SOLO BUSINESS

Robert D. Shannon provides complete accounting, finance and tax services to solo business owners.

Our services remove a large part of the administrative work from a solo business owner’s shoulders.

We go beyond the preparation of reports; we help our client anticipate and prepare for future events. By preparing projections, we enable clients to be ready for events rather than react to them. We also work with other professionals to ensure that legal matters are handled.

By preparing the books carefully, we give clients credibility before credit grantors, investors, customers and other members of the public.

Services for solo business owners include:

Accounting

  • Preparing unaudited financial statements
  • Preparation of reports that may be required as a condition of getting grants, such as SBIR grants
  • Preparation of financial reports to either credit grantors or potential investors
  • Set up and training in QuickBooks
  • Inputting of transactions
  • Assistance in hiring a bookkeeper

Analytics/Plans

  • Interpretation of financial results to determine the business’s health
  • Preparation of business plans
  • Analysis of results to determine a valuation for a potential investment in the business or sale of the business
  • Analysis of data to reveal problems, such as inadequate gross margins, too many slow paying customers, etc.

Tax

  • Preparation of tax returns: corporate income, property, sales-use, and excise returns
  • Preparation of qualified plan returns (Forms 5500)
  • Owner’s compensation
  • Tax projections
  • Audit defense in the event of a tax audit by Federal and/or state tax authorities
  • Assist with choice of entity, e.g., sole proprietership, corporation, S Corporation, etc.
  • Assist with choice of tax elections for tax accounting methods