Being self-employed usually means that you wear a lot of hats. Rarely can a successful self-employed professional reach the heights that you’ve accomplished without outside help. You rely on web designers to build and maintain your online presence, call in the branding experts to tweak your image and use the Self-Employment Accounting services of an up and coming Millennial to manage your social media. And you probably have a self-employment accountant to file your taxes each year.
At Edofalltrades, we provide highly personalized and comprehensive accounting services for self-employed. Our philosophy regarding the accountant/client relationship is based on trust and has earned us one of the most distinguished, worthy and credible reputations in the New York metropolitan area. Expect us to go beyond a simple annual review — because your satisfaction isn’t based on a once-a-year report. It’s an ongoing process: for you self-employed professional, your business and your life.
ACCOUNTING FOR YOUR LIFE
As an entrepreneur, your talents are best used doing what you do best. And while you may have a serviceable accountant to set up and run your QuickBooks accounting system and maybe figure out how much your business is worth, it’s time to step it up and bring in Edofalltrades who brings so much more depth to your finances.
Your current settings should do more than push numbers around on a ledger. A solutions-oriented accountant looks at the big picture of your finances to find opportunities and solutions other accounts may miss. For example, in addition to the basic bookkeeping services, at Edofalltrades, you also receive:
• Strategic planning. You may not have a board of directors or business partners
that you meet with to develop future plans, but that’s no reason to pass on one of
the most important steps you can take to secure your future wealth.
At Edofalltrades, we understand where you came from, how you achieved your
success and what you’d like to do in the future and can help you make concrete
plans to get there.
• Internal controls. Every business, no matter how many people you employ or
how many vendors you use, needs to have a basic set of internal controls so that
you don’t have to reinvent the box every time you think outside of it. Practical
internal controls also place checks and balances into your business to keep you
steady and on track. We know your unique situation can put those steps into action for you.
• Business Consulting. Perhaps the most valuable skill set we bring to your table is a keen sense of how to manage your finances so that you continue to prosper. It’s that level of business acumen and close eye on trends within your industry that gives you an edge. That’s the reason other independent entrepreneurs in the New York metropolitan area rely on us for all their accounting needs.
• Certified Audits. It’s difficult, if not impossible, to get to where you want to be without knowing where you are. Regular certified audits take realistic snapshots of your current financials using generally accepted accounting principles (GAAP). With our consistent oversight, you can make business decisions with confidence. Rely on us to ensure your best interests.
MAKING SENSE OF SELF-EMPLOYMENT INCOME
Being self-employed means that all your business income is intimately intertwined with your personal resources. Self-employed professionals, more than any other operating entity, feel the pinch at home when business slows down. It’s vital for you to make sure that your personal wealth continues to increase, no matter what kind of shape your business is in at any given point in time.
Now, more than ever, you need to rely on a personal accountant who isn’t afraid to dig into your personal finances to help you mount a solid campaign of continued prosperity. This can only be done when we access your business and personal finances collaboratively. Consulting that includes the when, where and how to move your resources is a foundational Self-Employment Accounting service you receive from Edofalltrades.
A few of the self-employment accounting services you’ll receive from us include,
but aren’t limited to:
• An accurate timetable of when to pay estimated taxes, as well as the most effective amounts to pay each quarter, which keeps you solvent and with plenty of cash flow
• Advice on when to take on additional responsibilities, when to diversify your offerings and how to incorporate new business into your financial strategic plans.
• Access to innovative ideas and options based on the accounting platform you hired us to administer.
• More than just numbers on the page — explanations and directions for how to best make use of your resources
• Clear planning that gives you the foresight to apply to capital investments, business expenses and spending.
WHEN YOU NEED MORE THAN A BOOKKEEPER
As your business grows, the bookkeeping becomes more complex. It takes up more and more of your time. Mistakes and missteps often aren’t visible until the end of the year when you hand over your boxes of receipts to your bookkeeper to file your taxes.
The questions now remain: When should you step it up and bring in a consultant who puts the entire picture together for you? • When is it prudent to pay for a holistic self-employment accountant to further your financial standing? In short:
• When you find someone who can make you more money
• When you find yourself spending more than two hours at a time managing your cash flow
• When your income rises to more than $250K, and you risk coming under more IRS scrutiny
• Definitely when your annual income is more than $1 million, when the chances of getting audited increase to about 13%
• When you move into a different business category, such as a partnership or S-Corp
• When a significant amount of your income comes from foreign sources
• When you carry real estate in your portfolio
• When you have a growing family
• As you are considering retirement
When you’re ready for more than just a bookkeeper, you may be ready for Edofalltrades.