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.

 

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

Thoughts on the 2018 Tax Season

April 15th is behind us and if you’ve filed your tax return you’ve probably had the chance to see how the Tax Act affected you. Here are some thoughts on this past tax season and about the tax seasons going forward:

    • In 2018, the look of the 1040 tax form was completely different than in previous years. That didn’t diminish the amount of information needed. It will be a bit harder to trace your income and deductions from previous years.
    • tax seasonIf you are 70 ½ or older consider charitable contributions directly from your IRA required minimum distribution (RMD). This reduces your taxable income and is a much more tax effective way than the usual cash contributions. This distribution must be from your account-do not take the money first and give to the charity.
    • The IRS is already issuing guidance on more information they will require for the 2019 tax season in 2020. If you are divorced or separated we will need to know the date of the decree if we don’t already have it on file.
    • As you have read, Illinois wants to replace the current flat tax to a graduated rate. For household incomes up to $250,000 the rate will be 4.95% or lower. If your family income is $250K or more, your rate goes to 7.75%. The top rate is 7.95% for incomes at $1,000,000 or more. Also, if you are at this level the higher tax is effective for all income, not just the incremental amount. There is no inflation indexing in these rates.
    • If this tax change occurs, the State Business Tax Climate index estimates the overall tax rate will be 48th out of 50 states. It currently is at #36. Our property taxes rate the 45th highest (only 5 states are higher).
    • The Illinois corporate rate will be 10.45% the third highest in the nation.
    • Indiana, Iowa, Kentucky and Missouri have all lowered tax rates.
    • Illinois has instituted the $15 minimum wage requirement by 2025.
    • If you’re an S Corporation shareholder the IRS is requiring additional information if the company has loss, if you loaned the company funds and were repaid (full or partial), or dispose of your stock. They require that “basis” information be provided with the tax return. If we prepare your corporate tax return we’ll provide this information. If another tax preparer provides form K-1 please ask them for the basis statement.
    • Illinois is sending notices requesting additional information on property tax payments and verification of Illinois withholding payments. If you receive a notice it’s not that something is wrong-Illinois wants further information. Failure to provide this information can result in you losing your Illinois refund.

There are some big changes that are happening and it will be interesting to see their effects. It’s best to stay on top of the changes. We can help you there! Contact us about your financial needs.

Get Help with Tax Season for Yourself or your Business

This tax season, make sure you are getting the tax return you deserve with our help. Taxes are a complex system and having a knowledgeable and experienced professional at your back can be the best way to improve your return. We offer tax planning and preparation for both individuals and small to medium sized businesses.

Tax Preparation for Businesses

For business owners, your personal and businesses taxes are closely linked. It’s especially important for business owners to have proper tax preparation. One issue many business owners face is that sometimes business owners think only of yearly taxes, but they are subject to many more such as:

  • tax seasonFederal and state payroll withholding and taxes
  • Appropriate tax deposits to avoid penalties
  • Sales tax and use tax issues
  • Worker’s compensation issues
  • Local sales taxes
  • Union reporting
  • Retirement plan contributions and deductions

We have the experience and knowledge required to guide you through the many regulations and laws. Minimizing these taxes is a goal of every business. We can help you and your business through our advising!

Tax Preparation for Individuals

Many individuals believe that their tax return is relatively simple. You can go the simple route, but you are likely making mistakes and missing out on deductions you are able to claim. We can help you get the most out of your tax return.

  • tax seasonIf you are a new client, we review your last 2-3 years tax returns to check for accuracy.
  • No matter if you owe money on your return or have a large refund, we will help you adjust your withholding tax to eliminate problems.
  • Tax returns are carefully reviewed to ensure you take all the deductions you are entitled to.
  • As part of our income tax preparation process, we electronically file your tax return.
  • We prepare most state income tax returns.
  • We can also help you with out-of-state individual tax preparation.

Get the most out of your tax return, call us today so we can provide you with professional tax preparation. You’ll see the difference for yourself and your business.