Services Woon Kim & Associates, PC

Accounting Serviecs

Providing financial information to our clients in a timely and accurate manner is a commitment that cannot be compromised. Meaningful, well organized financial records ensure that your daily business operations will run more efficiently. Our firm provides a full range of cost effective accounting services including the following:

Bookkeeping

Reconciling your business checking account each month allow us to maintain a clean general ledger which is the core of your company’s financial records. Having us review your general ledger each month allows us to hunt down any discrepancies and to be prepared to generate accurate financial statements to know how your business id doing, to manage your cash more effectively, to protect yourself and to sleep better.

Generate financial statements

An income statement, otherwise known as a profit and loss statement, allows you to track revenues and expenses so that you can determine the operating performance of your business, to determine what areas of your business are over-budget or under-budget, to identifying specific items that are causing unexpected expenditures, and to determine your income tax liabilities. A balance sheet gives you a snapshot of your business’ financial condition at a specific moment in time. It helps you to quickly get a handle on the financial strength and capabilities of your business, to determine if your business is in a position to expand, to determine if you need to take immediate steps to bolster cash reserves, and to determine if you business has been slowing down payables to forestall an inevitable cash shortage. Financial statements are the most basic elements in providing financial reporting to potential lenders such as banks, investors, and vendors who are considering how much credit to grant you.

Unlimited Consultations

We are always available to spend time with you so you fully understand how to interpret and utilize the financial information we provide. In addition to acting as a sounding board for management, we provide comprehensive, flexible strategies that address the issues affecting your business such as accounting software selection and implementation, buying or selling a business, financial decisions. Our consultations are already included in our price, so please feel free to call us whenever you have a question or concern.

Payroll Services

As a business grows, it must hire more employees. This can result in increased payroll administration costs. We can help you implement the controls necessary to ensure a reliable, efficient, and effective payroll system. Our firm can also help you develop a payroll system and prepare all necessary payroll tax returns in a timely manner.
You get…

• Your payroll checks prepared and laser printed on blank check with maximum security
• Direct Deposits
• Worry free IRS and State tax reporting as well as Electronic Tax Payment System
• Year-end W-2 and 1099 Forms
• Detailed reports on your employee’s vacation, sick days accruals
• Creation and filing of the required new hire reports

Part-Time CFO Services

Growing business often reaches a point where it needs professional financial advice but cannot afford a full-time CFO or controller. Our Part-Time CFO services give you a professional financial manager who works with you to help guide your business to success. Our Part-Time CFO services provide you with experienced support at a small fraction of the cost for hiring a full-time CFO range from $60,000 to over $100,000 per year plus bonuses and benefits.

With our Part-Time CFO Services, you get…

• Better understanding of your business financials. Less surprises and more control over the money
• Improved decision-making capabilities and improved quality and timeliness of financial information
• The comfort from knowing that a professional oversees and improves the business financials
• A professional who establishes strong internal financial controls to increase profits
• Training and managing your accounting staffs
• Better preparation of budget and financial analysis

New Business Formation

Opening your own business is exciting but thrilling. A methodical plan of action is needed to fulfill your dream or goal of being your own boss and running a successful business.

We help you…

• Select a business structure that best fits your needs by evaluating tax advantages, legal exposure, ease of operation and portability should you need to relocate
• Register your business entity to State Authorities
• Obtain your Federal Employer Identification Number
• Prepare and file all required state and local licenses and permits

Internal Controls

You may need a trained outside professional to evaluate your company’s operations to determine if the appropriate controls are in place to ensure proper handling of resources and to protect yourself from employee theft.We assess your internal control systems to determine the efficiency and effectiveness of your operating procedures. Then we make recommendations that help your company become stronger and more profitable by correcting any inefficient or ineffective operating procedures we find.

Tax Services

We prefer to take a proactive vs. reactive approach to tax services. By keeping current on new tax laws and legislation, we can identify key tax planning opportunities that minimize both your current and future tax liabilities. We provide our individual and business clients with the taxation expertise and knowledge that they need throughout the year.

Tax services offered include but are not limited to:

• Tax planning to reduce current and future tax liability legally
• Tax return preparation for Individual, Corporation, Partnership, LLC/LLP, Not-for-profit organization
• Tax audit representation
• Tax effects of buying or selling a business
• Settle IRS debt through Offer In Compromise program for ‘Fresh Start’

During our years of experience dealing with many taxing authorities, we have achieved a level of competence that can ensure our clients they are being properly represented before the various federal and state tax agencies.

Retirement Planning

Successful implementation and periodic review of your financial plan will ensure financial independence during both your working and retirement years. Qualified retirement plans (e.g. defined-contribution or defined benefit plans, Keoghs, SEPs…) can provide significant tax advantages for closely held businesses and self-employed individuals. Our qualified staff can assist you in evaluating the type of pension plan that will best serve the retirement needs of you and your employees.

College Financial Aid Services

Given the complex college funding landscape, we help families to apply for college financial aid through the process of navigating the FAFSA and CSS PROFILE at affordable and reasonable fees.