Bookkeeping Services in US

Soar to #Success
with better bookkeeping

Soar to #Success with better bookkeeping.

Better books. Better decisions. Bigger profits. Your dedicated team of bookkeepers and accountants will provide high-quality bookkeeping services every step of the way.

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Certified Experts With Powerful Bookkeeping System

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Get the support of a nationwide team of CPAs, bookkeepers, payroll experts, and tax pros.

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Tax-ready financials

Audit? Forget about it. We make sure your financial information is ready for IRS scrutiny.

Experienced Attorneys

Filing is complicated. That's why we send a financial package for each year of catch-up. It's every document you need to get organized and ready to file, in one place.

Personalized Service

We can complete months or years of overdue bookkeeping—fast. That means more time for your business and way less deadline stress.

Our #Success Story

Explore real-life case studies, showcasing personal and business successes
that inspire and inform

#Bookkeeping

Financial
Clarity

The Situation

The client, a growing small business, was experiencing financial management challenges that were impacting their profitability. In 2021, their net income stood at $2.5 million, but they were paying nearly $300,000 in taxes due to various issues, including untracked sales, missed chargeback costs, merchant fee inventory, and lack of proper inventory and purchase record-keeping. Additionally, the client faced issues related to loans, as they were not recording loan interest and depreciation expenses, and they were using personal accounts for business purposes without proper documentation. Challenges
• Inaccurate Financial Reporting: The client's financial records were plagued with inaccuracies due to untracked sales and missing chargeback costs, leading to an inflated net income.
• Tax Burden: High tax liability, amounting to nearly $300,000, was a significant financial drain on the business.
• Loan Management: The client had borrowed loans but had not been recording loan interest and depreciation expenses, leading to distorted financial statements.
• Personal Expenses: The use of personal accounts for business expenses created a lack of clarity and transparency in the financial records.
Solutions
• XOA TAX recognized the critical need for accurate financial record-keeping and implemented the following solutions:
• Inventory and Expense Tracking: XOA TAX implemented a robust inventory tracking system,
ensuring all sales, chargeback costs, merchant fees, and purchase inventory were meticulously
recorded. This resulted in a reduction of the reported income by $1.5 million.
• Tax Optimization: By accurately accounting for expenses and inventory, XOA TAX reduced the client's tax liability by 50%, resulting in substantial savings.
• Loan Management: XOA TAX established a loan schedule, recording loan interest and depreciation expenses in compliance with accounting principles.
• Expense Classification: Personal expenses were carefully classified and separated from business expenses, ensuring transparency and accuracy in financial reporting.
Results
• XOA TAX's expert bookkeeping services delivered remarkable results for the client:
• Improved Financial Reporting: The client's income statement now accurately reflected their financial reality, providing a clearer picture of their business's performance.
• Tax Savings: Through precise expense tracking and reporting, XOA TAX reduced the client's tax payable by 50%, saving them a substantial amount of money.
• Compliance: The client's financial records were now in full compliance with accounting principles and regulations, eliminating the risk of penalties or audits.
• Enhanced Profitability: With accurate financial records and reduced tax burden, the client's profitability significantly improved.
Conclusion

This case study highlights the transformative impact of XOA TAX's bookkeeping services on a struggling business. By addressing the challenges related to financial reporting, taxes, loans, and expense classification, XOA TAX helped the client achieve
financial clarity and significantly increase their profitability. This success story underscores the importance of professional bookkeeping services in ensuring a business's financial health and long-term success.

Financial Clarity

XOA TAX assisted a small business facing financial challenges, including inaccurate financial reporting and high tax liability. By implementing precise inventory tracking and expense management, they reduced the reported income by $1.5 million, resulting in a 50% reduction in tax payable. Additionally, XOA TAX ensured compliance with accounting principles and improved the client's overall profitability through expert bookkeeping services.

See how we helped him!

#Bookkeeping

Accurate, Timely,
and Efficient

The Challenge

1 Incorrect Classification of Expenses:
• Johnson, LLC erroneously recorded all repair and equipment expenses directly into the Profit and Loss Statement (P&L).
• This incorrect classification leads to a misstated principle amount of equipment, affecting the accuracy of the financial statements.
2. Negative Payable and Payroll Liability:
• The presence of negative figures in accounts payable and payroll liabilities suggests errors in accounting entries. This might indicate payments recorded incorrectly, prepayments, or other accounting discrepancies.
The Solution
XOA TAX’s team of experts was involved in the following activities:
1 Recording Expenses Appropriately on the Balance Sheet (BS):
• Equipment costs should be capitalized on the Balance Sheet and not expensed directly on the P&L.
• This capitalization involves recognizing the equipment as an asset and then depreciating it over its useful life.
2 Establishing a Depreciation Schedule:
• Implement a schedule that systematically allocates the cost of the equipment over its useful life.
• This schedule will ensure that the expense recognition aligns with the usage of the asset, following accounting standards like GAAP or IFRS.
Results
• Enhanced Reliability of Financial Reports: Correctly classifying expenses and using a depreciation schedule improves the accuracy of financial statements, making them more reliable for decision-making.
• Reduced Audit Risk: Accurate accounting reduces the risk of issues or discrepancies during an audit, as the financial statements would adhere to standard accounting practices.
• Compliance with Accounting Principles: Properly accounting for assets and expenses ensures compliance with relevant accounting principles, avoiding potential legal or regulatory issues.
• Potential Tax Benefits: By correctly recording expenses and depreciating assets over their useful lives, Johnson, LLC might reduce their taxable income, leading to potential tax savings.
Additional Considerations
• Reviewing Historical Entries: It might be necessary to adjust previous accounting records to rectify past misclassifications
• Training and Process Improvement: Ensuring that Johnson, LLC's accounting team understands the correct classification of expenses to prevent future errors.

Accurate, Timely, and Efficient

Johnson, LLC incorrectly classified repair and equipment expenses in the Profit and Loss Statement and faced issues with negative figures in liabilities. XOA TAX addressed this by recording these expenses on the Balance Sheet, capitalizing equipment costs, and setting up a depreciation schedule. XOA TAX strategy improved financial report accuracy, reduced audit risks, ensured accounting compliance, and possibly offered tax advantages for Johnson, LLC.

See how we helped him!

Our #Success Stories.

Explore real-life case studies, showcasing personal and business successes
that inspire and inform

Financial Clarity
Expense Issue

#Bookkeeping

Financial Clarity

XOA TAX assisted a small business facing financial challenges, including inaccurate financial reporting and high tax liability. By implementing precise inventory tracking and expense management, they reduced the reported income by $1.5 million, resulting in a 50% reduction in tax payable. Additionally, XOA TAX ensured compliance with accounting principles and improved the client’s overall profitability through expert bookkeeping services.