, we also review your previously filed returns to ensure no deductions were missed. If any were overlooked, we discuss whether it makes financial sense to amend them on your behalf. This thorough approach to managing your taxes not only ensures compliance but also helps you avoid costly penalties and late fees.
The Importance of Monthly Bookkeeping
Many businesses often handle their finances through part-time bookkeepers, separate payroll companies, and year-end CPAs. While these individual services can function well independently, our approach brings them together into a unified partnership, ensuring your peace of mind with timely and accurate financial management. This way you gain a dependable set of financials for making informed business decisions, while we have the most precise set of books for your year-end tax preparations.
This system is the cornerstone of our support for all our clients, designed to set your business up for success. We begin with updating the standard chart of accounts, delivering reports with comparative metrics, and providing a clear, ongoing picture of your financial health through collaborative efforts.
What sets Patrick Accounting apart is our commitment to proactive support and strategic tax planning. We go beyond basic monthly bookkeeping and financial data provision. We actively engage with you to grasp your financial goals and minimize any unpleasant tax surprises at year-end. This personalized approach allows us to tailor our services to your unique needs, ensuring you receive the most relevant and valuable insights to boost your profitability.
Our monthly bookkeeping consists of the following:
- Posting, modifying, and adjusting transactions to the general ledger
- Reconciliation of all bank accounts, loans, and credit cards
- Updating any fixed assets and depreciation schedules
This foundational work is the initial and pivotal step in determining the answer to “How much will I owe this year?”
Introducing Patrick Accounting – Who We Are
Patrick Accounting is a Memphis-based accounting firm with over 20 years of experience specializing in supporting businesses through bookkeeping and strategic tax advisory services.
Our dedicated team is here to assist small business owners, just like you, in achieving their goals, whatever they may be. Our mission is to remove the burden of worry from your to-do list, allowing you and your business to thrive. We understand that small business owners juggle numerous tasks every day, and accounting can consume valuable time that could be better spent on more critical endeavors. That’s why we are wholeheartedly committed to helping small business owners realize their objectives while freeing up their precious time.
For 20 years, we’ve been managing accounting for our clients, including more than 100 restaurants in Memphis and its surrounding areas. Our CPA firm in Memphis has achieved remarkable recognition, landing a spot on the Inc. 5000 Fastest Growing Companies list for the consecutive years of 2019 through 2023. Additionally, our commitment to creating an exceptional work environment has earned us the title of “Best Place to Work” by the Memphis Business Journal from 2019 to 2023. In 2022, we proudly took home the MBJ Small Business Award in the medium category. Our dedication to our team and clients was acknowledged when we were named “Best Firm to Work For” by Accounting Today in 2021.
How Patrick Accounting Combines Tax Services with Bookkeeping
Effective financial management is a cornerstone of success for individuals and businesses alike. Over years of collaborative work with business owners, our Patrick Accounting team has continually refined our processes to offer owners valuable insights and consistent guidance for optimizing their financial records. This includes updating the standard chart of accounts, presenting reports with comparative metrics, and maintaining a clear and regular overview of your financial status. This integrated approach merges bookkeeping with Strategic Tax Planning for your business.
One of our primary objectives at Patrick Accounting is to shield you from unpleasant surprises when it’s time to file your annual tax returns. Proactive communication is key to being a trusted partner for your business rather than just another service provider.
As accountants, we would always rather know too much than not enough. In our world oversharing is a wonderful thing and our ability to provide the best advice and help our business most effectively is to know more, not less, and to know the information sooner, not later. This means talking to our team about purchases (even before you make them) any future hiring plans, selling the business, and/or opening new locations.
Since tax strategies for selling and growing a business differ significantly, having this information is crucial for us to provide you with the right advice and insights. It’s a two-way street, and we encourage both you and us to ask questions whenever needed. With us, you’re never on the clock; all regulatory calls, emails, and texts are included in our monthly service. The more questions you ask the better!
Our proactive stance ensures that your books accurately reflect your business’s performance for tax planning. While we take great care to ensure accuracy for year-end reporting, adopting this as an ongoing practice offers the best and most helpful information for making business decisions and projecting your tax outlook for the year. One of our primary challenges as an accounting firm isn’t just the workload but ensuring we receive your necessary documents on time and in their entirety. We don’t rush through the work; instead, we employ a system of checks and balances to prevent any oversights. Our goal is to assign the most qualified professionals to your work at the right time, ensuring an efficient and precise process.
Partnering with Patrick Accounting promises a transformational experience for your financial management. Partnering with Patrick Accounting promises a transformational experience for your financial management. Our unwavering commitment to proactive engagement will pave the way for enhanced financial stability and success. By harnessing our team’s insights, you can optimize cost tracking, identify trends for strategic decision-making, and make informed choices that drive you closer to your long-term goals.
Benefits of Choosing Patrick Accounting
In Tennessee, the average hourly rate for an in-house bookkeeper is $20.97, equating to an annual salary of $40,000. Labor costs constitute the most significant expenses for business owners. While exceptions exist, such as product-based businesses like contractors or retailers, labor expenses still often rank as the second highest expenditure.
Broadly, labor costs encompass various categories, including the base salary of $40,000 for an in-house bookkeeper and the supplementary expenses associated with employee recruitment and retention. These additional costs can include:
- 401(k) & 401(k) matching
- Dental Insurance
- Health Insurance
- Disability Insurance
- Health savings accounts
- Paid Time Off
- Maternity/Paternity leave
- Retirement plans
- Payroll taxes
- Software licenses
Having employees is expensive, and if the employee is not being productive, it is even more expensive. (Don’t forget that this in-house bookkeeper does not include you still working with a CPA and what it will cost for your year-end federal and state tax return for the business.)
In 2022, Deloitte’s Global Outsourcing Survey revealed some compelling trends:
- 70% of business owners made the switch to outsourced accounting to reduce costs.
- 40% opted for outsourced accounting due to its flexibility and scalability.
Engaging in an outsourced accounting solution can yield several advantages for your business, including cost reduction and peace of mind. We aim to free up your time, allowing you to focus on what matters most to you, whether it’s spending more time with your family, expanding your operations, or preparing your business for sale. An outsourced accounting service enhances overall business efficiency and productivity, offering the reassurance of a second set of eyes to ensure accuracy and timeliness in all financial matters.
At Patrick Accounting, we have two big priorities for all our clients. We want to give you good financial insight on a routine basis so you can make good business decisions AND we don’t want you to have any tax surprises at year-end. Put simply, we exist to help you make more money (profitability) and help you keep more of it (tax planning & strategy). We deliver on these promises by providing you with a clean set of accounting books that you can rely on monthly and that we can build your tax return on.
We price our services based on the financial volume, the complexity of your business, and your employees. Once we review these items, we will arrive at a monthly fee that covers ALL our services for your business’s specific needs.
As a good rule of thumb, your accounting and finance expenses should be 1-4% of your annual gross revenue, so most businesses that are making more than $500,000 in annual revenue will find our core package starting at $750/month to be a huge value to them. When considering the full, overall costs of an in-house financial staff vs. outsourcing your accounting services is a small fraction of that without having to worry about hiring anyone else for that position again.
Can Patrick Accounting Help Me?
The answer lies in our commitment to being more than just tax preparers. We’re dedicated to partnering with small business owners, offering not only tax solutions but comprehensive financial support. Our aim is to empower you to make informed decisions, run your business smoothly, and minimize tax-related concerns. However, if you’re solely seeking assistance with your personal or business tax returns, we may not be the ideal fit for your needs.
Now that you’ve learned a bit more about Patrick Accounting, I hope you have a clear sense of whether we can help. If you’re ready to take the next step with us, schedule some time to have a conversation with us. We’d love to help you get one step better. Feel free to share this article with others who might find it helpful!