Baffled by Business Finances? Get Help

Woman in blue with finger to chin, head tipped, looking confused. Gray question mark near her head.
Are you confused by your business financials? Hiring outside professionals can help.

You’re the CEO of your business and an expert in your industry, but does that expertise expand to the financial side of your business? If phrases like “projected profitability” and “cash flow” make you cringe, it’s time to call the experts at David Mills, CPA, LLC.

Chances are you didn’t get into business because the idea of managing financial statements appealed to you, yet your company’s success is directly related to the quality of your financial statements and the CFO (chief financial officer)/Controller Services overseeing them.

Ignoring Finances Can Doom A Business

A head-in-the-sand approach to your business finances is a disaster waiting to happen. Just like ignoring your car’s check engine light can leave you stranded, not paying attention to finances can cripple your business.

laptop computer with colorful charts on screen
Outsourced controller services from David Mills, CPA, LLC can help you make sense of your business financials.

More than 28% of bankrupt businesses cite problems with the financial structure of their company as a primary reason for failure.

Businesses fail because they forget about the basics. Have you taken the time to create a budget? If you have, do you regularly analyze the results? Is your business making a profit, yet you never seem to have money in the bank

Hire an Outsourced Controller for Your Business

Hiring an outsourced controller/CFO is the smart way to keep your finger on the financial pulse of your business.

If financial statements make no sense to you, you won’t use them. You need controller services you can trust to interpret the statements for you.

Just because you may not have the budget for a full-time CFO doesn’t mean you don’t have alternatives.

With our Morton and East Peoria offices, our firm can provide CFO services on an “as-needed” basis to companies in the Tri-County area.

We can take full responsibility for the financial side of your business, work part-time, or train your staff. Our services are available on a monthly, quarterly or a specific-project basis.

You’ll gain greater control over your business when the numbers make sense.

Having the staff at David Mills, CPA, LLC  be your financial experts allows you to excel at the business you do best.

Contact us today about our CFO consulting and outsourced controller services.

 

Tax Preparation Near Peoria, IL

Are you a small to medium sized business near the Peoria, IL area? Do you need help with business tax preparation? Then you have come to the right place. It can be confusing and difficult to prepare your business’ taxes, so we are here to help clear up any confusion. Each business is different as well, and we know the ins and outs of taxes. Your taxes will be different depending on if:

  • You are a Sole Proprietorship, S Corporation, C Corporation, Limited Liability Corporation (LLC), or Partnership
  • You have started your business in the current year
  • Sold part or all of your business
  • Are considering selling your business in the near future
  • Have added partners or shareholders, or they have left your company
  • You need guidance on “reasonable compensation” for shareholders
  • Knowing you are taking advantage of all the deductions you are entitled to
  • Is it time to change the Business Structure of your company to minimize taxes?

We can help you minimize your taxes each year! Each year, businesses lose tons of money because they aren’t aware of regulations and constantly changing laws. David Mills CPA is here to help guide you through your tax season.

Individual Tax Preparation

We also provide tax preparation near the Peoria, IL area to individuals looking for guidance. You may think your taxes are simple, but that couldn’t be farther from the truth. There are constant changes to the tax laws. Each year there are hundreds of changes. Can you keep up with those tax laws and regulations? Probably not. But we can! We will help you get the biggest return possible.

Contact us today and we will help you or your business with tax preparation. We look forward to being able to guide you or your business through the maze that can be taxes. It’s better to prepare now so you have peace of mind all year! Give us a call today.

Accounting Firms in Peoria, Illinois

One of the Best Accounting Firms in Peoria, Illinois

accounting firms in peoria illinois

If you have been looking for a professional and reputable accounting firm in the central Illinois area, you have come to the right place. David Mills, CPA, LLC is an accounting firm with years of experience in tax preparation, budgeting, payroll services, bookkeeping, business structure, and more! If you need help with finances, we have your back. From personal to small and medium size businesses, we have the knowledge to provide you with the services you need to get ahead with your finances.

Benefits of Working with an Accounting Firm

When you work with an accounting firm you have the experience and knowledge behind you to make large (and small) financial decisions. This is vital for both personal finances and for business finances! As a person, a large financial decision like a home or a car can majorly impact you and your income. Budget planning can help you decide what options are best for you. As a business, growth and profit are two of the most important outcomes. If you don’t have proper bookkeeping, transactions may be inaccurate and cause financial issues down the line. This could limit profits and growth!

We can also help businesses with setup, training, and troubleshooting of QuickBooks! On top of that, our payroll, controller & CFO services, business structure, and tax preparation services can help you make informed decisions about your business. Leave the technical financial work to us so you can focus on what really matters; your business.

Out of the accounting firms in Peoria, Illinois, choose us to help you get your finances going in the right direction. Give us a call today and tell us how we can help you! We are eager to help you with your personal and business finance needs!

Bookkeeping and its Importance to Businesses

Every business should be keeping track of their finances. And while nearly all large businesses or corporations have someone–or maybe even a team of people–bookkeeping for their business, small to medium size businesses tend to lack in this department. It is often due to the fact that the staff is too busy with the revenue generation activities like marketing or public relations. Bookkeeping keeps a record of purchases, sales, and receipts. Without it, financial transactions could be incorrectly recorded and future business planning could be compromised. This is why you should consider using our bookkeeping services. We offer both monthly and quarterly so you can focus on what’s important: your business.

Benefits of Outsourcing Bookkeeping:

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  1. No Need to Train your Staff: Our staff is always up-to-date and proficient in Bookkeeping and Payroll Laws, so you won’t have to waste time and money training your own staff.
  2. Timely Information: We make sure any important updates are given to you as quickly as possible so you can make sound financial decisions.
  3. No Costly Penalties: We electronically file your payroll forms and taxes so can avoid costly fees.
  4. Open Communication: There’s always a professional accountant here ready for your questions.
  5. Problem Identification: We will be able to identify problems before they become major issues.

Each month or quarter–depending on your chosen service–you will have access to all the files and information you might need for your business’ finances. It’s easily retrievable as well from a Quickbooks file so you can quickly and easily access any information you might need. Outsourcing your bookkeeping is a great way to approach finances for small to medium sized businesses, so make sure to give us a call. Our team of professionals is ready to help you and your business

QuickBooks: How Can David Mills CPA Help?

QuickBooks is a popular tool for businesses to use for payroll, receivables, payables, and inventory. It may be an “easy” tool, but that does not mean that learning that tool is easy. You want to get as much out of your service as possible, and that’s where we come in. We are a QuickBooks Pro Advisor, so we have the skills, knowledge, and experience to teach you how to successfully utilize QuickBooks for your business. We are available to install QuickBooks, train your team, and offer support when necessary.

Installing QuickBooks for your Business

We offer installation services for QuickBooks. It may sound silly for someone else to install your program, but trust us, there’s more to QuickBooks than meets the eye. For example, we can help you by:

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  • Ensuring we understand your company and goals.
  • Ensuring your computer hardware can effectively run QuickBooks.
  • Installing the software, design, and set up the chart of accounts.
  • Setting up payroll, receivables, payables, inventory, and other needed features.
  • Determining a start date and loading beginning balances.
  • Entering your outstanding checks and deposits as well as other items affecting your bank statement so you’ll be able to complete bank reconciliations through the software.
  • Preparing a trial balance to ensure correct numbers as of the starting date.

Once QuickBooks is installed, we are also there to walk your team through training. We use your business’ actual data, not generic data, so your team will be familiar with your business’ values. We come to your location for training, so there’s no need to travel. You also don’t need to worry about your team reaching information overload. We train in short sessions; about 2-3 hours. We’re happy to provide any answers we can to your questions and give any information we can on how QuickBooks best suits you and your business. Best of all, we provide support by phone, as well as on-site. For training questions, we can remotely log in to your computer to show you step-by-step the answer to your problem. Contact us today for QuickBooks installation, training, and support.