Running a business is not always easy. Especially when you are trying to run a business in a different country. Luckily, we have a ton of experience helping non-residents run their business in the USA. Below we will discuss a few time-saving and possibly life-saving strategies for running your business in the USA.

Bookkeeeping.

Payroll.

Record Retention.

Pay and Report Your Taxes On Time.

Tax Season.

Bookkeeping is the art of classifying and accounting for each and every penny in and out of your business. Every month, your business will have transactions. These transactions can be any of the following:

Income.

Expenses.

Capital Contributions.

Loans.

Purchase of Assets or Inventories.

When you hire ContadorMiami, we will classify each and every transaction of your business on a monthly basis. After we are done classifying, we will then produce Financial Reports that can quickly help you understand how your business is operating. The 3 most important financial statements are:

Profit and Loss Statement-Also known as a P&L or Income Statement, this is usually the most common financial report a business owner wants to review. For a specific period of time it will show your Income minus all your Expenses or Deductions. The final result will be you Net Profit.

Balance Sheet -An important way to measure the value of a business is to study the business assets and liabilities. This report will show you exactly that. Assets include inventory, furniture, equipment, and cash in the bank. Liabilities could include loans, mortgages, or capital invested in the firm.

General Ledger -A General Ledger shows the detail of the 2 reports mentioned above. Let’s say in the P&L you see that the business spent $14,000 in supplies. The General ledger will show you each and every transaction in the supplies category that sums up to $14,000.

Payroll in the USA If your business needs or requires employees, it is important to understand all your obligations, as the business owner, that payroll demands. Below we will discuss the main items to consider. When you hire our firm, we will manage all of your payroll needs using our LeafPay Payroll Software. But first, let’s talk about what requirements payroll will bring:

Monthly Federal Payroll Tax- Federal Payroll is divided into Social Security and Medicare. Social Security is 6.2% of the gross wages of your employee, while Medicare is 1.45% of the gross wages of your employee. Together this is known as FICA and adds up to 7.65%. This amount is withheld from the employee and sent to the IRS. The employer must also contribute the same 7.65% and send both portions to the IRS each month. Therefore, the total Payroll Tax an employee submits to the IRS is 15.3%.

Quarterly Federal Payroll Reports- After paying the federal payroll tax each month, we will submit a Quarterly 941 Payroll Report to the IRS which gives them a detailed report on all your employees, their pay, and their deductions.

State Payroll Tax- Every quarter, the Department of Revenue (DOR) will require your business to also pay an unemployment fee based off your unemployment tax rate.

LeafPay Payroll Software- If this all seems like a lot of work, don’t worry. We will do it all with as little effort and time required. This is using our proprietary LeafPay Payroll Software. Each payroll period, you will only have to approve that periods payroll. We will do the rest. It’s that simple.