FREQUENTLY ASKED QUESTIONS

DOES PADGETT OFFER BOOKKEEPING SERVICES?
Yes, we offer monthly or quarterly bookkeeping and accounting services.  Padgett offers a cost-effective, back office solution that will allow you to have the numbers you need to run your business effectively without the hassle of managing it in-house. This is offered for a competitive fixed rate which includes the following services:

• We input your records into our bookkeeping system, which allows us to analyze and advise you on any small business issue (includes general ledger, accounts payable, accounts receivable, bank and credit card reconciliation).
• We provide you with complete monthly financial reporting so your results are available in a consistent, timely and concise manner – these reports are critical tools in making important business decisions.
• We produce an income statement to track revenue and expenses to determine operating performance and income tax liability.
• We produce a balance sheet that gives you a snapshot of your business’ financial condition at a specific moment in time.
• Government compliance, we prepare your Washington Department of Revenue tax reports and city B&O tax reports, payroll tax reports, and other applicable tax reports.
• Ongoing business consultation, tax planning, and estimated tax review.

Our services are performed using our own proprietary business financial software, and our consultation and services allow clients to focus on running their businesses. This software is maintained by us so you don’t need to purchase and continue to pay to renew a separate accounting software program when you’re with Padgett.

WHAT KINDS OF TAX PREPARATION DOES PADGETT PROVIDE?
Our tax preparation services include services for all types of personal and business taxes including payroll services, sales and use tax preparation, income tax return preparation, and more.

CAN PADGETT HELP BUSINESS OWNERS WITH THEIR PERSONAL INCOME TAXES?
Personal income taxes for business owners are indeed part of our tax return preparation services. This includes both W-2 federal income taxes, 1099 forms, and more. We are experienced income tax preparers know where to find current tax deductions and offer advice on how to maximize future tax savings.

I ALREADY HAVE AN ACCOUNTANT. WHY SHOULD I GO THROUGH ALL THE TROUBLE TO MAKE A SWITCH?
Does your accountant specialize in small business and their special needs? Does your current accountant ensure that you pay all your taxes on time? Does your accountant spend the time each month answering your questions? Does your current accountant identify tax issues before they become a problem? Does your current accountant offer a low-cost payroll solution that doesn’t break your bank? Well, Padgett offers all those services and more.

I’M THINKING OF CHANGING BUT SHOULDN’T I WAIT UNTIL AFTER YEAR END WHEN I GET MY TAX RETURN BACK?
You’ve taken the first step by acknowledging you aren’t getting the services you require or managing your tax liability with your current accountant. It might seem like waiting would be a smart move but that decision is going to cost you more money. People and businesses change accountants throughout the year and it isn’t a problem. Losing money – that’s a problem.

I CAN’T AFFORD MONTHLY ACCOUNTING SERVICE, MY BUSINESS IS TOO SMALL. HOW MUCH DO YOU CHARGE AN HOUR?
We agree – charging by the hour is a costly solution. Every time you pick up the phone to ask a question the clock starts ticking. That’s why we offer an affordable monthly rate that includes your financial statement preparation, tax planning, tax remittance preparation, business advice, and accounting software. And we come to your place of business twice a month! We offer a free consultation which includes an assessment of your business requirements, a Reality Check™ for your industry and a no-obligation quote on the monthly fee.

BUT HOW CAN A SMALL BUSINESS OWNER LIKE ME AFFORD A MONTHLY ACCOUNTING SERVICE?
We don’t just specialize in small businesses, we set our fees for a small business budget as well. And the services offered by Padgett are designed to actually save money. By actively working with you each month on tax planning and good business management, our goal is to save you more than we cost you. In fact, we’re able to do that with most of our clients. You won’t have to worry about leaving money on the table at the end of every month.

I SPEND MY WHOLE DAY LOOKING AFTER THE BUSINESS. HOW MUCH TIME WILL I HAVE TO MAKE FOR YOU?
We specialize in small businesses and understand that in most cases, your life and most of your time is focused on your business. You’re busy. We’re busy too. With over 40 years experience in dealing with small businesses, we’ve been able to develop systems and processes that are built around the special needs of a small business owner. We also help bring more order to your collection of financial information and streamline the time and effort it takes to collect your information.

MY HUSBAND/WIFE LOOKS AFTER THE ACCOUNTING FOR ME. WHAT DO I NEED YOU FOR?
There is quite a bit that a non-professional, who loves you, can help you with. But when you get audited, or want a loan or wish to significantly reduce your taxes by expert tax planning, using a good accountant who specializes in these areas will be very important to you.

I DO ALL THE BOOKKEEPING MYSELF BECAUSE I WANT TO KNOW WHAT’S GOING ON IN MY BUSINESS. HOW WILL I KNOW WHAT’S HAPPENING IN MY BUSINESS IF I GIVE IT TO SOMEONE ELSE?
Our services are geared toward addressing your financial and tax requirements, not your bookkeeping. There are new tax laws, audit, loans and tax planning that you may not be prepared to handle properly on your own. We agree that it is critical that business owners continue to maintain control over the money coming in and out of their company. Our free software will help reduce the time you are spending on this function. That will free up additional time to focus on your business and find ways to make more money.

I BOUGHT THE QUICKBOOKS/SIMPLY ACCOUNTING SOFTWARE FOR THAT. WHAT GOOD WOULD AN ACCOUNTANT DO ME?
It’s amazing what can be accomplished with computers and software programs today. But there are some things that a computer can’t do such as understanding you and your goals. A computer can’t advise you what deductions are legal for your company or help you interpret the tax laws and how they might affect you. We too use computers in our office to process your information every month, but we review each item to ensure that your financial conditions and tax situation are conducive to you reaching your goals.

CUT TO THE CHASE. WHAT’S THE COST?
You’d be surprised. We deal exclusively with Small Businesses. Our processes, our systems, our support – its all built around small business clients and their needs. Our prices are reasonable. And they end up paying for themselves in tax savings. We need to understand a bit more about your business in order to provide you a quote. Call us today to arrange a no-obligation evaluation.

ISN’T MY BUSINESS TOO SMALL FOR AN ACCOUNTANT TO WORK WITH?

We specialize in Small businesses and their special requirements. You can’t afford to wait before you put your financial records in order or start thinking about an accountant. Waiting will likely contribute to future problems in your business and it will end up being more costly to you. It is important that Small Businesses get good advice regardless of the size or the age of the business. Good advice is even more valuable to a Small Business Owner because you don’t always have the resources to recover from mistakes made as a result of poor planning or lack of information.

DOES THIS FIRM PROVIDE YEAR-ROUND SERVICE?
We are here for you twelve months a year, not just during tax season.  Whether you have a simple tax question, need advice on the tax implications of a business decision, or want clarification on a government notice, feel free to give us a call.