Overview
Your Onboarding Accountant is super excited to help you with:
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
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
Identity Business Accounts vs Personal Accounts - checking, credit, savings
Collect your PDF Business Bank Statements - for business accounts only
Separating Business from Personal Transactions - advise you how to easily and successfully keep business and personal transactions separated from this moment forward
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
Mixed Purchases - review the accountable plan for mixed purchases process like rent, home maintenance, miles driven
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
Produce your first financial reports - based on the books
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
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
State Employer Registration - explain this service provided by Collective and its vital role in running payroll
Payroll vs shareholder distributions - explain the difference and how you'll do both
Payroll taxes vs quarterly tax estimates - explain the difference and how you'll do both
Quarterly reasonable compensation analysis - review the process performed by tax specialists at Collective
Medical premiums - review, and if needed, set up ongoing and historical
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
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
Submit your first payroll run - help you submit it and automate future runs
Review financial reports - show the link between payroll runs and financial reports
Educate on Ongoing Services now that Onboarding is complete
Collective Bookkeeping - monthly process and tips for success for this Do It Together service
Reasonable Compensation Analysis - quarterly performed by a tax specialist
Tax Estimate Payments - quarterly calculations and payment instructions by a tax specialist
Tax Returns - annually, both business (1120s) and individual (1040)
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