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Providing Prompt and Efficient Accounting


Tax and Accounting Services for Small Businesses

Wing to Wing LLC is focused on small businesses that have revenues of less than $10 million. The business entity structures most often associated with small businesses are sole proprietors, partnerships, or S corporations. We provide services for all of them.

What Is a Small Business?

The definition of a “small business” can vary by industry. The Small Business Association (SBA) is responsible for defining if your business is a “small business.”

The SBA relies on the North America Industry Classification System (NAICS) to determine the classification of a business’ size. 

Key Steps in Establishing and Operating a Small Business

• Register Business With State Authorities

• Obtain a Federal Employer Identification Number

• Develop a Business and Marketing Plan

• Obtain Proper Licenses If Required

• Ensure Proper Insurance Coverage

• Determine Tax and Financial Reporting Requirements

  • A.Record-Keeping
  • B.Accounts Payable/Receivable
    • i.Proposals and Invoicing
    • ii.Bill Payment
    • iii.Collections; Upon Receipt, Net 15/30
  • C. Financial Reporting
    • i.Rhythm: Each Week, Each Month, and Each Quarter
    • ii.Profit and Loss Statement and Balance Sheet 
    • iii.Cash Forecast Report 
    • iv.Budget Versus Actual or Prior Year
  • D.Set Up a Financial System - reach out to us before you do this; we highly suggest Quickbooks Online.  We are very experienced in setting companies up on Quickbooks.  We also provide training.
  • E.If You Will Have Employees, Will Payroll Be Insourced or Outsourced?
  • F.Know Your Tax Filing Requirements: Sales, Income, Entity, and Payroll

Key Operating Suggestions

  • Have a Dedicated Bank Account for Your Small Business
  • Use Online Banking Versus Manual Checks
  • Link Your Bank Account and Your Financial System Together via Quickbooks online
  • Know Your Cash Position Daily
  • Track Income and Expense on a Regular Basis
    • Keep Receipts Safe
    • Issue Invoices Quickly
    • Call and Collect on Aged Accounts
    • Pay Your Bills Timely
  • Understand How to Properly Account for Equipment and Automobiles
  • Track Your Mileage Daily and Write It Down
  • Produce Financials at Least Quarterly (Monthly Is Highly Recommended)
  • Understand and Meet Your Tax Filing Obligations

We hope you found the above mentioned information useful. For inquiries and assistance, please call us at 203-249-2798 or email us at anytime. 

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