Your Dedicated Accounting Experts in Cincinnati, OH
When you work with Somerville & Company CPA, you can expect the dedication, competency, and attention-to-detail it takes to deliver comprehensive accounting solutions. Our team is committed to providing the information and solutions you need to make sound decisions.
Somerville & Company CPA offers our expertise to privately-owned enterprises in the greater Cincinnati area. Our team is skilled in every aspect of finances and provides bookkeeping systems according to your needs, whether it's a comprehensive overhaul or minimal support. As long-term residents of OH, we understand the unique needs of businesses in our community. Call for a consultation today!
Excellent Service for All Your Accounting Needs
We're proud to have built up a reputation as experts in advanced accounting thanks to our years of experience. Since 1988, we've helped Cincinnati businesses with a wide variety of accounting needs. Our experience has enabled us to work with companies across multiple industries. Whether you need a timely and reliable valuation in preparation for a sale or you seek to protect your company's interests through accurate accounting, we have the skill and insight to meet your needs effectively.
Accounting & Bookkeeping Services
We understand how businesses operate and how they can be successful. We offer advice on effective budgeting and management of your company's finances and processes. As we listen to your situation, we can identify which underlying rules and regulations are relevant to keep you and your business responsible and organized.
We always explain accounting in non-technical language and help you understand the numbers while offering a senior-level perspective on how to help your business grow. During your consultation, we measure the amount of attention necessary to organize your bookkeeping methods. After our evaluation, we will determine if your processes need a small adjustment or significant reconstruction.
Depending on our recommendations, Somerville & Company CPA will provide:
One of our accountants will work in your office if necessary. This interaction provides a high level of communication and is the most effective way to address most bookkeeping issues. You may also choose to outsource your accounting to Somerville & Company CPA, which ensures they receive the full attention they need.
Organized Accounting for Peak Efficiency
An efficient accounting system is the lifeblood of a business. Somerville & Company CPA goes above and beyond to properly manage cash flow and determine past key performance indicators (KPIs). As we enhance your company's fiscal standing, we use KPIs to measure both short and long-term improvements.
We prepare detailed reports and review them with your staff. This allows for useful analysis and to identify opportunities for growth. Regular reports and continued accounting maintenance is part of our continued support. You can count on us whenever difficulties arise. We provide expert advice for important decisions such as purchasing another business or moving into a new market.
Accounting Help for Cincinnati Startups
Since deciding to run your own business, you most likely envisioned what you wanted in terms of products and services. However, you also need to be aware of how you want to market your business, how you want the business managed, and what to do with the funds your company collects.
Without a plan that encompasses these facets of your business, you'll have a more difficult time growing your enterprise. An unclear marketing plan can prevent customers from finding you, and an undecided management style may block your ability to solve problems. Also, not planning for financial management can cause your business to lose money, either through unnecessary spending or by not capitalizing on money-saving opportunities. Instead, having a clear-cut plan for each of these areas allows you to grow your business effectively.
Our team can assist with:
Funding: Do you know how much capital your business needs? Do you know where to get that money? Forming a new business needs to include a list of both start-up capital and backup funding sources. It is critical to understand how much money you can acquire to pay off your initial loan so that you can evaluate and quantify your future borrowing power. Starting your business can be expensive, especially while waiting for customers to come in. You need to know that your business' finances are in good standing during this interim.
Business Structure: Your business is going to need a solid blueprint of operations and practices in place to operate effectively. You should build that plan around how you file your taxes, how easy it is to operate your business, and how portable your business would be if you need to relocate. The balance of these three elements helps to determine how your business will operate as a whole.
Accounting Made Easy with QuickBooks
Running a business is a job with many overlapping tasks and responsibilities, all of which depend on each other. When these functions are all performed with diligence, the company operates like a well-oiled machine. However, these working parts require time and energy that, in many businesses, can quickly add up. Accounting is one aspect of a business that can require considerable time and effort without the right tools.
QuickBooks changes this by simplifying accounting functions and empowering you to stay in control of your finances. Somerville & Company CPA uses this powerful accounting software to help entrepreneurs throughout Cincinnati achieve their business goals. QuickBooks provides business owners and accountants with an easy-to-use, streamlined digital suite that automates a wide array of functions to save you time and money.
Somerville & Company CPA analyzes your company and how it operates, working to understand your finances, cash flow, and processes to develop a strategy tailored to your needs. Once setup is complete, QuickBooks allows you to perform a variety of tasks, including:
Intuit, the company the produces QuickBooks, has heavily invested in the creation and ongoing support of their cloud-based platform, QuickBooks Online. This online toolset empowers you with access to your company's financial information wherever you are, from any device. This program can automate processes and integrate with third party apps like CRM and project management.
Accounting for Tax Preparation in Cincinnati, OH
We are knowledgeable and educated about tax policy and how the laws affect taxpayers and businesses. Our team stays current on new developments through continuing education. We maintain a large library on common tax subjects to help you navigate a variety of financial challenges. For instance, if you want to know the impact of selling your rental property, you can call us to obtain the advice you need now instead of waiting for the next tax season.
We streamline your tax preparation with our custom tax organizer, making the process of handling your paperwork easy. You can schedule an appointment to submit your organizer in person, or simply email it. We remain proactive about every aspect of your tax planning and preparation by double-checking our numbers and calculations.
You can trust us to inform you about all available deductions and exemptions. We help you find missed deductions by regularly reviewing accounts and planning out your tax strategy for the year. Our thorough preparation methods limit your liability and provide cash-saving opportunities.
Commonly Overlooked Business Tax Deductions
There are over 300 different tax deductions business owners could be eligible for. During tax preparation, many owners miss these deductions and end up paying more taxes than necessary. You may be eligible for any of the commonly overlooked deductions, so consult with Somerville & Company CPA for more information. Below are some common business deductions that could help save you money.
Fees and Carrying Charges: When you overdraw your bank account, you incur fees and insufficient funds costs. Surprisingly, those fees are considered legitimate, deductible business expenses. Also, any costs from unproductive assets such as stored goods or vacant premises are deductible. If you have inventory in storage, your fees for storing these products are tax-deductible. If part of your storefront is not in use, then a portion of your rent may also be used to decrease what you owe.
Petty Cash: Small items you pay for with cash can add up to big tax savings. Items like donuts for the office meeting, parking fees, and toll road charges frequently get overlooked. The best way to obtain deductions for these items is to maintain thorough records. Create an easily accessible logbook for your office to keep track of. Employees should detail the date, time, amount, and item purchased. At the end of each month, add them up for the total of deductible expenses.
Transportation Fees: If you use your car for business, you can deduct the costs of maintaining and operating your vehicle. The IRS decides mileage deduction rates each year. The amount you save is determined by how many miles you drive. Gas costs can also count as transportation deductions. Other methods of travel are also potential areas for tax rebates. If you flew out of state for a conference, you could deduct that expense, as well as your hotel charges. Make sure to keep track of all purchases while traveling, including food, and add those to your petty cash deductions.
A Commitment to Professional Integrity
As your accountants, we carry an obligation to maintain our professional integrity, always. In every service we provide, we strive to be honest and forthright in our communication and to remain objective and impartial. This approach ensures that everyone is dealt with fairly, and works to the benefit of everyone involved, especially you.
We are dedicated to helping you overcome your accounting challenges and receive the support you need to work toward personal and professional success. Contact our office today to set up your complimentary initial consultation.