Bensonhurst
Bookkeeping and accounting in Bensonhurst, Brooklyn
With 1,265 storefronts, mostly restaurants, specialty food and professional services, two problems recur.
What you get
- Accounts reconciled every month
- Statements you can make decisions from
- Payroll and sales tax filed on time
- QuickBooks set up to fit the business
The MyCleverCPA team
- 25+ years in regulated finance, compliance and audit
- Tax work led by a CPA. Jillian Sinel holds the CPA and the CAA
- Brooklyn Office at 1684 E 18th St, Brooklyn, NY 11229
In Bensonhurst
Bookkeeping and accounting for Bensonhurst
Inventory and spoilage on the food side, and unbilled time on the professional side. Both hide margin until the file is set up to show them, and neither appears on a bank statement.
Sales tax is the other constant. A specialty food store selling both taxable and exempt items needs the point of sale categories to match the return.
Scope
What is included in bookkeeping and accounting
The same work wherever you are. Scoped to what you actually need.
Monthly close
- Bank and credit card reconciliations
- Accruals and adjusting entries
- A close calendar you can rely on
Reporting
- Profit and loss, balance sheet and cash flow
- Management reports for owners and lenders
- Budget against actual, and the variance explained
Payroll and sales tax
- Payroll processing and payroll accounting
- Federal, New York State and local payroll filings
- Sales tax registration and returns
Cleanup and systems
- QuickBooks setup, cleanup and conversion
- A chart of accounts rebuilt to fit what you do
- Inventory and job costing where they apply
What this covers
- Bookkeeping and general ledger maintenance
- Financial statements and management reports
- Account reconciliation and adjusting entries
- Payroll processing and payroll accounting
- Payroll tax compliance
- Sales tax compliance
- QuickBooks setup, cleanup and conversion
- Financial and accounting analysis
- Budgeting, forecasting and cash flow analysis
- Cost, profitability and performance analysis
- Internal accounting support and advisory
- Inventory control
Local tax
New businesses and foreign reporting
Two things stand out here and both are evidenced rather than assumed.
First, roughly 29% of businesses on these corridors are under two years old. That is an unusually high rate of genuinely new business, and the work that goes with it is entity selection, registration, a bookkeeping system that will not need rebuilding in year three, and a first estimated tax calculation that does not produce a penalty. Getting the structure right in year one is worth more than any deduction found in year five.
Second, at 58.5% foreign born, Bensonhurst has the strongest case of any area we serve for foreign income and foreign asset compliance. FBAR, Form 8938, foreign pensions and ITIN applications are routine here rather than exceptional.
The 148 professional and medical service storefronts are a real S corporation and PLLC cluster, where reasonable compensation and the interaction with UBT matter. The restaurants bring sales tax, tip reporting and the FICA tip credit. Zone 1 for MCTMT at 0.60%.
How it works
How bookkeeping and accounting runs
Four stages. Most of the value sits in the first two, before anything is filed.
Look at what exists
The current file, the bank feeds and the last month anyone actually reconciled.
Clean up the history
Past months reconciled and categorized before anything new gets built on top of them.
Close every month
A fixed schedule, with statements that arrive without being chased.
Review the numbers with you
Reports walked through, so they answer the question you actually have.
Questions
Frequently asked questions
I am opening a business this year. What should I get right first?
Entity choice, a separate bank account and a bookkeeping system you will actually keep up. Those three decide how much everything else costs. Tax elections matter, but they are cheap to fix compared with a year of mixed personal and business records.
I send money to family abroad. Does that affect my return?
Sending money generally does not create tax. Holding accounts abroad, receiving large gifts from abroad or holding foreign pensions and investments can all create reporting obligations with real penalties. It is the holding and receiving side that needs checking, not the sending.
We run a restaurant. What gets missed most often?
Tip reporting and the FICA tip credit, which is a genuine credit a lot of operators never claim, and sales tax treatment where prepared food and grocery items sit side by side.
Our books are a mess. Is that a problem?
It is the normal starting position. Cleanup is a defined piece of work with an end, and we would rather do it properly once than build a year of planning on top of numbers nobody trusts.
Do you work in QuickBooks?
Yes, including setup, cleanup and conversions from other systems. If you are already on something else that works, we are not going to move you for the sake of it.
Can you run our payroll?
Yes, along with the payroll tax compliance that goes with it. Payroll is also where worker classification gets decided, and getting that wrong is expensive in New York.
How often will I see numbers?
Monthly, as a rule, with the reporting shaped around what you actually decide from. A statement nobody reads is a cost, not a service.
Also in Bensonhurst
Our other services here
Tax preparation and planning
Bensonhurst has the largest storefront economy we cover, and the highest share of first generation owners.
Tax preparation and planning in BensonhurstTrust and estate tax
Estates here often include foreign assets, which changes the reporting before it changes the tax.
Trust and estate tax in BensonhurstNonprofit accounting
Community and cultural organizations here often operate across more than one entity.
Nonprofit accounting in BensonhurstIRS representation
Foreign account reporting is where Bensonhurst notices most often start.
IRS representation in BensonhurstTalk to us about bookkeeping and accounting in Bensonhurst
Book a time online, or call the Brooklyn office directly.
Nearest office
Brooklyn Office
1684 E 18th St, Brooklyn, NY 11229
Phone
Office hours
Sunday to Friday, 11am to 8pm Eastern.
Closed Saturday.