Accounting Tax and Financial Services- Fahim Ekbal Moledina

Accounting Tax and Financial Services provides a wide range of financial services to assist business entities. These include payroll processing, preparing tax reports, reconciling bank records and handling employee information.

Accountants also help with business entity formation and registry, and federal and state regulatory compliance. You can also get guidance on tax-efficient business decisions.

Fahim Ekbal Moledina is a solutions-focused strategist who has been leading organizations for over a decade to meet their targets and focus on continuous improvement. I have considerable experience in change, product, and project management. I am a professional project manager, certified agile, and change practitioner. I have expertise in business process re-engineering, workforce planning, leveraging technology and software, and enhancing operations to eliminate waste and successfully helped multiple companies in meeting their long-term goals and generating actionable strategic plans.

Accounting

Accounting tax and financial services come in a variety of forms from the simplest of bookkeeping systems to a full fledged business solution. They may be outsourced to a service provider or done in-house by the business owner.

In its most basic form, accounting entails the production of financial statements to track cash flow and overall company performance. A well thought out system can be a boon to business owners.

The best accounting and tax services will be able to produce a comprehensive set of reports that will provide you with the information you need to make informed business decisions. The most important question to ask when choosing an accounting and tax services provider is what services will best meet your company's unique needs? The answer will be a little different for each business, but you can start by narrowing down your options by defining your goals. This is a good exercise for any small or medium sized business.

Taxes

Taxes are the sum of money that people and businesses pay to the government. Accounting for taxes is crucial to making sure that individuals and organizations pay their proper share of taxes.

Companies use different methods to record financial transactions for tax purposes. These include the cash method and accrual basis.

Most individuals pay taxes using the cash method, which records revenues and expenses as they occur. This helps to prevent overpayments and underpayments in the future.

Another important way to account for taxes is by recognizing deferred tax assets and liabilities. These are assets and liabilities that are recorded when they are expected to be earned but are not paid in full until the year of taxation.

The implication of this is that when a company pays tax, it must report that tax income in the year in which it actually received the tax. This results in a difference between accounting profit and taxable profit for the current year. This can result in a higher tax payment, which is why it is important to take advantage of tax deductions sooner rather than later.

Payroll

Payroll is the process of calculating, recording and paying employees' wages. It includes tracking hours worked, gross wages, payroll taxes and deductions.

A payroll accountant records this information in financial journal entries. The information in these journals is used to produce reports and analyze payroll data.

Accountants also keep track of payroll taxes, which are a portion of the employee's wages that are withheld on behalf of the government. These taxes fund Social Security, Medicare, worker's compensation and unemployment programs.

Taxes must be deposited and remitted on a regular basis to the IRS and state tax agencies. There are penalties for failing to deposit and file payroll taxes. Keeping a record of these payments can help businesses avoid penalties.

Business Advisory

Business advisory services involve helping a company’s owners or decision-makers formulate strategies that can unlock the growth of the company. They also assess the legal, finance, tax, and market aspects that come into play when starting a new business or making alterations to an existing one.

Depending on the size of the company and its objectives, companies may require different types of business advisory services. Some common types of services include financial modeling, projections and budgeting, third-party controllership services, asset protection, tax compliance, virtual CFO, management reporting, and lender financing.

These services can be an important tool for businesses to maximize their profits and revenues. They also help organizations strategize plans at all levels, increase productivity, and better manage cash outflows and inflows.