Bookkeeping & Accounting
We help business owners stay focused on profitability by providing reliable bookkeeping and accounting services that support informed decision-making.
“You’ve got to understand accounting. You’ve got to. That’s got to be like a language to you.”
Comprehensive Bookkeeping & Accounting Services Tailored to Your Small Business Needs
Somerset Tax Partners, LLC provides full-service bookkeeping and accounting for your business. Our software of choice is QuickBooks, although we do work with other software platforms such as Sage, Wave, Freshbooks, and Xero. Our ideal client is a small to medium size business. Our clientele ranges from under $100k in annual revenue to multi-million dollar businesses.
Bookkeeping and accounting services include reconciling bank account statements, maintaining the Profit and Loss Statement and Balance Sheet, and data entry into the General Ledger.
Services Overview
Somerset Tax Partners, LLC provides bookkeeping and accounting services that help small businesses stay organized, compliant, and informed.
Reporting & Analysis
Accounting tells the story of your business. It shows profitability, sales trends, expense control, and which products or services are performing best. Clear financial reporting helps answer key questions and supports informed decision-making.
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Profit & Loss Statements
Accurate, business-specific reports that reflect true profitability. -
Balance Sheets
Clear snapshots of assets, liabilities, and equity to evaluate financial stability. -
Business Analysis
Customized insights to identify trends, opportunities, and areas for improvement.
Somerset Tax Partners, LLC provides reporting and analysis that helps you make confident, informed business decisions.
Bookkeeping
Accurate bookkeeping is essential to the financial health of your business. Proper data entry ensures deductions are not missed, tax returns are accurate, and customer payments are tracked.
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Transaction Recording
Detailed and accurate recording of all financial activity. -
Accounts Payable & Receivable
Tracking vendor bills and customer invoices. -
Bank Reconciliation
Regular reconciliation to ensure accuracy and catch discrepancies. -
General Ledger Maintenance
Organized, up-to-date records to support planning and tax preparation.
Our bookkeeping services keep your business organized, compliant, and focused on growth.
Sales Tax Management
Sales tax compliance can be complex. We help businesses stay compliant while minimizing risk and avoiding penalties.
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Accurate Sales Tax Calculation
Proper calculation based on state and local requirements. -
Timely Filing & Payments
Preparation and on-time filing of sales tax returns. -
Tax Law Monitoring
Ongoing updates to reflect changing regulations. -
Risk & Penalty Prevention
Proactive compliance to reduce exposure to penalties and interest.
Somerset Tax Partners, LLC manages sales tax so you can focus on running your business with confidence.
Service benefits
Partner with Somerset Tax Partners, LLC to gain clarity, compliance, and peace of mind, so you can focus on what you do best.
Year-round financial support
Accurate, organized records
Clear financial reporting
Confidence to focus on growing your business
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FAQ’s
Q&A With R. Joseph Ritter, Jr. CFP® EA
Q: What are the key financial reports that a business should regularly review?
The key financial reports include the Profit and Loss Statement and Balance Sheet. Each provides different insights into the financial health, performance, and stability of your business.
Q: What should you do if you notice discrepancies in your financial reports?
If we prepared the reports, please bring the item to our attention. If you or another office prepared the report, we can provide guidance on how to make corrections. If the adjustments will impact a prior year tax return which has already been filed, a careful assessment will need to be completed before making adjustments.
Cryptocurrency is especially complex because of ongoing attacks by the federal government and the nature of the transactions. Again, we strive to stay on top of changes in tax law as well as court cases to help our clients remain compliant on tax returns. Real estate investments are also complex because they are often used specifically to generate tax deductions. However, the rules are complex, and deductions are easy to miss.
Q: How often should financial reports be generated and reviewed?
The bookkeeping system should be reconciled to the bank account statement at least monthly. Financial reports should also be reviewed monthly. If an error occurs, it can easily compound and skew the Profit and Loss Statement. Errors are important to catch at least monthly. Monthly reviews also allow you to identify positive and negative trends and make adjustments to stay ahead of problems and opportunities.
Q: What records should you keep for tax purposes?
When in doubt, document, document, document. Documentation is critical not just for accurate bookkeeping but also to defend deductions in the event of a tax audit. Missing documents, receipts, and records are the surest way to give a tax auditor reason to assess more tax and penalties. Keeping documents is easy. Programs such as QuickBooks Online allow for digital images to be attached to individual transactions. There are a variety of other methods to retain documents.
Q: How do you determine the correct sales tax rate?
The state Department of Revenue publishes sales tax rates. It is important to know your local sales tax rate. In some states, such as North Carolina and Arizona, tax rates vary by county, so you have to be aware of where the transaction is taxable. Because of the Wayfair case, you also have to be mindful of sales taxes when transactions are made across state lines. We can provide sales tax information to you. Be aware that the state Department of Revenue may not provide you with all the information you need to be compliant.
Q: What should you do if you discover you have made a mistake on a sales tax return?
You may need to amend the sales tax return. We recommend that you first contact a knowledgeable tax professional to review the question and potential error to determine if any action is necessary. If a correction is warranted, it is likely that the original sales tax return must be amended. While the state Department of Revenue usually does not assess penalties on amended tax returns, interest may apply if an additional payment is due after the original due date for the tax return.