:: Services offered by Precision Accounting ::


  Precision Accounting offers Individual as well as extensive Business Accounting
and Bookkeeping services, please scroll down for details and call us right away
for a FREE consultation.
   


 
  Individual
   
Tax Return Preparation
 
  • We prepare federal tax returns in all 50 states
  • Tax Returns are filed electronically at no additional cost to the tax preparation fees, pending various governmental entities acceptance
   
Tax Planning
 
  • We constantly are tax planning throughout the year
  • Our team takes tax classes throughout the year to ensure our tax knowledge stays up to date
  • We can help plan your tax liability
    - We can estimate your tax liability and assist with making estimated tax payments
   
IRS Problem Resolution
 
  • We can communicate with the IRS or local government on your behalf
    • Professional representation can be vital during an audit
    • Our experience with tax authorities enables us to guide clients in their dealings
      with federal and state agencies and can put your worries at bay
   
   


 
  Business
   
  Let Us Be Your Accounting Department!
 
Precision Accounting Services serves a wide variety of clients, specializing in accounting and bookkeeping services for Contractors - Small Business - Church & Clergy including Payroll Services - Income Tax Returns and Tax Preparation, and QuickBooks assistance. We are not limited in the client base we serve. We work with clients who are owner-managed in the construction, retail, wholesale and service-oriented businesses. Many companies reflect the dynamic economic environment of the Western North Carolina area. Our firm's growth is mirrored in our clients. As they grow and face more complex problems, we grow and expand our ability to meet their needs. In this way we sustain our reputation of integrity and service.
 
Please scroll down to see the wide array of services we offer, or use the quick link menu below;

Contractors Church - Clergy
Business Tax Return Preparation Small Business Bookkeeping
Accounts Payable Accounts Receivable
Payroll General Ledger
Job Costing Financial Statements
Fixed Assets QuickBooks Assistance


Contractors
   
  The team at Precision Accounting Services has worked for and with contractors for many years, helping clients manage operations and improve their bottom line. Our clients include small residential builders, large commercial contractors, real estate developers, property management companies, home owners associations and companies working on private and government jobs both large and small.
  We're able to offer a host of expanded services including:
 
  • Accounting and financial management assistance
  • Job costing systems design
  • Bidding and estimating
  • Bonding assistance
  • Licensing Renewals
  • Architectural Contracts
  • Architectural Billings (AIA Forms 702 & 703)
  • Governmental Certified Payrolls
  • Tax planning for business and owners
  There are various tax methods a contractor may use.
We will find the best one for each type of contractor.
 




 
Church - Clergy
 
Today, more than ever before, Churches must be run as a business. Regulatory compliance, donor scrutiny, and the challenges of a shifting economy raise questions that can only be answered by qualified, trusted professionals.

We understand the special environment in which the church operates.

  We offer accounting services to help churches to be accountable with financial information such as:
 
  • Bookkeeping
  • Payroll Services
  • U.B.I.T. Taxes
  • Obtaining a 501(c)(3)
  • Contribution Tracking
  • Year End contributions statements
  • Year End information returns
  When it comes to managing Gods resources, church leaders need to use wisdom and careful judgment by carefully evaluating all options.

An additional benefit to consulting professional accountants is their ability to make sure that the church is not paying unnecessary taxes. There are tax benefits for Churches that the church leaders may not be aware of.

Using church accounting services may prove beneficial. It can assist the church leaders in fulfilling their calling by removing the burden of the day to day accounting obligations.

 
Business Tax Return Preparation
 
  • We prepare business tax returns in all 50 states
  • We constantly are tax planning for your business throughout the year, we stay on top of it
    • Be it a new tax law
    • Techniques to defer income
    • Deciding whether to make a subchapter S election
  • Tax Returns are filed electronically at no additional cost to the tax preparation fees, pending various governmental entities acceptance
  • We can communicate with the IRS or local government on your behalf
    • Professional representation can be vital during an audit
    • Our experience with tax authorities enables us to guide clients in their dealings with federal and state agencies and can put your worries at bay
  • We prepare payroll tax reports
    • We file payroll reports via electronic means
    • We can make the tax payments via electronic means.
  • We prepare Sales Tax returns
 
Small Business Bookkeeping
 
Accounting and Bookkeeping Services
In this changing economy there is a great need for bookkeeping "oversight." We can handle your bookkeeping needs or we can train you to handle this yourself in an understandable way.

Let us be your Accounting Department. It is like having a smorgasbord of services available and the client picks which one's best suits their needs. We offer services ranging from the offsite controller to 'after the fact' bookkeeping services. We can handle the client who wants to handle as much of their accounting within their capabilities; to the one who prefers to do what they do best by making money within their business and we handle all the accounting for that business; and everything in between.

  These services can include:
 
Accounts Payable Accounts Receivable
Payroll General Ledger
Job Costing Financial Statements
Fixed Assets QuickBooks Assistance
 
Each client is different and we will design accounting services for your specific needs.
 
Accounts Payable
 
There are several services we offer.
We will design the accounts payable function according to your specific needs.
  We can provide full Accounts Payables services:
 
  • Entering invoices on behalf of our clients either completely from our office or remotely via computer login
  • Reconcile Credit Card Statements
  • Verify Vendor Statements
  • Pay Invoices on behalf of clients either completely from our office or remotely via computer login
    • Several clients have their checks located at our facilities under lock and key
    • Maintain an electronic paid bills file for the client
  We can also simply keep track of client's expenses after the client has written their own checks from a checkbook.
   
 
Accounts Receivable
 
There are several services we offer. We will design the accounts receivable function for your specific needs.
  We can provide full Accounts Receivables services:
 
  • Entering invoices and billing customers on behalf of our clients either completely from our office or remotely via computer login and the bills cane be printed at the client's office
  • Send out Statements for clients on receivables
  • Receive and/or make deposits for clients
  • Record Deposits for Clients
  We can also simply keep track of client's billings and deposits after the client has deposited the funds into the bank account.
   
 
Job Costing
 
Several types of businesses can benefit from job costing. Some of these clients include:
 
  • Small residential builders
  • Large commercial contractors
  • Real estate developers
  • Property management companies
  • Rental Property Owners
  • Home Owners Associations
  We can provide assistance in the area of Job Costing Systems to maintain records on each project and/or property. These individual records can be utilized for tax return preparation or managing property operations. (See Contractors for more Information).
   
 
General Ledger
 
Most business's benefit from their accountant reviewing the books and then processing a final general ledger; be it to maintain good records or for tax preparation.
We can provide the following services:
 
  • Reconciling your bank account(s)
  • Entering any required or necessary journal entries
  • Preparing Financial Statements
    • "Management Use Only" Financials are the most common one processed for clients, however, third party financials can be provided
 
Fixed Assets
 
We can maintain a Fixed Asset list on our Accounting and Bookkeeping clients. Client's assets are maintained and depreciation processed on a Monthly, Quarterly or Annual Basis. These assets can be broken into a multitude of categories. The following is the standard breakdown:
 
  • Office Furniture and Equipment
  • General Equipment
  • Vehicles
  • Leasehold Improvements
  • Land
  • Buildings
  • Goodwill
 
Payroll - Payroll Taxes
 
Payroll processing can be completed as much or as little as each individual business needs. Precision Accounting Services does recommend each business have a separate banking account for payroll. We offer per payroll rates or an hourly rate. If you business is seasonal, you may prefer the hourly rate; if payroll stays the same, per payroll rates may better suit your needs.

Some clients choose to process their own payroll and Precision Accounting Services prepare only the Quarterly Payroll reports.

The various governmental entities require forms authorizing Precision Accounting Services to be a Reporting Agent for payroll processing. These forms can be completed for your signature by Precision Accounting Services.

 
  • Weekly, Bi-weekly or monthly payroll processing
  • Monthly and quarterly payroll tax payments will be made on behalf of the business via electronic payments systems
  • Quarterly Payroll Reports will be prepared four times a year
    • Preparation of 941's electronically submitted
    • Preparation of Employment Security Commission Reports electronically submitted
  • Annual W-2's with W-3 for Federal electronically submitted to governmental entities
    • The employee copies of W-2's will be issued
  • Form 940 electronically submitted
  • Form 8027 (Tip Reporting) will be prepared, if needed
 
Financial Statements
 
As a part of the normal accounting process, Precision Accounting Services provides "For Management Use Only" financials; including an Income Statement (Profit & Loss) and Balance Sheet.

From time to time our clients require financial statements for third-party use. Such service is considered separate and not deemed to be part of the normal accounting and bookkeeping services described in previous sections. A separate engagement would be required.

If we are providing accounting and bookkeeping services to your firm, we will be limited in providing a compilation financial statement which may include reference that we are not independent from your firm. This informs the reader on such financials that we perform other services for your firm in addition to the Financial Statements issued to a third party.

 
Quickbooks Assistance
 
We can help you set up your books, provide guidance and get you going on the right track from the beginning. QuickBooks can provide useful and timely information in the form of financial statements, reports and graphs. However, it can only provide this information if you purchase the right product and then install, setup and use it properly. We don't just help you use the software, we help you use it more efficiently and more effectively.
 
  • We train you personally
    • Either one-on-one or several individuals within your organization at your company's location (additional fees apply at your company's location)
  • We install QuickBooks on your stand alone computer or in a network environment, in either single- or multi-user mode
  • We assist new QuickBooks users with initial setup including:
 
EasyStep Interview Preferences
Lists Vendors
Customers Employees
Banking Employees

 
  • We also help experienced users manage their businesses more effectively
    by improving their current setup.
  • Many users experience problems and lack the ability to generate and track important information as a result of inadequate setup
  • Our QuickBooks review service (watch dog service) helps companies that have the human resources to perform daily accounting and payroll tasks, but need an accounting and payroll expert to review your transactions, accounts and reports.
    • This review ensures that you receive timely, relevant and reliable financial information
    • We also inform you of any corrections, adjustments or reclassifications necessary to ensure that the financial information you receive reflects the correct financial condition of your business.
    • Reviews may be conducted at any time, but monthly reviews provide you with up-to-date information and feedback about your business