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 6 months. Whichever comes first. 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.
The downside is we can't import or merge information from your current accounting software.
The upside is we build you fresh S Corp accounting books off the individual transaction detail from all of your checking accounts and credit cards. It doesn't matter what bank account (business, personal, mixed), if it's a business income or expense transaction (don't worry, we will help you decide that too), we will get it in your S Corp books.
An additional upside is we want your transactions categorized according to the Chart of Accounts we have designed. It is one of our innovations here at Collective: a streamlined chart of accounts that only displays what is needed allowing you and the tax team to quickly understand the performance of your company in monthly financial reports that we publish to your dashboard.