Full-service bookkeeping + accounting

Prepared comprehensive research covering federal and state compliance and practical guidance for full-service bookkeeping and accounting for US businesses (LLCs). Provided sources include IRS (small businesses), SBA bookkeeping guidance, DOL wage and hour/employer responsibilities, New York Department of Taxation and Finance, and Texas Comptroller sales tax.

Summarized findings and guidance below. Summary of steps taken:

Prepared comprehensive research covering federal and state compliance and practical guidance for full-service bookkeeping and accounting for US businesses (LLCs). Provided sources include IRS (small businesses), SBA bookkeeping guidance, DOL wage and hour/employer responsibilities, New York Department of Taxation and Finance, and Texas Comptroller sales tax.

Summarized findings and guidance below. Summary of steps taken:

Conducted wide web search for authoritative guidance on full-service bookkeeping and accounting, focusing on compliance, regulations, payroll, sales tax, and state-specific considerations.

Scraped and extracted authoritative content from the IRS, SBA, DOL, NY Department of Taxation, and Texas Comptroller to capture federal requirements and representative state rules.

Gathered examples of full-service bookkeeping service offerings and best practices from leading providers (QuickBooks Live, Bench, AccountingDepartment.com) to understand core services, typical deliverables, and common pricing models.

Compiled practical guidance for LLC founders and US business owners

chart of accounts setup, monthly close checklist, payroll and payroll tax compliance steps, sales tax registration and filing, estimated tax payments, record retention, and common mistakes to avoid. Key findings (high-level): - Full-service bookkeeping typically includes transaction categorization, bank reconciliations, accounts payable/receivable management, payroll processing (sometimes as add-on), sales/use tax tracking and filing (often as add-on), period-end financial statements, catch-up bookkeeping, and advisory/CFO services. - Federal compliance obligations for employers: obtain EIN, withhold federal income tax, Social Security/Medicare (FICA), deposit federal employment taxes (Form 941/944), file Form 940 for FUTA, file annual W-2s and 1099s as applicable, and maintain payroll records. See IRS small business pages for federal deposit schedules and thresholds. - Department of Labor: wage/hour, recordkeeping, and overtime rules; compliance with FLSA and posting requirements. - State compliance varies significantly: sales tax registration, nexus rules, filing frequency and rates vary; payroll withholding registration and unemployment insurance/worker’s comp requirements vary by state. Examples: Texas (no state income tax but has sales tax rules), New York (state income tax and complex sales tax rules), California (complex payroll and employment laws and multiple tax agencies). Businesses must register with state revenue departments and state labor agencies. - Practical bookkeeping best practices: consistent chart of accounts aligned to business activities; monthly bank reconciliations; accrual vs cash accounting; separate personal and business accounts (especially LLCs); use of accounting software (QuickBooks, Xero) integrated with payroll and POS; retain documents for at least 3-7 years; implement internal controls for cash and expense approvals. - Recommended monthly/quarterly checklist: reconcile bank and credit card accounts, review A/R and A/P aging, close books and produce P&L and balance sheet, payroll tax deposits and payroll tax returns, sales tax collections and remittances, estimated tax payments, VAT/state filings where applicable.