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The Benefits of Online Accounting & Payroll for Your Small Business

Posted on May 25th, 2020

The internet has changed the way modern companies do business. From advertising and selling online to engaging with customers on social media, today’s companies are growing into a whole new realm. Doesn’t it make sense, then, that your business accounting should do the same?

Whether your business is an established brick-and-mortar or operates exclusively on the web, outsourcing your accounting to an online accountant provides you with a variety of benefits. See what makes their services so valuable to your small business.

High-Tech Accounting

The stereotype of the accountant hunched over charts and calculators is a thing of the past. Today’s accountants employ sophisticated software to make accounting smarter, more efficient, and more accurate.

Using accounting software, businesses can access and update their information instantaneously on any platform. It also grants access to up-to-date records for owners, employees, and accountants without constant file transfers.

At VXL Services, we have a secure cloud platform that we use to store client data, exchange and backup information. Having live access allows the accountant to work efficiently and spot errors before they become a problem. This saves you both time and money, as it prevents you from creating plans and budgets off incorrect data, and keeps you safe from tax filing errors that could result in fines.

Flexibility

Online accounting makes it easier for your accounting to mesh with your schedule. You don’t have to worry about driving to or from an office for simple meet-ups. Instead, you can schedule and conduct calls and video conferences from your business or home office, wherever it makes the most sense to you.

Convenience

With online accounting, you can store and access your data easily, and can relax knowing that it is continuously backed up and safe from damage and file corruption. Because your data is stored in one place, it’s easier to search for the information you need when evaluating your finances or preparing to file for taxes.

The Cutting-Edge Accounting Service Your Small Business Needs

VXL Services offers experienced online accounting for both US and international businesses. We take every opportunity to provide you with safe, convenient accounting. From our secure file exchange to our company cloud server, we offer everything you need to make accounting simple and effective for your business.

Learn more about our online accounting services by visiting our site or scheduling your complimentary consultation today.


What You Need to Know About Incorporating Your Multinational Company in the US Market

Posted on April 26th, 2020

Maintaining a company across an international market can be highly lucrative. It’s also incredibly complex. This is especially true for foreign companies looking to open a branch or subsidiary in the U.S. market.

With the strict rules placed on foreign companies, and the varying regulations between states, there’s a lot emerging businesses need to keep track of. Here are the most important elements your company needs to consider when starting your foray into the U.S.

Registration or Incorporation

Registering your company takes time, and the type of company you choose to operate on affects everything from tax liability to investment opportunity. You may also have to register for a license if you are importing certain goods, depending on your industry.

Taxes

Tax regulations in the states can be complex and extensive, and the laws change extensively and often. Your tax liability is impacted by multiple factors, including (but not limited to):

  •  Your industry
  • What state(s) you do business in
  • What your business entity classification is
  • Whether you have a physical presence in the U.S.

As compliance issues regarding taxation may result in serious fines, it’s in your company’s best interest to have someone well-versed in U.S. tax regulations who can monitor finances and catch possible compliance issues.

Employees – Foreign and Domestic

As you establish yourself in America, you need to consider how and when to acquire employees. You may focus on local labor or choose to bring in someone from outside the country who is familiar with your business and your vision. With either approach, you need to take careful steps to ensure compliance with U.S. labor laws.

When transferring an employee to your U.S. branch or subsidiary, there are specific regulations that must be met. These change depending on whether the employee transfer is temporary or permanent. You will have to file several legal documents and work closely with U.S. Immigration Services to facilitate the transfer.

You also need to consider what benefits you offer employees. Some states have specific requirements for employee benefits, and U.S. law currently requires companies that reach an employment threshold offer health insurance. Your company will also attract high-tier talent by offering additional benefits, including paid time off and retirement plans.

Expert Assistance

VXL Services Inc. has worked with international companies that have set up their subsidiary or branch in the US for more than ten years. We help these companies with a wide array of services, including accounting, payroll, registration, tax planning and filing, and sales tax. We work with you to establish insurance and retirement plans for employees.

If you’re interested in opening a U.S. branch or setting up a subsidiary, contact our office today to learn how we can make the process smooth and streamlined.


How Sales & Use Tax Can Impact Your Multi-State Business

Posted on March 20th, 2020

Whether you’re a brick-and-mortar business or a company operating completely online, if you have online sales, you’ll want to pay close attention to changing legislation in the next few months. This past June, the Supreme Court handed out their ruling on the case of South Dakota v. Wayfair in favor of the state. Because of this ruling, states are now able to pass laws requiring online sellers who reach a specified minimum in revenue or transactions within that state to collect sales tax.

Since most have sales in multiple states, and each state determines its own business and tax requirements, many businesses operating online are left confused. If you have an online business and are unsure of what the new sales and use tax laws will mean for your business, VXL Services has the tools and information you need.

What Does the New Legislation Mean?

Previously, states could not demand that sellers collect sales tax if they had no physical presence in that state. However, in the new ruling, the Supreme Court concluded that the growth of online shopping has so fundamentally shifted the national economy that states were being harmed by the number of tax-free online sales.

For this reason, they ruled that states could pass legislation requiring the collection of sales tax. Several states have passed legislation, including South Dakota, Kentucky, Massachusetts, and Tennessee. Even more are expected to follow suit in the next few months. Any business meeting a state’s online sales requirements are required to register and collect internet sales taxes for that state.

Who is Affected by the Legislation?

Each state drafts its own laws, meaning that sellers will be affected differently by different states. To lessen the burden on small businesses, states have set a sales minimum for dollar values and number of transactions. This amount can range anywhere from $10,000 to $500,000 in yearly revenue, and from one to 200 transactions per year, depending on the state.

Individual sellers who operate through a sales platform, such as FBA (Fulfilled by Amazon) sellers, will need to tread carefully. If the nexus they sell through meets the criteria in a given state, they will have to register and collect sales tax on all of their sales. Moreover, if they use more than one platform, and one of their platforms must collect the tax, they will need to do so on sales across all platforms going to that state.

Will the New Tax Cost My Business Money?

Directly, sales tax does not demand any extra money from a company; you are instead acting as a middle man, collecting the tax from consumers and delivering it to the state. However, if companies and sellers who meet the requirements fail to register and collect taxes, they could be subject to serious fines.

What is the Next Step for My Online Business?

Your first order of business will be to understand which states you must pay sales taxes to. This means collecting your past sales reports, evaluating them, and filing in all states where you meet the minimum. This can be an involved and time-consuming process. Having the help of a professional accountant who understands the new regulations can save you time and money, and ensure that you stay in compliance.

VXL Services offers personalized accounting services to online businesses in all states and overseas. We can help you register, prepare, and file all relevant sales tax forms, and offer secure communication on our cloud-based exchange platform. For more information, contact our North Brunswick office today.


Common Payroll Tax Issues and How to Avoid Them

Posted on February 19th, 2020

Reporting accurate information to the Internal Revenue Service when you file a tax return is common knowledge among working individuals. A business’ tax obligations tend to be far more intricate, however, making it imperative to ensure the process is completed correctly and within the scheduled deadlines.

Enlisting a dedicated payroll specialist from a CPA firm gives business owners the freedom to devote their attention to other important aspects of their company. Doing so also helps the business avoid costly penalties attributed to reporting federal or state payroll late or incorrectly. Below are examples of mistakes made regarding payroll taxes, with helpful hints about how to avoid them.

Inaccurate Filing or Missing Deadlines

Making a mistake in the payroll process is an important problem to avoid for any company to maintain employee satisfaction. When inaccurate numbers are calculated during payroll tax reporting, both the company and the employee may be responsible for paying more than they are able to afford.

The IRS may also assess penalties for a variety of missteps. Companies have been fined for errors such as misspelled names, incorrect social security numbers, or miscalculating overtime pay. The only circumstance which can lead to harsher punishment from the IRS is failing to file on time or all together. Steep fines and the potential prosecution might be expected if a payroll tax deposit is never filed or received late by the IRS.

But when a company fortifies their efforts by hiring an outside payroll specialist, they can rely on the keen eye of a dedicated accounting professional to ensure the IRS receives accurate information.

Employee Classification Mistakes

Some businesses find themselves in trouble with the IRS if they misclassify an employee as an independent contractor. Companies work with independent contractors when there is temporary, project-based work to accomplish. When an employee is on the payroll, they benefit from a set schedule and pay rate, with insurance and other benefits often provided as well.

The independent contractor is responsible for their own equipment, insurance premiums, and most importantly, their own income taxes. While businesses are able to save money when hiring an independent contractor, they must not misclassify a full-time employee or the IRS penalties could significantly outweigh the money saved on payroll taxes. Our dedicated team of CPAs helps our clients determine the appropriate designation for your company’s workers, leaving you in good standing in regard to federal tax reporting.

Make an Appointment with a Payroll Specialist Today

Prakash Iyer and our dedicated team of professionals at VXL Services Inc. applies their practical experience in the corporate world to provide quality business payroll and accounting services in North Brunswick, but our secure portal allows our reach to span the globe. Call our office today to set up an initial consultation.


Tax and Financial Planning

Posted on January 14th, 2020

Setting up a financial plan for yourself or your company can grant you the peace of mind to stay focused on other important aspects that contribute to your financial success. However, it can be difficult for some to navigate and make informed decisions to reach your financial goals. Enlisting the help of an experienced tax and financial planner can help you plan for the big picture and ensure your personal and corporate financial health is protected.

It’s important to consider several key components before deciding on an accounting firm to assist you with crucial financial decisions that shape the direction of your company or professional career. Your tax and financial planner should provide a level of commitment necessary to deliver successful solutions.

What Can a Tax and Financial Planner Do for Me?

A tax and financial planner does more than reconcile your bank statements and offer savings advice. At VXL Services Inc., our team of experts enjoys applying their practical corporate world experience to generate innovative money-making ideas, cementing a consistent and stable path to success for our clients.

Our small business clients appreciate our thorough approach, and we believe it to be the key to developing prosperous financial strategies. We gather and organize all necessary paperwork and create realistic projections based on the data. These projections help us recommend changes that create an environment conducive to success.

Applying Recommended Strategies to your Tax Plan

After researching your company’s existing financial practices and establishing concrete plans for daily operations and tax filing, we ensure our suggested strategies that are appropriate for you or your business. A credible tax planner has a willingness to adapt. When forecasts change and your current strategies no longer apply, an effective tax and financial planner provides innovative recommendations all year long – not just during April deadlines. Your financial strategy impacts your tax plan and can include asset depreciation, when to buy and write-off expenses, as well as how any loan payments factor into liability.

Our CPAs have all spent significant time working in the corporate world, and we confidently apply financial strategies to aid in improved business operations and tax savings. Whether you need temporary or ongoing financial planning, VXL Services Inc. provides the attentive service that improves your bottom line and guides you toward success in this tax year and future filing seasons.

Schedule a Consultation Today!

At VXL Services Inc., our CPA Prakash Iyer and our dedicated staff utilize our vast experience in the corporate sector to inform our client recommendations. We provide insightful financial planning help in North Brunswick, but our expertise expands to all corners of the globe with the help of our secure online portal. If you are looking for a firm dedicated to delivering effective financial strategies, call today to set up an initial consultation.


Financial Planning

Posted on December 5th, 2019

Setting a financial plan, whether for yourself or your company, can grant you the peace of mind to stay focused on other important aspects that contribute to your financial success. However, it can be difficult for some to navigate make informed decisions to reach your financial goals. Enlisting the help of an experienced financial planner can help you plan for the big picture and ensure your personal and corporate financial health is protected.

It’s important to consider several key components before deciding on an accounting firm to assist you with crucial financial decisions that shape the direction of your company or professional career. Your financial planner should provide a level of commitment necessary to deliver successful solutions.

What Can a Financial Planner Do for Me?

A financial planner does more than reconcile your bank statements and offer savings advice. At VXL Services, our team of experts enjoys applying their practical corporate world experience to generate innovative money-making ideas, cementing a consistent and stable path to success for our clients.

Our small business clients appreciate our thorough approach, and we believe it to be the key to developing prosperous financial strategies. We gather and organize all necessary paperwork and create realistic projections based on the data. These projections help us recommend changes that create an environment conducive to success.

Applying Recommended Strategies

After researching your company’s existing financial practices and establishing concrete plans, we examine the current market trends to ensure our suggested strategies make sense for you or your business. A credible financial planner has a willingness to adapt. When forecasts change and your current strategies no longer apply, an effective financial planner has innovative and outside-the-box recommendations.

Our CPAs have all spent significant time working in the corporate world, and we apply financial strategies with confidence. Whether you need temporary or ongoing financial planning, VXL Services provides the attentive service that improves your bottom line and guides you toward success.

Schedule a Consultation Today!

At VXL Services, our CPA Prakash Iyer and our dedicated staff utilize our vast experience in the corporate sector to inform our client recommendations. We provide insightful financial planning help in North Brunswick, but our expertise expands to all corners of the globe with the help of our secure online portal. If you are looking for a firm dedicated to delivering effective financial strategies, call today to set up an initial consultation.


Payroll Services

Posted on November 13th, 2019

When running a small business with multiple employees, implementing an effective payroll process is a must. Establishing a pay schedule, determining proper tax withholdings, and organizing payments to and from vendors are important to conduct with consistency and accuracy.

If you need the help of an experienced and dedicated accountant for small business payroll in North Brunswick or throughout the country, call our firm today!

Setting Up Your Payroll System

Enlist the help of CPA Prakash Iyer and our team of detail-oriented professionals to set up and process your company’s payroll. Outsourcing payroll frees you, the business owner, to focus on other important aspects of running your company. VXL Services, Inc. provides end-to-end services; we register your company and can establish payroll for any client, regardless of their location, with the help of our secure electronic portal. Taking this extra step is particularly convenient for our busy clients located outside of New Jersey who prefer digital accounting to meet their needs.
Our payroll service methodology in for the small business owner, as they are able to operate more efficiently. Their money is fully available to them; we only debit what is due and do not utilize the entirety of their liquid assets.

We believe your payroll provider should make your life easier, instead of complicating back office processes unnecessarily. Your employees are paid directly from your account, as opposed to what you can expect payroll chain companies that escrow your money.

We employ the same philosophy for your taxes. Rather than setting aside the entire gross amount for your tax bill, we schedule payment directly from your bank account. We ensure timely payroll tax deposits to the IRS and only pay at the when your bill is due; small business owners prefer this approach, as they have complete access to available funds to keep their businesses operating on a day-to-day basis.

Transparent and Trusted Service

VXL Services, Inc. takes an honest and organized approach to handling your business’ payroll needs. We pride ourselves on our flexibility. Whether you have a small company in Alaska with employees wanting to be paid weekly, or you operate a business in North Brunswick and want to pay your employees on the 1st and 15th of each month, we can exceed your expectations. Should you want to change to a different pay schedule, we can adjust your current set-up any time. Our clientele can expect year-round communication and a flat payroll service fee. This ensures streamlined support and full confidence that there will be no unexpected upcharges.

Contact VXL Services, Inc. for Your Payroll Needs

At VXL Services, Inc.we apply our practical corporate experience to provide customized payroll services in North Brunswick for your small business. Whether you are down the road from our office, or anywhere across the United States, we have the technology and expertise to provide you outside of the box solutions. Call our firm today to schedule a consultation.




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