Frequently Asked Questions

Professional bookkeeping includes accounts payable and receivable, banking reconciliation, financial reconciliation, and payroll preparation. These services help businesses track income and expenses accurately, maintain up-to-date financial records, and prepare for tax season. At Chavez Bookkeeping & Consulting, we tailor bookkeeping to each business's specific needs.

Tax planning is a proactive, year-round strategy to reduce tax liability through customized financial planning, while tax preparation focuses on completing and filing returns after the year ends. Tax planning includes creating tax binders, reviewing financial reports, and implementing strategies aligned with your financial goals throughout the year.

Startups should establish their bookkeeping system during the initial business setup phase, ideally before processing the first transaction. Early setup ensures accurate financial tracking from day one, simplifies licensing and banking processes, and creates a foundation for tax compliance. At Chavez Bookkeeping & Consulting, we help new businesses in Lawton establish proper bookkeeping from the start.

Business tax deductions vary by industry and business structure but commonly include operating expenses, equipment purchases, vehicle use, home office costs, and professional services. Professional tax preparation identifies all eligible deductions specific to your situation, organizes documentation, and ensures compliance. Proper deduction identification can significantly reduce your tax liability.

Professional payroll processing reduces expenses by minimizing errors that lead to penalties, automating time-consuming calculations, ensuring tax withholding compliance, and freeing staff time for revenue-generating activities. Accurate payroll management also prevents costly IRS audits and late filing fees that can accumulate quickly for small businesses.

Businesses typically need three core financial statements: profit and loss statements showing revenue and expenses, balance sheets displaying assets and liabilities, and cash flow statements tracking money movement. These statements are essential for loan applications, investor presentations, tax filings, and informed business decision-making.

Yes, proper QuickBooks training enables business owners to efficiently manage accounting tasks, generate reports, track expenses, and maintain organized financial records independently. Training includes software setup, customization for your specific business needs, and hands-on instruction for daily bookkeeping processes. At Chavez Bookkeeping & Consulting, we provide comprehensive QuickBooks training tailored to your experience level.

Start-up consulting includes initial business consultations, planning assistance, bookkeeping system setup, licensing guidance, and connections to legal and banking professionals. This comprehensive approach helps new entrepreneurs navigate the complex early stages of business formation, ensuring proper financial foundations and regulatory compliance from the beginning.

Businesses should reconcile bank accounts monthly to catch errors, detect unauthorized transactions, and maintain accurate financial records. Regular banking reconciliation ensures your books match actual bank activity, simplifies tax preparation, and provides real-time insight into cash flow. Timely reconciliation prevents small discrepancies from becoming major accounting problems.

Audit protection provides professional support if the IRS questions your tax return, including guidance through the audit process, documentation review, and representation assistance. This service offers peace of mind and expert help navigating complex audit procedures. At Chavez Bookkeeping & Consulting, audit protection is included with our complete tax preparation services.

While not legally required, separate payroll services help Oklahoma small businesses ensure accurate tax withholdings, comply with state and federal regulations, and avoid costly penalties. Professional payroll processing manages changing tax rates, calculates deductions correctly, and handles filing deadlines. This is especially valuable for businesses in Lawton and surrounding areas navigating both state and local tax requirements.

The biggest mistake is mixing personal and business finances or delaying bookkeeping setup until tax season. This creates incomplete records, missed deductions, compliance issues, and inaccurate financial insights that hinder growth decisions. Establishing proper bookkeeping systems and separation from day one prevents these problems and supports long-term business success.