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Accounting Focus, Inc

Foundation to Grow Your Business

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Accounting Focus, Inc. 770-419-1775
Foundation to Grow Your Business
Services for New Foreign Subsidiaries:
 

Accurate record keeping is the foundation of any business, including the US subsidiaries of foreign companies. The recording, reporting, and analysis of financial transactions not only allow a company to understand the financial performance of the business, but also ensure compliance with the tax and other regulatory authorities of the United States.

 

Accounting Focus is a firm that specializes in providing individualized services to US subsidiaries of foreign companies. The President, Konni Reinker, has 15 years of experience as Controller in European subsidiaries. She has a good understanding of the accounting needs of a new US operation, local business practices, the Federal and State regulatory environment, and inter-company relationships.

 

Our services include administrative start-up tasks, such as setting up local bank accounts, customization of the accounting software to capture the particular nature of your company’s products and services, ongoing bookkeeping support, such as issuing invoices, paying vendor bills, and monthly reporting to your parent company.We like to interview clients as early as possible to determine the set of services which will best support their US operations and reporting requirements.

 

To facilitate the start of your business, we can assist you with:

 

·Registering your company with the appropriate Federal, State, county and city agencies in conjunction with the law firm that is setting up your entity in the US. This includes state registration for withholding tax, unemployment tax, and sales tax as applicable.

·Providing a mailing address for your company or opening a P.O. Box.

·Setting up bank accounts and banking services, including online banking, merchant services, international and foreign currency funds transfers.

·Setting up a payroll service for you through a preferred provider.*

·Defining travel guidelines and expense reimbursement procedures.

 

Unless you have a specific preference, we recommend QuickBooks accounting software to record your US business transactions.QuickBooks is a very flexible and relatively inexpensive accounting package, but is sufficiently robust to support the growth of your business.The QuickBooks company file can be shared by the client and Accounting Focus through e-mail transfers. This allows clients to look at their financials, customer and vendor data, and to generate reports. With the growth of the organization, QuickBooks becomes the client’s own bookkeeping system.

 

Accounting software set-up tasks include:

·Creating a chart of accounts.

·Establishing invoicing and payment terms, along with down payment and progress

payment invoicing.

·Enabling sales tax calculations, where applicable.

·Enabling estimates, quotes, sales and purchase orders.

·Setting up “classes” to distinguish product or service categories, and “jobs” to track

projects by client.

·Selecting bill payment methods – checks, debit and credit cards, online bill payment.

·Customizing templates for estimates, quotes and invoices.

·Defining inventory item nomenclature and enter initial inventory holdings.

·Creating client defined reports that will become part of standard monthly reporting in addition to the standard Profit & Loss, Balance Sheet and Cash Flow Statement.

Accounting Focus can provide the following accounting services on a regular basis:

  • Generating invoices.
  • Receiving payments and bank deposits.
  • Recording and paying vendor bills and employee expense reports.
  • Making lease and loan payments.
  • Answering queries from customers and vendors related to invoicing and billing.
  • Preparing bank reconciliation.
  • Preparing sales tax in all states where client has nexus.
  • Monthly reporting, including reports defined by the client
  • Recording payroll. *

 

On an annual basis, we can provide the following services:

  • Renewing business license and state registration.
  • Preparing business property tax returns.
  • Providing year-end financials for income tax preparation.
  • Annual income tax preparation **

 

*We recommend that a certified payroll provider be used to administer payroll. This will ensure that payroll taxes are filed correctly. The provider assumes fiduciary responsibility for all payroll taxes.

**Accounting Focus works together with a small number of Certified Public Accountants (CPAs) to ensure that you have the maximum expertise and resources at your disposal to file your company’s and your personal US annual income tax returns. This CPA would also perform an annual audit if required by your parent company.

References:          Kelly LeCroy, ATN Hoelzel, LP                  423-244-0291

                               Steve Akridge, Border Hawk, LLC            678-521-6151

                               Ricardo Hein, Conexo, Inc.                       678-806-0131

                               Julien Nadaud, b-pack, Inc.                      404-602-0102