What you need to know
Collective helps you create and maintain up-to-date S Corp books. This is the backbone of our monthly, quarterly, and annual accounting, payroll, and tax services.
Our Onboarding Accountants are experts at building your S Corp books back to your S Corp start date (box e of form 2553) or the current year. We will load in Trial Balances from your old accounting software if needed. If you need financial reports from before the date we build back to, you will need to get them from your old accounting software.
Saving your old records
We do recommend you save, in your personal records, a Profit and Loss statement as well and a general ledger report for every calendar year you want to retain data on prior business activity.
We can't import or merge information from your current accounting software.
Your new books with Collective
Collective will set up fresh S Corp accounting books using detailed transactions from all your checking accounts and credit cards. Whether the transactions are in a business, personal, or mixed account, if they're related to business income or expenses, we’ll include them in your S Corp books. And don’t worry, we’ll help you figure out what counts as a business transaction!
Our innovative approach to categorizing transactions helps you and our tax team quickly understand your company’s performance with clear and concise monthly financial reports, all available on your dashboard.
Disclaimer: The information contained in this document is provided for informational purposes only and should not be construed as financial or tax advice. It is not intended to be a substitute for obtaining accounting or other financial advice from an appropriate financial adviser or for the purpose of avoiding U.S. Federal, state or local tax payments and penalties.