For Businesses

“Creative Bookkeeping is the magic wand of restructuring”

A business owner always dreams big and works to achieve that big goal. Have you ever wondered what your next step should be in working towards your goal?

Our comprehensive range of services for businesses includes

The answer lies in choosing Benifacts. With advanced technology and skilled workforce, we help you strategize and take critical decisions to bring about a 360 degree shift in your business processes and take your business to the next level.

Financial Book Keeping and Finalisation of Accounts

A business firm is usually overloaded with a lot of value-added tasks with very little or no time left for tedious bookkeeping tasks. However, accurate and organized bookkeeping is the foundation of a successful business. 

So how do you balance both?

The smart move is to hire professional help because well-organized financial records ensure that your business operations run more efficiently on a daily basis. Our team comprises of qualified professionals who assist you with the day-to-day accounting tasks associated with bookkeeping. We will also help you in taking strategic business decisions that will result in improved profitability.

Our services include:

  • Daily/Monthly accounting and bookkeeping
  • Accounts Payable and Receivable management
  • Ledger review and resolve errors related to posting
  • Multiple Bank Account & Credit Card reconciliations
  • Seamless Vendor bill payments
  • Passing accrual journals
  • Loan Account reconciliation
  • Inventory Reconciliations & Adjustments
  • Issue 1099 Forms
  • Sales and Use Tax calculation, passing journals& filing of returns
  • Finalisation of Trial Balance, Income Statement and Balance Sheet
  • Review of financial books of accounts and periodic comparative analysis of the same

Business Start-ups

Starting a business or setting up a new company is like a dream come true for anyone and it doesn’t happen in a day. It is a roller coaster ride starting from completing a lot of paperwork, taking care of compliances, managing administrative tasks, handling statutory requirements and more. With our services, you get the courage to pursue your long cherished dream. Our team of competent Company Secretaries ensure that your business meets all the obligations under the Companies Act and other relevant legislation regulations.

Our services include:

  • Consultation for deciding type/form of company
  • Acquiring Federal Employer Identification Number
  • Assistance in choosing the State where you can incorporate your entity to achieve tax and business efficiency
  • Applying for a Business or a Trade Name and other legal formalities required with the Company Registrar
  • Opening a US Corporate Bank Account and assistance in filling requisite documents
  • Drafting of legal documents like Memorandum & Articles of Association, Certificate of Incorporation, By Laws of the company, etc.
  • Registering business with IRS and State Revenue Office
  • Getting required Licenses and Permits

Payroll Processing

Efficient payroll is critical for smoothly running your business and maintaining employee satisfaction. Employees are the core strength of any business and expansion of the business is directly proportional to increase in number of employees. This results in increased payroll administration like timely payments, managing administrative rules, legal compliances and handling employee queries. Contemplating the business needs of our clients we have defined end to end payroll services to assist you in implementing a reliable, efficient and effective payroll system. Whether hiring a dedicated team or using automated payroll software, important takeaway is to find a solution that fits your needs.

Our payroll services include:

  • Maintaining employee database in the Payroll Software
  • Balance Payroll liabilities ledger and ensuring correct posting
  • Scheduling payments of Payroll taxes, withholding tax and employment taxes to State and Federal authorities
  • Generating periodic payroll reports and passing timely journal entry for the same
  • Timely processing of Payroll runs, issuing payslips, managing time sheets, updating leaves and taking care of reimbursement of expenses if any

Advisory and Business Consulting Services

With our advisory practice, we tackle all your questions and doubts regarding your business and provide answers which will help you to move forward. Our advisors will closely work with you to understand your business model and provide fruitful insights on risks, weaknesses and potential improvements in strengthening key areas of your business. With our consulting services you can create strategies to increase profitability as well as cash flow. Our advanced reporting methodologies will guide you in developing innovative solutions to reinforce key management and financial functions of your business.

Our advisory and business consulting services include:

  • Guidance in preparation of monthly/annual budgets
  • Preparation of Cash Flow statements
  • Variance analysis by comparing actual vs. budget for better decision making
  • Creation of strategies to increase profitability, business growth and manage cash liquidity.

Tax Return Preparation Services

The tax laws nowadays are highly complex and elaborate. Filing tax return without professional help can get really tricky as one may easily tend to overlook deductions and credits. Considering the complications in taxation we have made significant investments in computerized tax preparation and research software. The combination of our skilled tax experts and cutting edge technology enables us to accurately and efficiently prepare returns for various types of entities including individuals, corporations, partnerships, trusts, estates, and not-for-profit organizations. Our aim is to maximize your tax savings and minimize your tax liabilities with a comprehensive personalized plan.

Our services include:

  • Preparation of Partnership Returns (1065)
  • Preparation of Corporate Returns (1120, 1120S)
  • Preparation of Tax Returns of Estates and Trusts (1041)
  • Preparation of Foreign Tax Credit for Individuals (1116)
  • Preparation of FBAR (FINCET Form 114) and (Form 8938)
  • In addition to preparing and filling taxes, a team of Tax Experts will always be available to answer queries and plan lower tax bill.

Virtual/Interim CFO Services

The driving force of any business is the CFO as a CFO has the power to steer the business in the right direction. A CFO analyses the financial risks and makes critical decisions to accomplish the future goals of the business. Our Virtual CFO services come into picture to support growing service-based businesses that now need professional financial advice but can't afford a full-time CFO as the cost of hiring a full-time CFO can range from $1,75,000 to $3,80,000 per year plus vacations, bonuses and other benefits. We also cater to existing businesses who are looking to replace the current CFO and don’t require an on-site CFO on a daily basis.

With our Virtual CFO services you can get assistance for:

  • Financial risk management and analysis
  • Mergers and acquisitions
  • Business valuations
  • Profit improvement solutions
  • Financial reporting
  • Accounting systems establishment
  • Management audits
  • Due diligence
  • Equity and debt financing
  • Business tax planning
  • Accounting staff training and management coaching

Financial Planning & Audit

Strategic financial planning is indispensable for the smooth functioning of any company’s finances. One can expect best results when financial strategies are paired with tax strategies. With this approach we design comprehensive financial plan for our clients. Once the financial plan is developed, we guide our clients regarding investments, insurance as well as retirement planning along with tax planning advice. With our thorough plan, we demonstrate how decisions like investing in your 401(k), selling a business, donating to charities, or plans for your estate impact your future.

High quality audited financial statements are crucial for any organization as it helps build trust and credibility of the organization. Audits are a widely used practice by small to medium sized businesses, government entities, financial institutions as well as not-for-profit organizations as audits provide the best assurance that financial statements do not contain material misstatements. In fact audits involve intensive examination of your company’s systems and records. At Benefacts CPA, we ensure the involvement of our partners in every audit to provide essential expertise and critical insights during each stage of the audit.

With strong workforce and technical expertise, we provide a wide range of audit services like:

  • Intensive Financial statement audits
  • Financial statement reviews
  • Evaluation of subject matter or assertions
  • Creating agreed-upon procedures on subject matter or assertions
  • Internal accounting and reporting assessments
  • Financial statements compilation
  • Handling IRS, State Tax, GAAP or IFRS Compliances 

M & A

With our end-to-end transactional advisory services, we address all your transactional and M & A integration needs. Our focus is to optimize transaction outcomes with thorough and perceptive due diligence. We also provide quality of earnings analysis, deep insights regarding business as well as taxation. Our strong and diverse technical skill set can maximize value and minimize risk during acquisitions, dispositions, recapitalizations, mergers, reorganizations, formations and other significant transactions.

Our services include:

  • Assistance to buyers with pre-deal analysis and tax structuring
  • Assisting sellers with pre-deal packaging and valuation
  • Buyer side valuation of the target, due diligence, structuring of the deal itself and post-closing follow up
  • Managing responses to buyer’s questions, structuring of the deal itself, tax planning and post-closing follow up.
  • Providing useful insights on matters relevant to the process including quality of earnings, cash flows, hidden assets and liability exposures.

FATCA & FBAR Compliance

Tax regulations are becoming highly complex for organizations targeting global markets. To achieve success in the global market, a robust tax strategy is highly essential in order to overcome the pressure of compliance with regulatory norms as well as diverse reporting demands and accounting standards. The IRS has different methods to track foreign assets and accounts held by U.S. taxpayers. The situation can be quite tricky especially for U.S. organizations as even a small mistake could result in substantial fines, penalties or even criminal consequences. 

There a list of forms which need to be filled on a regular basis and it may be quite confusing if you are not familiar with the regulations. Additionally, mistakes that may cause penalties to accrue can lead to greater tax liability and less money in your pocket to reinvest into your business ventures. Benifacts CPA guides you through collecting all the necessary information required to remain compliant and ensure that your forms are filed accurately and efficiently. 

With our services, we assist you for the following:

  • U.S. Federal, state and local income tax returns
  • International tax strategy
  • International reporting forms
  • FATCA Compliance
  • Filing of Foreign Bank and Asset Reporting (FBAR)
  • Filing of FinCEN Form 114
  • Filing of Form 8938, the Statement of Specified Foreign Financial Assets
  • Transfer pricing documentation
  • Foreign payment withholding and reporting