Services

Accounting is the action or process of keeping financial records. It’s necessary to keep track of business assets (everything a business owns), liabilities (everything a business owes), and equity along with income and expenses. We can help businesses set up their entire chart of accounts to help keep tract of business activities. Booms Accounting also specializes in QuickBooks support in addition to other accounting systems to help you generate meaningful reports.

Bookkeeping is the recording of a company’s transactions into the accounts contained in the accounting system and to complete the required booking procedures to report to various tax authorities. At Booms Accounting we specialize in making your bookkeeping more efficient as well as help you to outsource bookkeeping.

A CPA is an accountant with a license to provide accounting services to the public. Businesses need a CPA to assist them in preparing income and payroll tax forms, financial statement preparation and analysis, and business consulting services. An individual needs a CPA to advise them on tax strategies, retirement, and various other advisory services. At Booms Accounting we go above and beyond what is typically asked as we strive to make your business more efficient and profitable.

Depreciation is the expensing of cost of property, building, and equipment over a period of time. Assets owned by a business must be depreciated or expensed out over a specific period of time determined by various taxing authorities. We work with clients to determine the best tax efficiencies and ways to utilize various acceptable methods to manage depreciation. We also go one step further to help business owners ensure their depreciable assets are being accounted for accurately and described properly on their asset schedules.

A well-organized estate is one of the most thoughtful gifts you can leave your family. Our knowledgeable team will spend the time needed to help you carefully prepare for the transfer of your wealth and assets and ensure you pay the minimum amount of tax required.

Fringe benefit analysis includes the analysis of paid absences (vacation, sick, holiday), insurances (health, dental, vision, life), pensions, and profit-sharing contributions. Booms Accounting can help individuals to determine what benefits to enroll in when offered by their employer, as well as help businesses to determine what benefits they should be offering to their employees. We will work with you one on one to look at your income tax return in relation to the benefits being offered and discuss how you can best take advantage of those benefits. For businesses, we will work with you directly to determine which benefits would be best for you and for your employees. Selecting the right fringe benefits can increase employee retention and satisfaction.

GAAP or tax financial statement reporting are general guidelines and principles, standards and detailed rules, plus industry practices that exist for the financial reporting and financial statements. From time to time businesses may need financial statements for bank compliance or internal financial analysis. When you do, feel free to reach out. We would love the opportunity to help you with your GAAP or tax financial statement reporting and analysis.

HSAs, FSAs, and other medical accounts are tax-advantaged accounts created for individuals who are covered under high-deductible health plans (HDHPs) or enrolled in section 125 cafeteria plans. When an individual is offered, or when a business offers, a health care plan, it may be necessary to understand how to utilize these benefits and understand how they can save you tax dollars. We will work directly with you to help you understand how these types of benefits are able to save you money and how to go about utilizing them. This is not a typical service offered by most CPA’s but we are honored to be able to assist our clientele with this service to better help them in their personal lives and businesses.

Income taxes involve both individuals and businesses and include federal, state, and local income taxes that must be filed on an annual basis. We assist clients with the preparation of most types of Federal, State, and local income taxes and we can also utilize your tax return information to come up with other recommendations for services that could benefit you and your business. We strive to go above and beyond what a typical tax prepare provides to help you and your business to grow and thrive.

Unlike the entries written in a personal journal, these journal entries are business transactions in the accounting records of a business separate from the standard invoices and bills. If your debits and credits are unequal and you’re having trouble keeping track, Booms Accounting can help you. Under some circumstances, a business may need to record a journal entry when a complicated business transaction takes place such as the purchase or sale of a business asset or loan proceeds and the refinancing of loans. We offer remote services for the analysis and support provided for journal entries and can reply within a short period of time from when the transaction actually occurs to keep your business up to speed and organized.

Do you have kids or are you planning on having kids anytime soon? Have you ever wondered what that would change in your finances and taxes? We can help you better understand the child tax and earned income tax credits that may be utilized on personal income tax returns, as well as succession planning for the future, including planning for college.

Long-term investments are personal and business investments made into stocks, bonds, or real estate. These long term investments can generate business or supplemental income now and into the future. At Booms Accounting we can assist clients with reviewed potential investments and advise them on the expected tax consequences along with the expected additional cash flow that could be generated. Our goal is to help clients better understand why they should or shouldn’t take on potential long term investments.

Management advisory services include bank reconciliations, account balance confirmation, and month-end & year-end closing procedures. As a business owner you already know how to run your business well, but having management advisory services like those listed above provides the nuts and bolts of accounting for your business. These sort of services may be more practical for you to rely on a CPA to assist. At Booms Accounting, we not only offer these services but in many cases we can perform most of these procedures remotely.

Net cash flow analysis is the breakdown of operating, investing, and financing cash flow activity. We will work with you and your team directly to create a statement of cash flow to determine where all the cash goes in your business. Some clients need very detailed statements of cash flow prepared within a professional financial statement, while others may already have access to this type of report within their accounting system. We can work with both.

A successful company creates value from a stream of profits by offering goods or services that provide significant value to your clients and customers. We will work with you to understand what you consider success is and help you get from where you are to where you want to be.

At Booms Accounting we understand the ins and outs of employee and employer payroll obligations. We offer payroll services, after-the-fact payroll services, W-2 and 1099 preparation services. We can work with the live payroll on your accounting system, a third-party payroll processor, or make recommendations on your payroll.

Retirement planning typically includes 401k’s, IRAs, and pensions– Traditional (pre-tax) vs Roth (post-tax). Everyone wants to retire at one point, Booms Accounting will work with you to determine the best route for you. By learning about the different options for retirement plans and how they best suit your needs we will help you select and maintain the right plans for you. We ensure our clients understand the tax benefits now and later on how those taxes affect their retirement.

Succession planning is a process for identifying and developing new leaders who can replace existing leaders when they leave, retire, or pass away. Succession planning is needed to continue operations after key individuals or leaders are no longer there. We work with clients to identify who those key individuals are and come up with a solid plan to replace them or help the business to adjust and continue on without them.

Third-Party Applications are created to do something more efficiently than what the primary accounting software was originally designed to do; oftentimes these applications can be synchronized to make life and doing business more efficient, and oftentimes more profitable.

Use and Sales Tax are taxes made on the purchase or sale of goods. Booms accounting can help you determine how to collect and remit sales tax made on purchases as well as assist with the preparation of sales and use tax reports in the State of Michigan.

Booms Accounting, PLLC will bill a client based on the value of the information or service provided rather in combination of time and expenses spent.

Wealth management is an investment-advisory service that incorporates financial planning and investment portfolio management. Individuals and businesses are always trying to save for the future. Some are successful enough to put some money aside. The next question is what to do with it…

Xtra services include any additional accounting, tax, payroll questions, and other needs our clients still have. There always seems to be a question that doesn’t seem to fit in any one of the other categories of services. At Booms Accounting you can feel free to ask away!

Year-to-date analysis is financial analysis conducted by month, year-to-date, and prior years. For a business owner whose busy running a successful business, having someone help by keeping tabs on how their doing is important. We work with clients on a scheduled basis to review important historical data, tax plans for the current year, as well as discuss what’s coming down the pipeline in their business.

Zero is where you start a new business. Every business and family needs to start from somewhere. We can discuss with clients whether or not starting a new business is a good next move, including acquiring an existing business. We can also address how changing your status from single to married or going from no kid(s) to kid(s) can affect you tax-wise.