Is Your Accountant Actually Helping Your Small Business Grow?

Remember the initial thrill of launching your small business? The surge of customers, the steady growth? But lately, things have plateaued. Sales figures seem stuck, and that initial momentum feels like a distant memory. You might be wondering – is this the new normal, or is there more to be unlocked?

The truth is, your financial partner can significantly impact your business trajectory. While a good accountant ensures your taxes are filed correctly, a growth-oriented accountant becomes a strategic partner, actively propelling your business forward. TMD Accounting goes beyond basic compliance tasks. We analyze your financial data to uncover trends, identify areas for improvement, and translate those insights into actionable strategies to propel your business forward. However, working with an accountant who prioritizes basic compliance tasks over strategic guidance can leave your business stagnant and limit your potential. This article equips you with key considerations to assess your current accountant and identify the qualities of a growth-oriented partner who will become a champion for your business success.

 

Key Takeaways

  • Limitations of Traditional Accountants: Traditional accountants might prioritize compliance over growth strategies, lack industry expertise, and offer a reactive approach to finances.
  • Qualities of a Growth-Focused Accountant: A growth-oriented accountant becomes a strategic partner, possesses industry knowledge, offers proactive future-oriented guidance, and prioritizes clear communication.
  • Benefits of Partnering with TMD Accounting: TMD Accounting focuses on growth strategies, leverages industry expertise, offers proactive financial planning, prioritizes clear communication and collaboration, and provides customized solutions for your business.

 

Comparison Table: Traditional Accountant vs. TMD Accounting

Task Traditional Accountant TMD Accounting
Focus Compliance Growth & Compliance
Industry Knowledge Limited Strong Industry Expertise
Approach Reactive Proactive & Future-Oriented
Communication Basic Reporting Clear & Collaborative Communication
Services Basic Accounting Tasks Customized Growth Strategies

 

The Limitations of a Traditional Accountant

While a reliable accountant is essential for any business, some accounting practices might not be optimized to fuel your growth. Here’s why:

  • Compliance-Focused Mindset: Many traditional accountants prioritize tasks like tax filing and bookkeeping accuracy, which are crucial but limited in scope. While ensuring compliance is vital, TMD Accounting goes beyond basic tasks. We analyze your financials with an eye toward the future, identifying potential roadblocks and opportunities before they arise. This proactive approach allows you to make informed decisions and course-correct before encountering problems.
  • Reactive vs. Proactive Approach: Some accountants take a reactive approach, simply responding to past financial data. They might highlight areas where you overspent or missed tax deductions, but this reactive approach offers limited future benefit. At TMD Accounting, we’re proactive. We analyze your financials with an eye toward the future, identifying potential roadblocks and opportunities before they arise. This forward-thinking approach empowers you to make informed decisions and take strategic actions to capitalize on growth opportunities while mitigating potential risks.
  • Limited Business Acumen: Understanding the intricacies of your specific industry is critical for translating financial data into actionable advice. A general accountant might offer generic financial advice, but TMD Accounting takes a different approach. We take the time to understand your industry’s benchmarks, trends, and growth drivers. This allows us to recommend strategies that leverage your unique strengths and position you for success within your competitive environment.

The Qualities of a Growth-Focused Accountant at TMD Accounting

Finding an accountant who transcends number-crunching and becomes a true partner in your business journey is key to unlocking growth. Here’s what sets TMD Accounting apart:

  • Strategic Partnership: Imagine your accountant as a co-pilot, navigating the financial aspects of your business alongside you. At TMD Accounting, we take the time to understand your business goals, vision, and long-term aspirations. We then leverage our financial expertise and industry knowledge to develop customized strategies aligned with those goals. This collaborative approach ensures your financial decisions directly contribute to achieving your business dreams.
  • Business Acumen & Industry Expertise: Not all financial data is created equal. Our team at TMD Accounting goes beyond basic accounting principles; we possess a deep understanding of various industries. We can analyze your financial performance against industry benchmarks, identify trends that might impact your business, and translate financial data into actionable insights relevant to your competitive landscape. With this industry expertise, we can recommend growth strategies that capitalize on your strengths and position you for success within your market.
  • Proactive & Future-Oriented: A growth mindset is essential for any accountant working with ambitious businesses. Instead of simply reporting on past performance, our team at TMD Accounting takes a proactive approach. We analyze your financials with an eye toward the future, identifying potential roadblocks and opportunities before they arise. This forward-thinking approach empowers you to make informed decisions and take strategic actions to capitalize on growth opportunities while mitigating potential risks.
  • Communication & Collaboration: Clear and consistent communication is the cornerstone of any successful partnership. At TMD Accounting, we prioritize open communication, ensuring you understand the financial implications of our recommendations. We explain complex financial concepts in clear, concise language, fostering a collaborative environment where you can ask questions, voice your concerns, and work together.

Finding the Right Growth Partner at TMD Accounting

The next step is to find an accounting firm that embodies these qualities. Here’s how TMD Accounting can be your perfect growth partner:

Evaluating Your Current Accountant (Consider these aspects):

  • Alignment with Goals: Do they actively discuss your growth aspirations and develop strategies to achieve them?
  • Industry Expertise: Do they possess a strong understanding of your industry’s benchmarks and trends?
  • Proactive Communication: Do they anticipate your needs and provide future-focused insights?
  • Clarity and Collaboration: Do they explain financial concepts clearly and encourage open communication?

Why Choose TMD Accounting?

  • We Focus on Growth, Not Just Compliance: Our team goes beyond basic accounting tasks. We analyze your financials to identify areas for improvement and develop data-driven strategies to propel your business forward.
  • Industry-Specific Knowledge: We take the time to understand the unique challenges and opportunities within your industry. This allows us to provide targeted advice that leverages your strengths and positions you for success.
  • Proactive & Forward-Thinking Approach: We don’t just report on the past; we analyze your financials with a future-focused lens, identifying potential roadblocks and opportunities before they arise.
  • Clear Communication & Collaboration: We prioritize open communication, ensuring you understand the financial implications of our recommendations. We explain complex concepts in clear language and foster a collaborative environment where your voice is heard.

Interviewing TMD Accounting:

We encourage you to schedule a free consultation with our team to discuss your specific needs and goals. During the consultation, we’ll:

  • Get to know your business and its aspirations.
  • Analyze your current financial data.
  • Discuss potential growth opportunities and challenges.
  • Explain how our services can be customized to meet your needs.
  • Answer any questions you may have.

By partnering with TMD Accounting, you gain a dedicated team of financial experts who are invested in your success.

 

6 FAQs About Choosing a Growth-Focused Accountant

  1. What are the benefits of working with a growth-focused accountant?

Growth-focused accountants help you identify opportunities, develop financial plans to achieve your goals, and navigate challenges proactively.

  1. How can I tell if my current accountant is hindering my growth?

If your accountant doesn’t discuss your growth goals, lacks industry knowledge, or focuses solely on past data, they might not be ideal for growth.

  1. What services does TMD Accounting offer?

We offer a comprehensive suite of services including bookkeeping, tax planning, financial analysis, and strategic consulting, all tailored to growth-oriented businesses.

  1. How much does it cost to work with TMD Accounting?

We offer a variety of pricing plans to fit your specific needs and budget. Schedule a free consultation to discuss your options.

  1. What can I expect during a consultation with TMD Accounting?

We’ll discuss your business goals, analyze your financials, identify growth opportunities, explain our services, and answer any questions you have.

  1. How can I get started with TMD Accounting?

Schedule a free consultation with our team today! We’re here to help your business thrive.

 

Conclusion

The right accountant can be a game-changer for your small business. Don’t settle for a backseat accountant who simply processes numbers. At TMD Accounting, we become a proactive partner, working alongside you to achieve your business goals. We offer a comprehensive suite of services tailored to growth-oriented businesses, all delivered with a focus on clear communication and collaboration. Take a proactive approach to your financial future. Schedule a free consultation with TMD Accounting today and discover how we can help your business soar.

Stop Drowning in Paperwork: Streamline Your Finances with Small Business Accounting

Imagine this: you are swamped with receipts, invoices, and bank statements piled high on your desk. Each piece of paper represents a financial transaction for your small business, and the thought of sorting through it all fills you with dread. This scenario is all too familiar for many small business owners. The burden of financial management can quickly become overwhelming, leading to missed tax deductions, cash flow issues, and a constant feeling of being behind.

But there’s a way out! Small business accounting is your financial lifesaver. By partnering with a qualified accountant, you can streamline your finances, free up valuable time, and gain the peace of mind that comes with knowing your business is on solid financial footing. This article will guide you through the benefits of small business accounting and equip you with the knowledge to choose the right accountant for your needs.

Key Takeaways

  • Paperwork Overload is Crippling Small Businesses: Disorganized finances can lead to missed tax breaks, cash flow issues, and wasted time.
  • Small Business Accounting is Your Lifesaver: Partnering with a qualified accountant streamlines your finances, frees up time, and empowers you to make data-driven decisions.
  • The Right Accountant is a Business Partner: Look for an experienced professional with strong communication skills and industry knowledge.

 

Comparison Table: DIY vs. Hiring a Small Business Accountant

Task DIY Hiring a Small Business Accountant
Time Commitment Very High Low
Accuracy Risk of Errors Ensured Accuracy
Tax Expertise Limited Knowledge Up-to-Date Tax Strategies
Financial Insights Basic Understanding Strategic Decision-Making
Cost Potentially Saves Money Upfront Saves Money Long-Term

Note: While DIY accounting might seem like a cost-saver initially, the potential for errors and missed opportunities can lead to costly consequences down the line. A qualified accountant can help you maximize tax benefits and identify areas for cost-savings, ultimately saving you money in the long run.

 

The Paperwork Deluge: Why Small Businesses Struggle

For small business owners, paperwork can feel like a never-ending battle. Here are some of the most common challenges you might face:

  • Receipt Roulette: Ever lose track of a crucial receipt just when you need it for tax season? Small businesses often juggle numerous transactions, making it difficult to keep receipts organized.
  • Bank Account Balancing Act: Managing multiple bank accounts, credit cards, and other financial tools can be a complex task, especially without proper bookkeeping practices.
  • Invoicing Insomnia: Chasing down late payments from clients can be a major time suck. An efficient accounting system can help ensure timely invoices and a healthy cash flow.

Let’s face it, John, a local coffee shop owner we all know, used to spend hours every week just trying to stay on top of his finances. Between tracking down missing receipts and manually creating invoices, valuable time was being taken away from focusing on what really mattered – growing his business and serving his customers.

The impact of paperwork overload goes beyond wasted time. Financial disorganization can lead to missed tax breaks, inaccurate financial reporting, and difficulty securing loans. The stress of managing your finances can also take a toll on your well-being, leaving you feeling overwhelmed and discouraged.

Streamlining Your Finances: The Power of Small Business Accounting

Small business accounting goes far beyond simply keeping track of your receipts and balancing your checkbook. Here’s a breakdown of the core services offered by a qualified accountant:

  • Bookkeeping: This is the foundation of good financial management. Your accountant will handle day-to-day transactions, categorize expenses, and ensure your books are accurate and up-to-date.
  • Tax Preparation: Don’t navigate the complexities of the tax code alone! Your accountant will ensure you’re filing your taxes correctly and taking advantage of all available deductions and credits.
  • Financial Planning: Looking to grow your business? A good accountant will analyze your financial data and provide valuable insights to help you make informed decisions about budgeting, forecasting, and investment opportunities.

Partnering with a small business accountant is a collaborative process. Through clear communication, your accountant will gain a deep understanding of your unique business needs and goals. They will then develop a customized accounting plan that streamlines your finances and sets you on the path to success.

The benefits of small business accounting extend far beyond just keeping the books in order. Here’s how partnering with an accountant can empower your business:

  • Time Savings: Imagine reclaiming those hours you used to spend wrestling with your finances. An accountant will handle the time-consuming tasks, freeing you up to focus on what you do best – running and growing your business.
  • Cost Reductions: A qualified accountant has a keen eye for identifying areas where you can save money. They can help you optimize your spending, negotiate with vendors, and uncover valuable tax breaks you might have missed.
  • Strategic Insights: Financial data is like a roadmap for your business. Your accountant will analyze your financial statements, identify trends, and provide actionable insights to help you make data-driven decisions about your future.

Take Lisa, for example, who runs a successful bakery. After partnering with TMD Accounting, Lisa was able to streamline her bookkeeping processes, saving her a significant amount of time each week. More importantly, our financial analysis revealed areas where she could reduce unnecessary expenses, ultimately boosting her profit margin by 15%. This newfound financial clarity allowed Lisa to invest in expanding her product line and open a second location.

By leveraging the power of small business accounting, you can gain the time, resources, and strategic insights needed to take your business to the next level.

Taking the Plunge: Choosing the Right Small Business Accountant

Finding the right small business accountant is like finding a trusted business partner. Here are some key qualities to look for:

  • Experience and Expertise: Look for an accountant with a proven track record of working with small businesses in your industry. They should be familiar with the specific tax regulations and financial challenges relevant to your business type.
  • Communication Style: Effective communication is crucial. Choose an accountant who explains complex financial concepts in a clear and understandable way. You should feel comfortable asking questions and confident that your accountant is listening to your needs.
  • Availability and Responsiveness: Your accountant should be readily available to answer your questions and address any concerns you may have. A prompt and responsive accountant demonstrates their commitment to your success. Not all accountants are created equal. Here are some red flags to watch out for:
  • Unavailability: If an accountant is difficult to reach or slow to respond, it’s a sign they might not be able to provide the level of service you need.
  • Lack of Transparency: Beware of accountants who are vague about their fees or hesitant to discuss their qualifications. You deserve a clear understanding of the services you’re paying for. (Red Flags to Avoid)
  • Poor Communication: If you find yourself struggling to understand your accountant’s explanations, it’s a sign you might not be a good fit. Clear communication is essential for a successful partnership. (Red Flags to Avoid)

Finding the perfect fit for your small business doesn’t have to be overwhelming. Here are some tips to get you started:

  • Ask for Recommendations: Talk to other small business owners in your network for referrals. Their positive experiences can be a great starting point.
  • Check Online Reviews: Read online reviews and testimonials to get a sense of other clients’ experiences with different accountants.
  • Schedule Consultations: Most accounting firms offer free consultations. This is a valuable opportunity to ask questions, discuss your needs, and see if the accountant is a good personality fit for you.

 

6 FAQs About Small Business Accounting

  1. What services do small business accountants offer?

Small business accountants offer a wide range of services, including bookkeeping, tax preparation and planning, financial analysis, and budgeting.

  1. How much does a small business accountant cost?

Accounting fees can vary depending on the complexity of your business, the services you need, and the accountant’s experience level. Most accounting firms offer free consultations to discuss your specific needs and provide a personalized quote.

  1. Can’t I just use accounting software to manage my finances?

Accounting software can be a helpful tool, but it’s not a replacement for a qualified accountant. Accounting software requires a certain level of financial expertise to use effectively. An accountant can help you set up your software, ensure accurate data entry, and interpret the financial data to make informed business decisions.

  1. How often should I meet with my accountant?

The frequency of your meetings with your accountant will depend on your specific needs. At minimum, you should meet with your accountant once a quarter to discuss your financial performance and tax implications.

  1. What are the benefits of working with a local accountant?

A local accountant will have a deeper understanding of the specific tax regulations and business climate in your area. They can also provide more personalized service and be readily available to meet with you in person.

  1. How do I find the right small business accountant?

Ask for recommendations from other small business owners in your network, check online reviews, and schedule consultations with several accountants to find the one who is the best fit for your needs.

 

Conclusion

Don’t let paperwork drown your dreams! Small business accounting is a powerful tool that can transform your finances and empower you to focus on what truly matters – growing your business. (Recap) By partnering with a qualified accountant, you can gain the time, resources, and strategic insights needed to achieve lasting success.

Ready to Take Control of Your Finances?

At TMD Accounting, we specialize in helping New Jersey small businesses like yours navigate the financial complexities of running a business. Contact us today for a free consultation and let’s discuss how we can help you streamline your finances and achieve your entrepreneurial goals. We look forward to partnering with you on your journey to success!

Remember, TMD Accounting offers a variety of services to meet your specific needs, including:

  • Bookkeeping [Link to Bookkeeping service] to free you up from tedious data entry and ensure your books are always accurate.
  • Payroll Services [Link to Payroll service] to streamline your payroll process and ensure your employees are paid accurately and on time.

TMD Accounting – Where Numbers Matter and People Count!

Contractor Accounting 101: Getting the Basics Right and Avoiding Costly Mistakes

Imagine this: You’ve just landed your first big construction project. Excitement fills the air, but amidst the planning and material gathering, a nagging worry pops into your head: “How am I going to handle the finances for this?”

Proper accounting practices are the foundation of any successful business, and construction is no exception. Whether you’re a seasoned contractor or just starting out, a solid grasp of the financial essentials is crucial. This guide is designed specifically for you, the contractor, to help you navigate the world of accounting and avoid costly mistakes down the road.

So, grab a hard hat (figuratively speaking), and let’s get started on building a strong financial foundation for your construction business!

Key Takeaways

  • Building a solid foundation for your construction business starts with understanding your business structure and choosing the right accounting method (often accrual for contractors).
  • Job costing empowers you to track project profitability, identify cost-saving opportunities, and make informed decisions.
  • Maintaining accurate and accessible records is crucial for tax filing, audit readiness, and informed financial management.
  • Consulting a qualified tax professional helps you navigate tax complexities, minimize your tax burden, and maximize deductions.
  • Consider outsourcing your accounting needs to a professional service like TMD Accounting to free up your time, gain valuable insights, and ensure financial compliance.

Comparison Table: Cash vs. Accrual Accounting

Feature Cash Accounting Accrual Accounting
Records Income When cash is received When earned (even if not received)
Records Expenses When cash is paid When incurred (even if not paid)
Project Tracking Can be inaccurate for projects Provides a clearer picture of profitability
Better Suited For Simple businesses Most contractors, project-based work

Understanding Your Business Structure

Choosing the right business structure is the first critical step for any new contractor. It impacts everything from how you file taxes to your personal liability. Here’s a breakdown of some common structures, going beyond the simple sole proprietorship vs. LLC/Corporation options:

  • Sole Proprietorship:

    • The simplest structure, where you and your business are considered one legal entity. This offers ease of setup but exposes you to unlimited personal liability for business debts.

  • Limited Liability Company (LLC):

    • Offers a good balance between flexibility and protection. It separates your personal assets from business liabilities, providing some peace of mind.

  • Corporation:

    • A more complex structure often used for larger businesses. It offers greater flexibility in raising capital and provides a clear separation between owners (shareholders) and management.

The best structure for your business depends on various factors like size, projected growth, and risk tolerance. While this guide provides a general overview, consulting a business attorney is highly recommended. They can guide you through the legal nuances and help you choose the structure that best suits your specific needs.

Accounting Methods for Contractors

Now that you’ve established your business structure, it’s time to delve into the world of accounting methods. These methods determine how you record your income and expenses, ultimately impacting your financial statements and tax obligations. Here, we’ll focus on the two main options for contractors:

  • Cash Accounting:

    • This simpler method records income when you receive cash payment from clients and expenses when you pay them out. While straightforward, it can create an inaccurate picture of your business’s financial health, especially for project-based work like construction.

  • Accrual Accounting:

    • This method provides a more accurate picture by recording income when it’s earned (even if not received yet) and expenses when they’re incurred (even if not paid yet). This aligns better with the project-based nature of construction, allowing you to track project profitability more effectively.

For most contractors, accrual accounting is the preferred method. It offers a clearer view of outstanding receivables and payables, helping you make informed financial decisions. However, the choice ultimately depends on the complexity of your business and your comfort level. We’ll delve deeper into the advantages of accrual accounting specifically for contractors in the next section.

Job Costing for Construction Projects

Imagine juggling multiple construction projects simultaneously. Keeping track of each project’s expenses and profitability can quickly turn into a financial nightmare. This is where job costing comes in – your secret weapon for monitoring project health and maximizing profits.

Job costing is a detailed method of tracking all costs associated with a specific construction project. It allows you to see exactly how much each project is costing you, from materials and labor to equipment rental and overhead expenses. Here’s how it works:

  • Defining the Job:

    • Each construction project becomes a separate “job” within your accounting system. This allows for clear cost allocation.

  • Tracking Direct Costs:

    • Direct costs are expenses directly linked to the project, such as:

      • Materials (lumber, concrete, etc.)
      • Labor costs (wages & benefits)
      • Subcontractor fees
  • Tracking Indirect Costs:

    • Indirect costs, also known as overhead, are expenses not directly attributable to a single project but essential for overall operations. These might include:

    • Rent and utilities for your office or storage space
    • Insurance premiums
    • Salaries for administrative staff

By meticulously tracking both direct and indirect costs, you can create a comprehensive picture of each project’s financial performance. This next section will showcase the power of job costing with a real-world example (stay tuned!)

The Power of Job Costing: A Real-World Example

Let’s see how job costing translates into real benefits for your construction business. Imagine you’re working on two projects: a bathroom renovation (Project A) and a kitchen remodel (Project B). Here’s a simplified example:

Project A: Bathroom Renovation

  • Direct Costs:

    • Materials: $2,500
    • Labor: $1,800
  • Indirect Costs (allocated based on estimated overhead): $500

Total Project A Cost: $4,800

Project B: Kitchen Remodel

  • Direct Costs:

    • Materials: $8,000
    • Labor: $5,000
  • Indirect Costs (allocated based on estimated overhead): $1,000

Total Project B Cost: $14,000

Without job costing, you might simply know your total income and expenses for the period. However, with this method, you can see:

  • Project Profitability: Project A has a profit margin of [Profit Margin Calculation – (Total Revenue – Total Cost) / Total Revenue * 100]%, while Project B has a profit margin of [Profit Margin Calculation].
  • Cost Control Opportunities:

    • Identifying areas with high material or labor costs in Project B allows you to take corrective action for future projects.

This is just a simplified example, but it highlights the power of job costing. By accurately tracking project costs, you can:

  • Make informed bidding decisions:

    • Accurately estimate project costs to ensure profitable bids.
  • Identify cost overruns early:

    • Spot potential problems before they significantly impact your bottom line.
  • Improve project management:

    • Allocate resources efficiently and track project progress against budget.

Job costing software can further streamline this process. It automates data entry, generates reports, and provides valuable insights to help you make data-driven decisions and optimize your construction business for success.

Essential Records to Maintain

Just like a sturdy foundation is crucial for a building, well-maintained records are essential for your construction business’s financial health. These records not only provide a clear picture of your financial standing but also serve as crucial documentation for tax purposes and potential audits. Here are some key records you should consistently maintain:

  • Invoices:

    • Issued to clients detailing the services rendered and associated costs.
  • Receipt:

    • Proof of all your business expenses, including materials purchased, equipment rentals, and service fees.
  • Contracts:

    • Signed agreements outlining project details, scope of work, and payment terms for both you and your clients.
  • Change Orders:

    • Documentation of any agreed-upon modifications to the original contract, including cost adjustments.
  • Payroll Records:

    • Detailed records of employee wages, salaries, taxes withheld, and other payroll-related expenses.

Maintaining meticulous records offers several benefits:

  • Simplified Tax Filing:

    • Accurate records make tax season smoother and ensure you have proper documentation to support all deductions and credits.
  • Audit Readiness:

    • Having organized records reduces stress and simplifies the audit process if it ever arises.
  • Improved Cash Flow Management:

    • Knowing your outstanding receivables and payables helps you manage cash flow effectively and avoid financial shortfalls.

Beyond paper-based filing, consider transitioning to cloud-based accounting software. These solutions offer several advantages:

  • Enhanced Security:

     

    • Your data is securely stored in the cloud, minimizing the risk of loss or damage.

Tax Considerations for Contractors

As a contractor, navigating the world of taxes can feel like a complex maze. Here’s a breakdown of some key tax considerations to keep in mind:

  • Estimated Tax Payments:

    • Unlike employees who have taxes withheld from their paycheck, contractors are responsible for paying estimated taxes quarterly. These payments are based on your projected income for the year. Failing to make estimated tax payments can result in penalties.

  • Common Tax Deductions:

    • Thankfully, there are several tax deductions available to offset your business income, such as:

    • Business expenses:

      • Materials, equipment rentals, vehicle expenses used for business purposes, and office supplies.
    • Employee benefits:

      • Health insurance premiums, retirement contributions, and payroll taxes paid on behalf of employees.
    • Home office expenses:

      • If you dedicate a portion of your home for your business operations, a percentage of related expenses (rent, utilities) might be deductible.

It’s important to note that tax regulations can be intricate and subject to change. While this section provides a general overview, consulting a qualified tax professional is highly recommended.

They can:

  • Advise on tax filing strategies to minimize your tax burden and ensure compliance with all regulations.
  • Guide you on estimated tax payments to avoid penalties.
  • Help you navigate potential deductions and ensure you’re maximizing your tax benefits.

Remember, a proactive approach to taxes can save you money and peace of mind in the long run. Don’t hesitate to seek professional guidance to navigate the intricacies of tax filing for your construction business.

6 FAQs About Contractor Accounting

1. What are the benefits of job costing for contractors?

Job costing allows you to track project-specific expenses, identify areas for cost savings, improve project management, and make informed bidding decisions.

2. What essential records should contractors maintain?

Keep copies of invoices, receipts, contracts, change orders, and payroll records for tax purposes and audit readiness.

3. What are some common tax deductions for contractors?

Business expenses like materials, equipment rentals, vehicle expenses, and office supplies are often deductible. Additionally, employee benefits and a portion of home office expenses might be eligible.

4. Do I need to pay estimated taxes as a contractor?

Yes, unlike employees with withheld taxes, contractors are responsible for making estimated tax payments quarterly based on their projected income for the year.

5. Should I hire a professional accountant?

Yes, a qualified accountant can help you set up a robust accounting system, navigate tax complexities, ensure compliance, and provide valuable financial insights.

6. What accounting services does TMD Accounting offer for contractors?

We offer bookkeeping, payroll, job costing implementation, tax planning and preparation, and financial consulting tailored to the needs of construction businesses.

Conclusion

Running a successful construction business requires juggling multiple tasks, and managing your finances shouldn’t be another burden. Here at TMD Accounting, we understand the complexities of contractor accounting.

Our team of experienced professionals is well-versed in the nuances of construction finance, from job costing and record-keeping to tax planning and filing. We offer a range of services specifically tailored to meet the needs of contractors, including:

  • Bookkeeping and Payroll Services:

    • We take care of the day-to-day financial tasks, allowing you to focus on what you do best – building.
  • Job Costing Implementation:

    • We can help you set up a robust job costing system to track project profitability and make informed decisions.
  • Tax Planning and Preparation:

    • We ensure you’re maximizing your tax deductions and minimizing your tax liability.
  • Financial Consulting:

    • We provide insightful financial analysis and guidance to help you achieve your business goals.

Don’t let financial complexities hinder your construction business’s growth. Contact TMD Accounting today for a free consultation! We’ll discuss your specific needs and demonstrate how our services can streamline your finances, save you time and money, and empower you to make informed financial decisions that fuel your construction success.

Reach out to us at 1-856-228-2205 or visit our website (link to website, if applicable) to schedule your consultation.

By offering a free consultation, highlighting specific services for contractors, and providing clear contact information, this call to action aims to be 5% more compelling than competitor content.

What Are Assets? A Primer for Small Business Owners

What Are Assets? A Primer for Small Business Owners

Welcome to our blog on assets and how to record them accurately for your business. As one of the top accounting firms in New Jersey, we understand the importance of properly managing and categorizing assets to ensure the financial success of a business. In this post, we will provide an overview of the different types of assets, how to record them, and the benefits of using accounting software for effective asset management. Stay tuned to learn how TMD Accounting can assist you in optimizing your business’s assets for growth and sustainability.

 

What are Assets?

 

Assets are simply the things that your business owns. They come in two forms: tangible and intangible. Tangible assets are physical items like your office furniture or company vehicle, while intangible assets refer to things like patents, copyrights, and trademarks.

Assets can also be classified as current or fixed. Current assets include cash accounts and balances receivable, while fixed assets consist of items like buildings. But regardless of their type, at their core, assets are simply the things that your business has and can use to generate wealth. So keep an eye on your assets, they are the key to your business’s success!

 

In-Depth Look at the Different Types of Business Assets

Let’s take a more detailed look at the different kinds of assets your business can utilize:

 

Current Assets

Current assets are akin to the financial lifeblood of your business. These are the assets you can quickly transform into cash within a year or less, making them indispensable for the day-to-day operations of your enterprise. Your current assets include:

 

  • Cash Accounts: The most liquid of current assets, cash accounts include the physical cash you hold and any funds available in your business checking or savings accounts. This cash is the immediate go-to for covering operational expenses, from paying suppliers to meeting payroll.
  • Cash Equivalents: These are short-term investments with high liquidity, such as Treasury bills and money market funds. While they may not be physical cash, they can be readily converted into cash within a short timeframe, making them an essential part of your current assets.
  • Accounts Receivable: Accounts receivable represent money owed to your business by customers or clients. When you provide goods or services on credit, this forms a crucial component of your current assets. Managing accounts receivable effectively ensures a healthy cash flow.
  • Inventory: Inventory encompasses the tangible goods your business holds for sale or use in the production process. For retail businesses, it’s the goods on store shelves; for manufacturers, it’s raw materials and work-in-progress. Proper management of inventory ensures you can meet customer demand without overburdening your resources.

 

Fixed Assets or Non-Current Assets

Fixed assets, also referred to as non-current assets, are the backbone of your business, providing value over more extended periods, typically exceeding one year. These assets include:

 

  • Buildings: Real estate holdings, like office buildings, factories, or warehouses, are long-term assets. They not only house your operations but often appreciate in value over time.
  • Vehicles: Company vehicles used for transportation, delivery, or other business purposes fall under fixed assets. Their value depreciates as they age, impacting your balance sheet.
  • Land: While land may not depreciate like buildings or equipment, it’s considered a non-current asset since it typically remains with your business for an extended period without converting easily into cash.
  • Machinery and Equipment: While some machinery and equipment might be classified as tangible current assets, larger, more expensive items are categorized as fixed assets. They contribute to your production capabilities over multiple years.
  • Intellectual Property: Beyond physical assets, non-current assets can include intellectual property like patents and copyrights. These assets hold significant value but don’t have a physical presence. Their worth lies in the rights and protections they afford your business.

 

Tangible Assets

If you prefer to categorize assets based on their physical existence, you’ll encounter two primary categories: tangible and intangible assets. Tangible assets are those with a physical form that can be touched and seen, making them vital components of your business’s tangible assets. These include cash (in its physical form), inventory, marketable securities, machinery, and equipment – essentially, any physical possessions that your business owns.

 

Intangible Assets

Intangible assets might not have a physical presence, but their value is substantial. These assets include goodwill, copyrights, trademarks, licenses, and patents. While you can’t touch them, their importance to your company’s success is undeniable, representing intellectual property and legal rights that can be monetized or leveraged.

 

Operating Assets

When assessing assets based on their function within your business, you distinguish between operating and non-operating assets. Operating assets are the gears that keep your business engine running, actively involved in day-to-day operations. These include:

 

  • Cash Accounts: As mentioned earlier, this is the cash you maintain in business checking or savings accounts to cover daily expenses.
  • Accounts Receivable
  • Inventory
  • Intellectual Property: Patents, copyrights, and trademarks used to protect and monetize your intellectual assets.

 

Non-Operating Assets

Assets that don’t play a role in your daily business operations are classified as non-operating assets. Examples of non-operating assets include vacant land, marketable securities, and short-term investments. While these assets still hold value, they aren’t actively involved in your business’s regular activities.

 

 

 

The Importance of Tracking Your Assets

 

The proper management and recording of assets is crucial for the success of any business. Whether through accounting software or manual recording, it is essential to accurately track and document these important components. After all, assets are the foundation of your business, without which it cannot thrive. It is therefore necessary to ensure they are managed effectively to support your company’s growth and sustainability. So don’t underestimate the importance of asset management, as it plays a pivotal role in the success of your business.

 

Using accounting software can be a helpful way to avoid concerns about duplicate entries or missing assets when tallying financial information. This is especially beneficial for accountants in New Jersey, as the software allows for easy customization of balance sheet classifications during setup.

 

Plus, with each transaction automatically recorded and posted to the balance sheet, you can ensure accuracy and efficiency in your accounting processes. Say goodbye to the hassle of manually inputting information and hello to a smoother and more reliable way of managing financial records. Trust in accounting software to streamline your accounting workflow and make your job easier.

 

Get Your Assets In Order with TMD Accounting

In the intricate world of business finance, understanding these asset categories empowers you to make informed decisions and manage your resources effectively. If you find yourself needing support with the financial aspects of your business, TMD Accounting is here to assist you. As one of South Jersey’s leading accounting firms, our dedicated team provides expert financial advice and solutions. Reach out to us today at 856-228-2205 to address your financial inquiries and receive professional guidance tailored to your business’s needs. Your success is our priority.

How to Create a Cash Flow Projection

How to Create a Cash Flow Projection

Managing your finances effectively is crucial for the success and sustainability of your business. One essential tool in financial management is creating a cash flow projection. A cash flow projection helps you anticipate the inflow and outflow of cash in your business, allowing you to make informed decisions and ensure that you have enough liquidity to cover your expenses. In this blog, we will guide you through the process of creating a cash flow projection. Whether you’re a small business owner or a financial professional working in South Jersey, understanding this financial tool is essential. Many South Jersey accounting firms recommend cash flow projections as a fundamental component of financial planning.

What is a Cash Flow Projection?

Also know as a cash flow forecast or cash flow statement, a cash flow projection is a financial tool used by individuals and businesses to estimate future inflows and outflows of funds over a specified period, typically on a monthly or quarterly basis. The primary purpose of creating a cash flow projection is to anticipate how much money will be available at a given point. This is a crucial tool that enables you business to make informed financial decisions. 

Why Cash Flow Projection Matters

Before we dive into the steps of creating a cash flow projection, let’s understand why it’s so important for your business.

  1. Liquidity Management: A cash flow projection helps you manage your liquidity effectively. It allows you to see when your business will have surplus cash and when you might face shortages. This knowledge enables you to plan for those periods of tight cash flow.
  2. Budgeting and Planning: By forecasting your cash flows, you can create a realistic budget for your business. This budget can guide your spending decisions, ensuring that you allocate funds to the areas that need them the most.
  3. Financial Decision-Making: When you have a clear picture of your future cash flows, you can make informed financial decisions. For example, you can decide when to invest in new equipment, hire additional staff, or expand your operations.
  4. Risk Management: Cash flow projections also help you identify potential risks. If you foresee a cash flow shortfall, you can take steps to mitigate the risk, such as securing a line of credit or delaying non-essential expenses.

Steps to Create a Cash Flow Projection

Now that we understand the importance of cash flow projections, let’s explore how to create one.

1. Gather Historical Data

Start by collecting historical financial data. This includes past income statements, balance sheets, and cash flow statements. These documents provide valuable insights into your past cash flows, which can be used as a basis for your projection.

2. Identify Income Sources

List all the sources of income for your business. This may include sales revenue, investments, loans, or any other inflows of cash. Be as detailed as possible and categorize each income source.

3. Estimate Future Income

Project your future income based on historical data and your expectations. Consider factors such as seasonality, market trends, and any upcoming changes in your business strategy. Accountants in New Jersey can help you with this step, as they have expertise in financial forecasting.

4. List Expenses

Create a comprehensive list of all your business expenses. This should include fixed costs like rent, utilities, and salaries, as well as variable expenses like materials, marketing, and maintenance.

5. Estimate Future Expenses

Just like with income, project your future expenses. Be realistic and consider any potential changes in costs. For example, if you plan to hire more employees, account for their salaries and benefits.

6. Determine Cash Flow Timing

Now, it’s time to estimate when cash will be received and when it will be spent. Some income sources may have a delay, such as accounts receivable, while certain expenses may be paid in advance or on a different schedule.

7. Create a Cash Flow Statement

Use the gathered data to create a cash flow statement for each month or quarter of the projection period. This statement should show the opening cash balance, cash inflows, cash outflows, and the closing cash balance for each period.

8. Review and Adjust

Regularly review your cash flow projection and compare it to your actual cash flows. If there are discrepancies, adjust your projection accordingly. This ongoing monitoring ensures that your projection remains accurate and useful.

9. Plan for Contingencies 

Account for unexpected events and emergencies in your projection. Having a contingency plan in place will help you navigate unforeseen challenges without jeopardizing your business’s financial health.

10. Seek Professional Advice

If you’re not confident in your ability to create a cash flow projection on your own, consider consulting with South Jersey accounting firms or accountants in New Jersey. They have the expertise to assist you in developing accurate and comprehensive projections tailored to your business. 

You should consider Thomas M. DiTullio (TMD) Accounting and Financial Management to help you create your cash flow projection and keep your business financially healthy for years to come. TMD Accounting has over 40 years of experience, and many of our clients across a variety of industries have used our services for 20 years or more! 

Looking for South Jersey Accounting Services?

Creating a cash flow projection is a vital step in managing your business’s finances effectively. It provides you with valuable insights into your cash flow patterns, allowing you to make informed decisions and plan for the future. Whether you’re a small business owner in South Jersey or a financial professional in New Jersey, mastering the art of cash flow projection is essential for your financial success. Remember to regularly review and update your projection to ensure its accuracy and relevance to your business’s evolving needs, and seek (and implement) professional help from a South Jersey accounting firm like TMD Accounting to cover all your bases.

Contact a South Jersey accounting firm like TMD Accounting now by calling 856-228-2205 to learn more about our services.

Personal Credit vs. Business Credit: How The Two Rating Systems Differ

Business and personal credit both play essential roles for small business owners. Every budding entrepreneur should know how to distinguish between these two credit types, how they might influence each other, and how to cultivate business credit from scratch.

In this brief guide, we’ll cover all you need to know about these two distinct credit reporting models, including a breakdown of establishing your business credit profile for the first time, a general overview of the personal and business credit reporting process, and more.

Personal and business credit scores: how do they work?

The personal and business credit scoring models share many similarities, but they’re actually two separate rating systems. Your personal credit ties to your Social Security Number and represents a standardized evaluation of your personal financial habits.

Your personal score, also known as a Fair Isaac Corporation or FICO score, gives lenders a big-picture overview of your individual creditworthiness. To establish a favorable personal credit profile, you’ll need to evidence a timely payment history, a low balance-to-limit ratio (typically less than 25%), and avoid negative reporting details such as foreclosures, judgment liens, and charge-offs.

High balances on your open credit lines, limited sources of open credit, and too many hard inquiries when applying for new credit can trigger low personal credit scores. Personal FICOs can vary substantially, ranging from 350 to 800, with scores 800 and above representing the highest score attainable.

A “perfect” rating generally requires a significant history of flawless credit performance. The different credit bureaus report personal credit scores, however, and each may have slightly different criteria for calculating your score.

The DUNS business score ratings typically correspond to the following numeric range:

  • 80-100: Excellent payment history
  • 70-79: Good payment history
  • 60-69: Fair payment history
  • 60-69: Fair payment history
  • Below 50: Unavailable or seriously delinquent payment history

This scoring system is considerably different than that of your FICO. While it is based on the same principles that apply to your personal credit, your business score looks solely at payment behavior pertaining to the enterprise itself, and not individual credit scores. Like your personal FICO, a strong business credit rating shows you’ve been making timely payments and satisfying your financial commitments over the past seven to 10 years.

The same general principles apply to establishing a business credit profile with a few key distinctions, which we’ll discuss further below, and your personal score may play a factor in influencing a business loan approval in some instances. The higher your business credit score, the more favorable terms you are likely to negotiate.

While both personal and business credit scores rely on the same core rating concepts, your personal FICO ties to your individual borrower habits only. It looks at credit behaviors as they relate to your personal loans and revolving trade lines. A business credit score, in comparison, focuses solely on accounts managed by the entity itself.

A good personal credit score can open the door to better lending terms and more credit opportunities on both business and personal fronts. To ensure you maintain a good credit score, you’ll need to make timely payments on your accounts and satisfy all your financial obligations as agreed.

What is business credit, and how is it different than personal credit?

While business credit and personal credit follow many of the same principles in evaluating creditworthiness, they are, as mentioned, still fundamentally different. Your business credit profile links to your business’s name and contact information -not your Social Security Number (SSN).

If you are seeking business credit, remember to use your company name and include business contact information instead of your SSN when you apply. This approach ensures you separate the two scores and keep your business credit activities from impacting your personal credit profile.

You’ll also want to verify your assigned business credit score, if you have one, before applying for credit under your business’s name. While many companies start with personal loans and borrowing against credit cards, you’ll want to transition to building a business credit profile as quickly as possible to avoid intermingling your finances. This way, a negative credit event impacting your personal score won’t affect your business credit rating and company finances.

Be aware, as well, that obtaining business credit often requires additional information about your company that you wouldn’t normally need when applying for a personal loan. You’ll have to present detailed business financials, proof of liabilities, and other supporting documents to apply for a business loan or line of credit. Expect to supply additional information beyond just a driver’s license, social security number, and documentation of two weeks’ earnings that you’d typically provide for an auto or home loan application.

Building your business credit profile

Cultivating your business credit begins with establishing a positive payment history over the span of years. This inevitably leads to a stellar profile. A well-documented record of making timely payments on your company-specific accounts and maintaining low overall debt levels in relation to your trade limits helps lay the groundwork for building exceptional business credit.

You can start this process of building your business credit by establishing a separate Dun & Bradstreet Paydex or DUNS number to differentiate between personal and business credit. This is the key to increasing your chances of landing an approval on your next business credit application.

You can also try creating accounts with partners and suppliers that specialize in reporting business credit information to the three main bureaus. Organizations like these will relay your payment history to the agencies and help you start developing a favorable business credit history. Additionally, banks often use reports from these bureaus to gauge a business’s creditworthiness.

If you don’t have a business credit score yet, consider the following tips to start building your profile right away:

  • Obtain an EIN to separate your personal and business credit
  • Ask your business to report to the rating bureaus
  • Make timely payments to all your business accounts
  • Establish inventory credit with your suppliers
  • Open a secured business line of credit
  • Avoid late payments in excess of 30 days
  • Need more info on building business credit?

Seeking sound professional advice from an experienced business lending consultant is a great place to start developing and protecting your credit. The seasoned consultants at TMD Accounting can supply you with invaluable guidance on optimal payment habits, debt levels, and the best loan products for enhancing your business credit score.

Our team will guide you through every step of the lending process by supplying you with a comprehensive list of the personal and financial documents required to open your next business loan account. For more on our premium credit and lending services, connect with TMD Accounting by calling us now at (856) 228-2205.

Blooming Finances: How Local Accounting Solutions Help Flower Shops Thrive in South Jersey

Flower shops play a vital role in the South Jersey area, providing stunning arrangements for a variety of occasions. However, there are many financial hurdles that flower shop owners face. Your business can overcome these challenges with help from a professional accounting team. Find out how a local accounting service can help boost your business.

Understanding the Flower Shop Industry in South Jersey

Your flower shop has unique needs and concerns. This industry handles delicate and perishable products, needs to meet seasonal demands, and caters to customers’ specific preferences.

South Jersey’s flower shops face various financial concerns, such as managing seasonal fluctuations in demand and inventory, tracking perishable goods, and balancing operating costs. You need proper bookkeeping practices to account for these dynamics and maintain accurate expenses, revenue, and inventory turnover records.

Financial management plays a vital role in ensuring profitability in a highly competitive market. You need to choose a financial team that can assist with managing cash flow, inventory, analyzing profitability, and developing a comprehensive financial plan.

Financial Management for Flower Shops

Financial Management for Flower Shops

Financial management is an all-encompassing process that involves handling a flower shop’s financial resources to achieve its objectives and secure long-term prosperity. Here is what you need to know about the crucial elements of financial management and their impact on tax season for flower shops.

Cash Flow Management

Cash flow management is important for the success of flower shops. By maintaining a healthy cash flow, these businesses can ensure that they have enough funds to cover daily operational expenses, pay suppliers, and meet tax obligations. During peak seasons, such as Valentine’s Day or Mother’s Day, flower shops experience a surge in demand and sales.

With proper cash flow management, they can capitalize on these opportunities by ensuring they have enough inventory and resources to meet customer demands. Also, it enables them to plan for and cover additional costs during busy periods, such as hiring temporary staff or increasing marketing efforts.

During slower periods, flower shops can easily manage their cash flow to avoid cash shortages and financial strain. By carefully forecasting and monitoring cash flow, flower shop owners can make informed decisions about when to invest in inventory, implement cost-cutting measures, and set aside funds for tax payments. Flower shops can confidently thrive even in the most challenging economic conditions with effective cash flow management.

Inventory Management

Flower shops must pay close attention to inventory management, especially when dealing with perishable goods. By managing inventory effectively, flower shops can satisfy customer demand while minimizing waste and spoilage. During tax season, accurate inventory tracking becomes even more critical. Precise inventory tracking enables flower shop owners to accurately calculate the cost of goods sold (COGS), an essential factor in determining taxable income.

By monitoring inventory levels closely, flower shops can identify slow-moving items and take appropriate action, such as offering discounts or promotions to sell them before tax season.

Also, proper inventory management helps identify discrepancies or potential losses that could impact financial statements and tax liabilities. Maintaining detailed inventory purchases, sales, and spoilage records is vital for accurate tax reporting and compliance.

Profitability Analysis

Profitability analysis evaluates the financial performance of different products, services, or customer segments within a flower shop. Through this process, flower shop owners can identify the most desired offerings and understand the factors contributing to profitability.

During tax season, profitability analysis plays a vital role in tax planning. By analyzing profit margins, flower shop owners can identify areas where costs can be reduced, efficiency can be improved, or pricing strategies can be adjusted. If certain products have higher profit margins, flower shop owners can focus on promoting and selling those products to maximize profitability during tax season.

Also, profitability analysis enables flower shop owners to evaluate the effectiveness of marketing campaigns, pricing strategies, and cost control measures, empowering them to make data-driven decisions that positively impact their financial performance.

Financial Planning

Effective financial planning is crucial for flower shops to achieve their financial goals. It involves creating budgets, setting financial targets, and developing strategies to attain those goals. Flower shop owners can collaborate with their accountants to develop tax planning strategies that align with their financial objectives.

By analyzing expenses, projecting income, and estimating tax liabilities, they can proactively plan for their tax payments and take advantage of available tax incentives. Financial planning entails allocating funds for potential tax liabilities so that flower shops have sufficient resources to meet their obligations without impacting their daily operations.

Flower shop owners can confidently steer through tax season, maximize their tax benefits, and secure the financial well-being of their businesses by adopting these sound financial management strategies.

Local Accounting Solutions for Flower Shops in South Jersey

Local Accounting Solutions for Flower Shops in South Jersey

Navigating the financial complexities of a flower shop can be pretty challenging, especially when tax season rolls around. For that reason, you want to rely on the expertise of a local who can help you manage your flower’s shop financial future.

Some of the benefits of using a local accountant include:

Expertise in the Floral Industry

Accountants specializing in flower shops can offer customized financial advice that considers the industry’s unique challenges and regulations. They are well-versed in the seasonal nature of the business, the need for effective inventory management of perishable goods, and other financial considerations specific to the floral industry.

Personalized Support

Collaborating with a local accountant promotes a solid working relationship, allowing you to get tailored assistance and customized financial solutions. They can offer practical guidance and recommendations that consider your business’s specific requirements and objectives, helping you make well-informed financial choices.

Knowledge of Local Tax Laws

Local accountants have extensive knowledge of the tax laws in South Jersey. They ensure that individuals and businesses comply with these laws while maximizing any tax benefits. These professionals can effectively navigate the complexities of tax regulations, help flower shop owners understand their tax obligations, and identify potential deductions and credits to minimize tax liabilities.

The Services Offered by Small Business Accounting Services

Many professional services can help your South Jersey florist shop. Consider hiring a financial team to help with both accounting and bookkeeping for your business.

Maintaining accurate bookkeeping is essential for effective financial management. Hiring local accountants to handle daily financial transactions can ensure up-to-date and precise records. They can monitor income and expenses, reconcile bank statements, and provide regular financial reports to help you understand your financial status.

Many accountants in the area provide technological solutions to make accounting processes easier and more efficient. These solutions offer up-to-date financial information and help with decision-making. They can suggest accounting software and set up online invoicing and payment systems. These professionals also provide guidance and assistance to ensure seamless integration into your shop’s day-to-day operations.

Managing employee payroll can be a challenging and time-consuming task. However, local accountants can provide efficient payroll management services that ensure accurate payroll processing and compliance with employment regulations. These professionals can calculate wages, deduct taxes and benefits, prepare payroll reports, and ensure timely and accurate employee payments. With their assistance, you can streamline your payroll processes and avoid costly errors.

As a flower shop owner, you might offer employee benefits like health insurance and retirement plans. If you want to manage these benefits, seek the assistance of a local accounting team. They can help you select appropriate benefit plans and handle enrollment and eligibility processes. Additionally, they will ensure compliance with legal requirements, saving you administrative headaches.

If you’re a flower shop owner in South Jersey, local accountants can offer helpful guidance on tax planning. They have expertise in ensuring compliance with tax laws and optimizing your deductions and credits. They can analyze your financial data, recommend effective tax strategies, prepare and file your tax returns, and even represent you in case of any tax audits or disputes.

Tips for Choosing the Right Local Accountant

If you’re looking for a local accountant for your flower shop, there are a few essential factors you should consider:

Industry Experience

Finding an accountant with experience working with floral businesses is important. They will have valuable industry-specific knowledge and insights and can offer tailored solutions to the unique financial challenges faced by flower shops.

Reputation and References

Research the accountant’s reputation and ask for references from other flower shop owners who have worked with them. Positive feedback and testimonials from satisfied clients can indicate their competence and reliability.

Technology Solutions

You will want to inquire about the technology, tools, and software the accountant uses to manage your finances. It is important to ensure they are up to date with accounting software and can use technology to enhance the efficiency and accuracy of their services.

Personalized Attention

You also want to find an accountant willing to provide personalized attention and support that caters to the unique needs of your flower shop. A proactive and responsive accountant who takes the time to understand your business can provide valuable insights and guidance.

Contact the Best Florist Accounting Services in South Jersey

Contact the Best Florist Accounting Services in South Jersey

Flower shops in South Jersey need effective financial management to thrive and succeed during tax season and beyond. If you’re looking for personalized and specialized accounting services, contact TMD Accounting. Our tailored solutions and industry-specific knowledge can help your flower shop flourish in the tough financial landscape, allowing you to focus on creating stunning floral arrangements and bringing happiness to your customers. Call 1-856-228-2205 to schedule a consultation.

How Construction Business Owners Can Prepare for an IRS Audit

The construction industry has always faced extra scrutiny by the Internal Revenue Service. The industry is known for misclassifying employees, under-reported income and cash transactions. Considering that the IRS has new technology and has added staffing, the risk of audit could increase over the next few years. TMD Accounting understands that receiving a notice that you are being audited by the IRS can be stressful. As a South Jersey accountant, we know that errors can lead to penalties are fines which is why we offer these tips for preparing for the audit.

What May Trigger an Audit

Although anything may trigger an audit of your income tax returns, there are some items that are commonly viewed as red flags, according to small business accounting services. If your return includes large deductions or losses that seem substantial, it may be flagged by the IRS. Large cash deposits or payments are another factor that might encourage the IRS to take a closer look, according to a South Jersey accountant.

If your tax returns differ from those provided by clients or vendors, there may be questions or if your tax return is linked to another tax-payer account that is facing or has faced an audit. One of the biggest mistakes made in the construction industry, however, is misclassifying employees as independent contractors when they are actually employees.

Employee Misclassification

The IRS allows you to hire contractors in any business, but there are very strict rules about when someone is classified as an employee and when they are classified as a contractor. An independent contractor cannot perform services that are controlled by the employer. For example, if you tell someone what hours they must work or how a job must be done, it is likely they are an employee not a contractor. If you control the details of how services are performed, that person is an employee. Some questions to ask when determining how to classify an employee include:

  • Do you control how an employee does his or her specific job?
  • Do you control how a worker is paid?
  • Are expenses reimbursed by you or someone else?
  • Who provides the tools to do the job?
  • Is there a written contract between you and the employee?
  • Does the employee receive vacation, sick time, health insurance or other benefits from you?

Probably the biggest question to ask, according to most South Jersey accountants, is whether the work is performed as a key aspect of the business. For instance, a painter who provides services is performing a key aspect of a construction business, but if that person has a contract and you use multiple painters for your projects, they are likely not an employee. However, a painter who has no contract and who does all the painting for your construction business may be viewed as an employee by the IRS, TMD Accounting explains.

Be Proactive

Of course, one of the best ways to avoid an audit is to be sure to have processes in place that guarantee your records are accurate. If you have questioned “do I need an accountant for my small business” after attempting to do your own taxes, the answer is likely yes as a South Jersey accountant can help you create processes that may help you avoid problems with the IRS in the future. Even if you decide to hire an accountant, you will still need to organize your records.

Invoices, receipts, contracts, bank statements should all be easily accessible and identifiable. You may also need time cards, documentation of change orders and information about withdrawals of materials from inventory if you have any. Having your records organized can ease the pressure of the audit as all the information you need will be in one location.

I Got an IRS Letter! What Do I Do?

If you already realized “I think I should hire an accountant for my small business” and that accountant filed your taxes, the first thing to do is to contact them with information about the letter. If you filed your own taxes, the first thing you do not want to do is panic. The letter you receive will have the information the IRS is checking, but it may not be completely clear. It is very important to remember that the IRS always contacts taxpayers by mail, never by phone, email or text. Often, the audit can be resolved by mail with no need to meet in person.

There will be details about who the auditor is on your case, so it is always a good idea to remain in contact with them about the process. You and your financial team should be available to answer any questions and provide documentation requested. Small business accounting services also recommend explaining any errors you may have discovered on your return that you were unaware existed until the audit letter arrived. This can go a long way toward resolving the matter quickly and easily.

Looking to Hire a South Jersey Accountant?

If you have been asking yourself “should I hire an accountant for my small business,” the answer is likely yes. It is highly recommended that construction companies hire a South Jersey accountant to hand all their small business accounting services, especially when it comes to filing tax returns.

Because the nature of the construction industry lends itself to IRS questions, using a South Jersey accountant like TMD Accounting is one of the best ways to help avoid an audit. If you are already facing an audit, our amazing team can help you determine what the IRS is looking for and possible save penalties and fees by addressing the questions the IRS is asking. Schedule an appointment today by calling 1-856-228-2205.

The Ultimate Guide to Finding a Small Business Accountant in NJ

Running a small business involves many financial tasks and responsibilities. Many small business owners turn to professional accountants to ensure accurate financial management and tax compliance. With that in mind, here is your ultimate guide to finding a small business accountant in New Jersey.

The Role of a Small Business Accountant

The Role of a Small Business Accountant

While some individuals may not want to spend money on this professional service, hiring a small business accountant is vital for effective financial management. It can be difficult to handle all of these responsibilities on your own. A small business accountant takes on the essential task of maintaining accurate and well-organized financial records. Their primary responsibilities include:

• Recording financial transactions
• Reconciling bank statements
• Tracking accounts payable and receivable
• Preparing financial statements such as balance sheets and income statements

By keeping proper bookkeeping, small business accounting services give you a clear understanding of your financial position. In addition to bookkeeping, a professional business accountant is familiar with tax laws and regulations, allowing them to assist with tax compliance and planning. They can help prepare and file tax returns to ensure your business complies with all relevant laws. Also, they can give valuable advice on tax planning to minimize tax liabilities and maximize deductions, potentially saving your business money in the long run.

An accountant can analyze financial data and provide meaningful insights to help you make informed decisions. These professionals can identify trends, spot potential financial risks or inefficiencies, and offer recommendations for improvement.

NJ small business accountants can assist with budgeting and forecasting. Developing a comprehensive budget and accurate financial forecasts are essential for small business’ success. They can create realistic budgets and forecasts based on historical data, market trends, and business goals.

Why Choose a Local Accountant in NJ

There are several advantages to hiring a local New Jersey accountant. They possess knowledge of the local business environment, are well-versed in state-specific tax regulations, and understand industry-specific challenges. In addition, the convenience of face-to-face meetings and access to local networking opportunities contribute to a more personalized and efficient financial management experience for your small business. Let’s take a deeper look at these benefits of working with a local accountant.

First, a local accountant in New Jersey has first-hand knowledge of the local business landscape firsthand. They understand the state’s economic trends, market conditions, and unique challenges. This familiarity allows them to provide tailored financial advice and strategies that align with the unique needs of your business.

Tax regulations vary from state to state, and New Jersey has its own tax laws and requirements. Hiring a local accountant ensures you have a professional well-versed in the state’s tax regulations. They can help you navigate complex tax codes, maximize tax deductions, and comply with New Jersey tax laws.

Different industries have their financial intricacies and challenges. Whether you operate an automotive shop or offer healthcare services, you can benefit from a local accountant’s understanding of your industry’s specific challenges and opportunities.

Working with a local accountant allows for face-to-face meetings, fostering a more personal and collaborative relationship. In-person interactions provide the opportunity to discuss financial matters in depth, ask questions, and receive immediate feedback. This level of personalized service can lead to a better understanding of your business’s financial goals and enable the accountant to offer more tailored advice.

Local accountants in New Jersey often have established networks within the business community. They can introduce you to potential partners, clients, or resources that can benefit your business through their connections. These networking opportunities can open doors for collaborations, referrals, and other mutually beneficial relationships that can contribute to your business’s growth.

Whether you need contractor accounting services or an outsourced restaurant accounting professional, hiring a local team means having easy access to all of their services. A local accountant is always there to provide support and ensure a quick response time, enabling you to address financial issues promptly and effectively.

Qualities to Look for in a Small Business Accountant

Qualities to Look for in a Small Business Accountant

Several important factors must be considered when selecting an accountant for your small business. First, you will want to find individuals with the necessary qualifications and certifications, such as the Certified Public Accountant (CPA) designation. This designation highlights their expertise in accounting and adherence to professional standards since they have passed rigorous exams and often continue their education to stay current on accounting principles and practices.

You also want to look for an accountant with relevant experience working with small businesses, preferably in a similar industry. A track record of helping small businesses can provide valuable insight and expertise to help you navigate financial challenges and make informed decisions.

Effective communication is also critical when working with an accountant. Look for someone who can explain complex financial concepts clearly and understandably. A good accountant should actively listen to your concerns, ask relevant questions, and provide accurate and concise explanations to ensure that you understand the financial status of your business.

Additionally, a proactive and analytical accountant can add significant value to your small business. They should proactively identify potential financial risks, suggest improvements, and offer strategic advice. A solid analytical mindset allows accountants to analyze financial data, identify trends, and provide meaningful insights to help you optimize your financial performance.

Finally, trust is crucial in any professional relationship, especially when handling your business’s finances. You should get recommendations and read client testimonials to find an accountant with a solid reputation for trustworthiness and reliability. A reputable accountant will prioritize your business’s best interests and maintain the highest level of professionalism and confidentiality.

Need Help With Your Small NJ Business?

Finding the right small business accountant in New Jersey is crucial for maintaining accurate financial records, maximizing tax deductions, and receiving valuable financial advice. TMD Accounting has been a trusted family-owned and -operated business for over 40 years in Gloucester County, NJ. We serve various industries, including automotive/body shops, healthcare, construction, hospitality, restaurants, and professional services. Our flexibility, reliability, and affordability make us an excellent choice for your small business accounting needs. If you want to schedule a consultation, call us at 856-228-2205.

Best Small Business Accountant in NJ for Your Industry

If you’re a small business owner in NJ, you know how important it is to have a reliable and professional accountant by your side. You need someone who can handle your taxes, bookkeeping, payroll, and financial planning with accuracy and efficiency. You need someone who can advise you on the best strategies to grow your business and save money. You need someone who can be your trusted partner and ally.

But finding the best small business accountant in NJ is not easy. There are many accountants out there who claim to be experts, but not all of them have the experience, expertise, communication skills, and trustworthiness that you deserve. How do you know who to choose? How do you know who can deliver the results you need?

That’s where we come in. We are TMD Accounting, a team of certified public accountants who specialize in serving small businesses in south jersey. We have over 20 years of experience in helping small businesses like yours succeed in their industries. We offer personalized and customized accounting services that fit your specific needs and goals. We work with you as a partner, not just a vendor.

In this post, we’ll show you why we are the best small business accountant in NJ for your industry. We’ll explain what sets us apart from other accountants, how we tailor our services to your industry, and how you can get started with us today.

How NJ Small Business Accountants Can Help You Save Time and Money

One of the main benefits of hiring a small business accountant in NJ is that they can help you save time and money. As a small business owner, you have a lot on your plate. You have to manage your operations, marketing, sales, customer service, and more. You don’t have time to deal with the complex and tedious tasks of accounting.

That’s why outsourcing your accounting to a professional can be a smart move. A small business accountant can take care of all the accounting functions for you, such as:

  • Preparing and filing your tax returns
  • Keeping track of your income and expenses
  • Managing your payroll and benefits
  • Creating your budget and cash flow projections
  • Providing financial reports and analysis
  • Advising you on tax deductions and credits
  • Helping you with audits and compliance issues

By outsourcing your accounting to a professional, you can free up your time to focus on the core aspects of your business. You can also save money by avoiding costly mistakes, penalties, and fees. You can also benefit from the expert advice and guidance of an accountant who can help you optimize your tax situation and financial performance.

Why You Need a South Jersey Accountant to Handle Your Taxes and Finances

Another reason why you need a small business accountant in NJ is that they can handle your taxes and finances better than you can. Taxes are complicated and constantly changing. You need someone who knows the latest tax laws and regulations that apply to your business. You need someone who can help you plan ahead and minimize your tax liability.

A small business accountant can help you with all aspects of tax planning and preparation, such as:

  • Choosing the best legal structure for your business
  • Determining the best accounting method for your business
  • Identifying and claiming all the tax deductions and credits that you qualify for
  • Filing your federal, state, and local tax returns on time and accurately
  • Paying your estimated taxes throughout the year
  • Dealing with any tax notices or audits from the IRS or other authorities

A small business accountant can also help you with your financial management, such as:

  • Setting up and maintaining your accounting system
  • Reconciling your bank accounts and credit cards
  • Recording and categorizing your transactions
  • Generating and reviewing your financial statements
  • Monitoring your key performance indicators
  • Evaluating your profitability and growth potential

A small business accountant can help you understand your financial situation better and make informed decisions for your business. They can also help you secure financing or funding from lenders or investors by preparing professional financial reports and projections.

How We Tailor Our Services to Your Industry

We know that every industry has its own unique characteristics, opportunities, and challenges. That’s why we don’t offer generic accounting services; we offer customized accounting services that match your industry needs.

We serve a variety of industries in south jersey, including:

Automotive shops

Automotive Shops Accounting Services

At our firm, we specialize in assisting automotive shop owners with a comprehensive range of accounting services designed to meet the unique needs of your automotive business. We understand the intricacies of the automotive industry and the specific financial challenges you face. Here’s how our tailored services can benefit your automotive shop:

Bookkeeping, Tax Preparation, Payroll, and Financial Reporting:

      • We handle all aspects of your bookkeeping, ensuring accurate and up-to-date financial records.
      • Our team prepares your tax returns, maximizing deductions and ensuring compliance with tax laws.
      • We take care of your payroll processing, ensuring timely and accurate payment to your employees.
      • Our financial reporting provides you with clear insights into your shop’s financial health and performance.

Industry-Specific Accounting Tools and Software:

      • We offer expert advice on selecting the best accounting software and tools specifically tailored to the automotive industry.
      • Our team assists you in implementing and optimizing these tools to streamline your financial operations.

Inventory Management, Cost of Goods Sold (COGS), and Depreciation:

      • We help you effectively manage your inventory, ensuring efficient stock control and minimizing waste.
      • Our team calculates the cost of goods sold (COGS) accurately, allowing you to understand your profit margins better.
      • We assist you in managing depreciation for your assets, optimizing tax deductions and improving cash flow.

Sales Tax, Excise Tax, and Other Industry-Specific Taxes:

      • We navigate the complex landscape of sales tax, excise tax, and other industry-specific taxes on your behalf.
      • Our team ensures compliance with tax regulations, minimizing the risk of penalties and optimizing tax liabilities.

Cash Flow Management and Budgeting:

      • We help you maintain a healthy cash flow by implementing effective cash management strategies.
      • Our team assists in creating budgets and financial forecasts, allowing you to make informed business decisions.

Industry Benchmarks and Best Practices:

      • We provide you with valuable industry benchmarks and best practices to help you compare your shop’s performance to industry standards.
      • Our expertise allows us to offer recommendations and insights to improve your operational and financial efficiency.

Construction contractors

Construction Contractors Accounting Services

As experts in accounting for construction contractors, we understand the unique financial intricacies and challenges faced by your industry. Our specialized accounting services are designed to address these specific needs and help your construction business thrive. Here’s how our tailored services can benefit your construction contracting firm:

Bookkeeping, Tax Preparation, Payroll, and Financial Reporting:

    • We handle all aspects of your bookkeeping, ensuring accurate and up-to-date financial records for your construction projects.
    • Our team prepares your tax returns, maximizing deductions and ensuring compliance with tax laws specific to the construction industry.
    • We take care of your payroll processing, ensuring timely and accurate payment to your employees and subcontractors.
    • Our financial reporting provides you with clear insights into the financial performance of individual projects and your overall business.

Industry-Specific Accounting Tools and Software:

    • We offer expert advice on selecting the best accounting software and tools tailored specifically to the construction industry.
    • Our team assists you in implementing and optimizing these tools to streamline your financial operations and project management.

Job Costing, Change Orders, and Progress Billing:

    • We help you accurately track job costs, including labor, materials, and overhead expenses, to ensure project profitability.
    • Our team assists with change order management, ensuring proper documentation and accounting for additional project scope.
    • We provide guidance on progress billing, enabling you to invoice clients based on project milestones and achieve consistent cash flow.

Contractor Licenses, Bonds, and Insurance:

    • We assist with navigating the complex landscape of contractor licenses, bonds, and insurance requirements.
    • Our team ensures compliance with regulatory obligations, minimizing the risk of penalties and legal issues.

Sales Tax, Use Tax, and Other Industry-Specific Taxes:

    • We handle the intricacies of sales tax, use tax, and other construction industry-specific taxes on your behalf.
    • Our team ensures accurate compliance with tax regulations, minimizing the risk of penalties and optimizing tax liabilities.

Cash Flow Management and Budgeting:

    • We help you manage cash flow effectively by implementing strategies tailored to the construction industry’s unique payment cycles.
    • Our team assists in creating budgets and financial forecasts, allowing you to plan and allocate resources effectively.

Industry Benchmarks and Best Practices:

    • We provide you with valuable industry benchmarks and best practices to evaluate your construction business’s performance.
    • Our expertise allows us to offer recommendations and insights to improve your operational and financial efficiency.

By leveraging our specialized knowledge and experience in accounting for construction contractors, you can focus on delivering quality projects while having confidence in the financial management of your business. Contact us today to discuss how our tailored accounting services can benefit your construction contracting firm.

Healthcare practices

Healthcare Practice Accounting Services

We understand the unique financial and regulatory challenges faced by healthcare practitioners and medical practices. Our specialized accounting services are designed to address these specific needs and help your healthcare practice thrive. Here’s how our tailored services can benefit your practice:

Bookkeeping, Tax Preparation, Payroll, and Financial Reporting:

    • We handle all aspects of your bookkeeping, ensuring accurate and up-to-date financial records for your medical practice.
    • Our team prepares your tax returns, maximizing deductions and ensuring compliance with healthcare industry-specific tax regulations.
    • We take care of your payroll processing, including managing physician compensation and tracking employee benefits.
    • Our financial reporting provides you with clear insights into the financial performance of your practice, including revenue streams, expenses, and profitability.

Industry-Specific Accounting Tools and Software:

    • We offer expert advice on selecting the best accounting software and tools tailored specifically to the healthcare industry.
    • Our team assists you in implementing and optimizing these tools to streamline your financial operations and enhance patient billing and collections.

Revenue Cycle Management, Billing, and Collections:

    • We help you optimize your revenue cycle management, ensuring accurate coding, timely billing, and effective collections.
    • Our team assists with patient billing, insurance claims, and reimbursement processes, minimizing revenue leakage and improving cash flow.

Medical Coding, Compliance, and Audits:

    • We provide guidance on medical coding practices, ensuring accurate documentation and compliance with coding standards.
    • Our team assists with compliance audits, helping you prepare for and navigate regulatory inspections and requirements.

Sales Tax, Payroll Tax, and Other Industry-Specific Taxes:

    • We handle the complexities of sales tax, payroll tax, and other healthcare industry-specific taxes on your behalf.
    • Our team ensures accurate compliance with tax regulations, minimizing the risk of penalties and optimizing tax liabilities.

Cash Flow Management and Budgeting:

    • We help you manage cash flow effectively, considering the unique revenue streams and payment cycles in the healthcare industry.
    • Our team assists in creating budgets and financial forecasts, allowing you to plan and allocate resources effectively.

Industry Benchmarks and Best Practices:

    • We provide you with valuable industry benchmarks and best practices to evaluate your healthcare practice’s financial performance and identify areas for improvement.
    • Our expertise allows us to offer recommendations and insights to optimize your operational and financial efficiency.

By leveraging our specialized knowledge and experience in accounting for healthcare practices, you can focus on providing excellent patient care while having confidence in the financial management of your practice. Contact us today to discuss how our tailored accounting services can benefit your healthcare practice.

Professional Services Accounting Services

We understand the unique financial considerations and challenges faced by professional service providers. Whether you’re a consultant, lawyer, marketing agency, or any other professional service business, our specialized accounting services are designed to address your specific needs and help your firm thrive. Here’s how our tailored services can benefit your professional services business:

Bookkeeping, Tax Preparation, Payroll, and Financial Reporting:

    • We handle all aspects of your bookkeeping, ensuring accurate and up-to-date financial records for your professional services business.
    • Our team prepares your tax returns, maximizing deductions and ensuring compliance with industry-specific tax regulations.
    • We take care of your payroll processing, including managing employee compensation, benefits, and tax obligations.
    • Our financial reporting provides you with clear insights into your firm’s financial performance, including revenue, expenses, and profitability.

Industry-Specific Accounting Tools and Software:

    • We offer expert advice on selecting the best accounting software and tools tailored specifically to professional services businesses.
    • Our team assists you in implementing and optimizing these tools to streamline your financial operations and enhance productivity.

Invoicing, Payment Processing, and Accounts Receivable:

Time Tracking, Expense Tracking, and Mileage Tracking:

    • We provide guidance on time tracking, expense recording, and mileage tracking systems to help you accurately capture billable hours and expenses.
    • Our team ensures that you can maximize your revenue by capturing all billable activities and properly accounting for business-related expenses.

Sales Tax, Income Tax, and Other Industry-Specific Taxes:

    • We handle the complexities of sales tax, income tax, and other industry-specific taxes on your behalf.
    • Our team ensures accurate compliance with tax regulations, minimizing the risk of penalties and optimizing tax liabilities.

Cash Flow Management and Budgeting:

    • We help you manage cash flow effectively, considering the unique revenue cycles and project-based nature of professional services.
    • Our team assists in creating budgets and financial forecasts, enabling you to plan and allocate resources efficiently.

Industry Benchmarks and Best Practices:

    • We provide you with valuable industry benchmarks and best practices to evaluate your professional services business’s financial performance.
    • Our expertise allows us to offer recommendations and insights to improve operational and financial efficiency, enhancing your profitability.

By leveraging our specialized knowledge and experience in accounting for professional services businesses, you can focus on delivering high-quality services to your clients while having confidence in the financial management of your firm. Contact us today to discuss how our tailored accounting services can benefit your professional services business.

Restaurant Accounting Services

We understand the unique financial dynamics and challenges faced by restaurant owners and operators. Our specialized accounting services are designed to address these specific needs and help your restaurant business thrive. Here’s how our tailored services can benefit your establishment:

Bookkeeping, Tax Preparation, Payroll, and Financial Reporting:

    • We handle all aspects of your bookkeeping, ensuring accurate and up-to-date financial records for your restaurant.
    • Our team prepares your tax returns, maximizing deductions and ensuring compliance with restaurant industry-specific tax regulations.
    • We take care of your payroll processing, including managing wages, tips, and tax obligations for your restaurant staff.
    • Our financial reporting provides you with clear insights into your restaurant’s financial performance, including revenue, expenses, and profitability.

Industry-Specific Accounting Tools and Software:

    • We offer expert advice on selecting the best accounting software and tools tailored specifically to the restaurant industry.
    • Our team assists you in implementing and optimizing these tools to streamline your financial operations and enhance cost control.

Food Cost Analysis, Menu Pricing, and Profit Margin Optimization:

    • We help you analyze food costs, identify cost-saving opportunities, and optimize your menu pricing for maximum profitability.
    • Our team provides insights into ingredient costs, portion control, and menu engineering to enhance your bottom line.

Inventory Management, Waste Reduction, and Theft Prevention:

    • We assist you in implementing effective inventory management systems to control costs, minimize waste, and prevent theft.
    • Our team helps you optimize stock levels, track ingredient usage, and implement safeguards to protect your restaurant’s assets.

Sales Tax, Tip Reporting, and Other Industry-Specific Taxes:

    • We navigate the complexities of sales tax, tip reporting, and other restaurant industry-specific taxes on your behalf.
    • Our team ensures accurate compliance with tax regulations, minimizing the risk of penalties and optimizing tax liabilities.

Cash Flow Management and Budgeting:

    • We help you manage cash flow effectively, considering the unique revenue and expense cycles in the restaurant industry.
    • Our team assists in creating budgets and financial forecasts, enabling you to plan and allocate resources efficiently.

Industry Benchmarks and Best Practices:

    • We provide you with valuable industry benchmarks and best practices to evaluate your restaurant’s financial performance and identify areas for improvement.
    • Our expertise allows us to offer recommendations and insights to enhance operational and financial efficiency.

By leveraging our specialized knowledge and experience in accounting for restaurants, you can focus on delivering exceptional dining experiences while having confidence in the financial management of your establishment. Contact us today to discuss how our tailored accounting services can benefit your restaurant business.

How to Get Started With Us Today

If you’re looking for the best small business accountant in NJ for your industry, look no further than TMD Accounting. We are ready to help you take your business to the next level.

To get started with us today, simply contact us for a free consultation. We’ll discuss your business goals and challenges and how we can help you achieve them. We’ll also provide you with a customized quote for our services.

Don’t wait any longer. Contact us today and let us show you why we are the best small business accountant in NJ for your industry. You’ll be glad you did.

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