Soar to #Success with Best bookkeepers in Lake Forest, CA.

Soar to #Success with Best bookkeepers in Lake Forest, CA.

Hey Lake Forest businesses, are your books a bit messy? XOA TAX is here to help you out! We'll organize your financial records and keep your finances stay on track effortlessly.

Excellent

4.6/5

Better books         •        Better decisions         •        Bigger profits

Better books   •   Better decisions   •  Bigger profits

Lake Forest

Certified Experts With Powerful Bookkeeping System

Trustworthy Tax Advice You Can Count On

01

Dedicated Team of Experts

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

02

Tax-ready financials

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

03

Tidy tax-ready financials

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.

04

Fast turnaround times

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

01

Dedicated Team of Experts

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

02

Tax-ready financials

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

03

Tidy tax-ready financials

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.

04

Fast turnaround times

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

We can help you #Thrive in any industry

crane

Construction

lease

Real estate

E-commerce

iron

Laundry

Agencies

Designers

crane

Construction

lease

Real Estate

E-commerce

iron

Laundry

Agencies

Designers

Our #Success Story

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 achieved very encouraging results. Additionally, XOA TAX ensured compliance with accounting principles and improved the client's overall profitability through expert bookkeeping services.

Accurate. Timely. Efficient.

XOA TAX assisted a small business 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.

Busy Right Now? Let's Talk Again!​

Lean Process,
Get Success.

We firmly believe that putting our customers first is the best way to help you achieve your goals.

Visualize Your Goals

Provide detailed instructions to accomplish your objectives.

Connect with CPAs

4.6 out of 5 star average expert rating by clients.

Optimize and Review

Advise on how to improve for a favorable outcome.

Financial Analysis

Analyze performance and other financial transactions

We’ve Got A Plan That’s Perfect For You

From basic tax to complex accounting, we got you covered!

Basic plan

Quarterly Bookkeeping and Bank Reconciliation (Max 50 transactions/month)

$
 /month
Up to $
 Annual Revenue
For annual revenue of $1 million and up, contact us for custom pricing.

FEATURES

Pro plan

Quarterly Bookkeeping and Bank Reconciliation (Max 150 transactions/month)

$
 /month
Up to $
 Annual Revenue
For annual revenue of $1 million and up, contact us for custom pricing.

FEATURES

Everything in Basic plan and More

Elite plan

Monthly Bookkeeping and Bank Reconciliation (Max 300 transactions/month)

$
 /month
Up to $
 Annual Revenue
For annual revenue of $1 million and up, contact us for custom pricing.

FEATURES

Everything in Basic plan and Pro plan

Customized Tax and
Accounting Solution

Every business needs a reliable partner. From accounting to helpful business insights, we are here for you.

Success Stories: U.S. Launches Made Easy with Us!

Excellent

4.6/5

Get a
personal consultation.

*Note: UTC-7 when you select the date and time
Client Profile
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.
    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.
    • 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.

    Do you wish to continue with the call?

    Please provide your phone number and we will contact you within 2 hours

    You have successfully submitted your phone number

    Please provide your phone number and we will contact you within 2 hours

    You have successfully submitted your phone number