Accountants are a special breed of people.
We love figuring things out and putting things in order. So we're the perfect partner to keep your business running smoothly. At DesRoches & Company, we understand the needs and concerns of a growing business. After all, we are a growing business, too. We understand the strength of a trusting relationships and the importance of staying ahead of changing tax laws. Most importantly, we understand the value of personal service. We are on your team. We can work with you to meet your business challenges while finding solid solutions to help you be successful.
We proactively consult with business owners to develop strategies that streamline accounting functions and minimize tax costs. Our industry experience, solid tax and financial background, attention to detail, and commitment to your business will make us your trusted partner. To learn how we can become a valuable asset to your business, contact one of our partners or leading professionals today.
DesRoches & Company is a full-service Real Estate Practice, handling everything from rental management accounting and tax services, to prospective investment analysis, to the successful closing of a deal.
You're great at juggling priorities from hiring staff to pleasing discerning patrons, but if you feel stressed at the thought of having to review a financial statement or if you are uncomfortable making major financial decisions, it’s time to find help.
In construction, close attention must be paid to constant changes in various financial aspects of your business. DesRoches & Company provides a comprehensive range of accounting, tax and business consulting services to general contractors, specialty contractors, and architectural and engineering firms. We offer our clients valuable insight concerning the many interconnected financial operations and transactions of the construction industry.
Our partners and team leaders are experts in tax compliance for corporate, pass-through, and individual entities. In addition, we proactively consult with business owners to develop strategies that streamline accounting functions and minimize tax costs.
At DesRoches & Company, we want to be your advisor. Our industry experience, solid tax and financial background, attention to detail, and commitment to your business will make us your trusted partner. To learn how we can become a valuable asset to your business, contact one of our partners or leading professionals today.
Accounting & Bookkeeping Services
The type of entity under which you incorporate has enormous implications for a new business. DesRoches & Company can explain the pertinent tax and legal issues and help you determine the best choice for your venture. Click at left for a brief rundown of several common forms of incorporation.
Each month or quarter, we can reconcile your bank account, generate an income statement, generate a balance sheet, and clean up your general ledger.
QuickBooks Accounting Services
QuickBooks is the ideal business accounting software for small to mid-sized business owners. Although QuickBooks is designed for the layman to understand, the initial setup and installation can be tricky. Save hours of frustration by allowing us to setup QuickBooks for you correctly
2901 S. Lynnhaven Rd | Suite 400 | Virginia Beach VA email@example.com | Tel: 757-498-3000
Choosing the Right Type of Entity
The type of entity under which you incorporate has enormous implications for a new business. DesRoches & Company can explain the relevant tax and legal issues and work with you to determine the best choice for your venture. Here is a brief rundown of several common forms of incorporation.
A corporation is a separate legal entity in which the owners or shareholders have no personal liability for its obligations. There are two types:
The corporation is taxed on its income and its shareholders are also taxed on distributions or dividends they receive from the corporation.
It is a separate legal entity from its shareholders.
If offers good asset protection.
The corporation is not taxed, but shareholders must report taxes on their individual returns.
It is a separate legal entity from its shareholders.
It offers good asset protection.
It must meet certain legal requirements or risk being treated as a C Corporation.
Limited Liability Partnership (LLP)
An LLP is comprised of two types of partners. General partners have management authority as well as personal liability for the firm’s obligations, while limited partners are simply cash investors with no management authority and liability for only the amount they have invested. An LLP is not a separate tax-paying entity and often is formed with a C or S corporation as a general partnership.
Limited Liability Company (LLC)
An LLC requires an organizational agreement similar to a partnership agreement and must file articles of organization with the Secretary of State. The owners or members are shielded from personal liability for the company’s obligations. An LLC is an extremely flexible entity choice which may be taxed as a sole proprietorship, partnership.
If you have more questions reach out to one of business experts today.
Accounting & Bookkeeping Services
These tasks form the solid foundation of your small business accounting system. You can customize the package of services you receive by adding payroll, tax planning, tax preparation, or any of our other services.
Reconciling your business checking account each month allows you to keep your bank account, accounting, and taxes up-to-date.
Having us reconcile your account each month allows you to...
Identify lost checks, lost deposits and unauthorized wire transactions.
Detect and prevent excess/unjustified bank charges and ensures transactions are posted correctly by your bank.
Know how your business is doing? You can't really know unless all accounts are reconciled and properly accounted for on your financial statement.
Manage your cash more effectively. Proper management of funds not only saves money, it makes money for you.
Protect yourself. By timely reconciling and promptly objecting to your bank about any unauthorized, fraudulent or forged checks presented to your bank and paid by that bank, you can relieve your agency of responsibility for the shortfall and transfer the risk to the bank. This reason to reconcile alone should be enough. Crime exists.
Sleep Better. You will sleep more peacefully at night knowing your bank accounts are reconciled, in balance and that all escrow funds, accounts, checks and disbursed funds are properly accounted for.
An income statement, otherwise known as a profit and loss statement, basically adds an itemized list of all your revenues and subtracts an itemized list of all your expenses to come up with a profit or loss for the period.
An income statement allows you to...
Track revenues and expenses so that you can determine the operating performance of your business.
Determine what areas of your business are over-budget or under-budget.
Identify specific items that are causing unexpected expenditures. Like cost of goods sold, office expenses or repairs and maintenance.
Track dramatic increases in product returns or cost of goods sold as a percentage of sales.
Determine your income tax liability.
A balance sheet gives you a snapshot of your business' financial condition at a specific moment in time.
A balance sheet helps you...
Quickly get a handle on the financial strength and capabilities of your business.
Identify and analyze trends, particularly in the area of receivables and payables. For example, if your receivables cycle is lengthening, maybe you can collect your receivables more aggressively.
Determine if your business is in a position to expand.
Determine if your business can easily handle the normal financial ebbs and flows of revenues and expenses.
Determine if you need to take immediate steps to bolster cash reserves.
Determine if your business has been slowing down payables to forestall an inevitable cash shortage.
Balance sheets, along with income 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.
Maintaining a Clean General Ledger
The general ledger is the core of your company's financial records. These records constitute the central "books" of your system. Since every transaction flows through the general ledger, a problem with your general ledger throws off all your books.
Having us review your general ledger system each month allows us to hunt down any discrepancies such as double billings or any unrecorded payments. Then we'll fix the discrepancies so your books are always accurate and kept in tip top shape.