Overview

Your Onboarding Accountant is super excited to help you with:

  1. First Financial Reports

  2. First Payroll Run

  3. Educate on Ongoing Services now that Onboarding is complete

These are vital to all the services to follow, as they form the foundation for our accounting and tax advice. Read on for more detail!


Our #1 Ask of You

The single most important prep you can do for a successful Zoom call is securely upload your PDF Bank Statements for your business accounts. Click here for instructions.


Purpose of Call

If this seems like a lot, it is! If needed, we will make sure to have a follow up call scheduled on both your and our calendar before the current call ends.

First Financial Reports with Collective

  1. Review your S Corp Start Date - review the Box E on Form 2553 if we helped you file your S Corp election, or the start date on the paperwork you submitted if you came to us with your S Corp fully formed

  2. Identity Business Accounts vs Personal Accounts - checking, credit, savings

  3. Collect your PDF Business Bank Statements - for business accounts only

  4. Separating Business from Personal Transactions - advise you how to easily and successfully keep business and personal transactions separated from this moment forward

  5. Build books from scratch - based on transactions from bank and credit accounts, even if you've previously mixed business and personal, we will expertly separate them for you during this book building process

  6. Mixed Purchases - review the accountable plan for mixed purchases process like rent, home maintenance, miles driven

  7. Payroll Migration - (only for members who ran non-Gusto payroll in the year they joined Collective) collect payroll reports and paystubs from previous payroll provider and meticulously enter data into the books

  8. Produce your first financial reports - based on the books

  9. Review the financial reports with you - show you how to review them on your own going forward, show the link between payroll runs and financial reports, share some possible tax saving ideas, and make final adjustments

  10. Transition Year - if your S Corp began after February 1, we explain how any business activity before that date will be included on the Schedule C of your 1040 Individual Tax Return, and the tax teams process for collecting that Schedule C business activity from you

First Payroll with Collective

  1. State Employer Registration - explain this service provided by Collective and its vital role in running payroll

  2. Payroll vs shareholder distributions - explain the difference and how you'll do both

  3. Payroll taxes vs quarterly tax estimates - explain the difference and how you'll do both

  4. Quarterly reasonable compensation analysis - review the process performed by tax specialists at Collective

  5. Medical premiums - review, and if needed, set up ongoing and historical

  6. Gusto Takeover - (only for members whose S Corp has a Gusto account before joining Collective) - verify EIN number, EIN name, LLC name, transfer billing to Collective

  7. Payroll Migration - (only for members who ran non-Gusto payroll in the year they joined Collective) collect payroll reports and paystubs from previous payroll provider and meticulously enter data into Gusto

  8. Submit your first payroll run - help you submit it and automate future runs

  9. Review financial reports - show the link between payroll runs and financial reports

Educate on Ongoing Services now that Onboarding is complete

  1. Important Dates and Services

  2. Collective Bookkeeping - monthly process and tips for success for this Do It Together service

  3. Reasonable Compensation Analysis - quarterly performed by a tax specialist

  4. Tax Estimate Payments - quarterly calculations and payment instructions by a tax specialist

  5. Tax Returns - annually, both business (1120s) and individual (1040)

  6. Ask An Expert - anytime, email any question big or small to [email protected]


Very Important Resources

Reduce Your Taxable Income

Accounting and Payroll Services

Tax Services

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