Accounting Services

With our accounting, tax, payroll and back office support service offerings, we take the hassle out of running your business. Stop facing the complexity of the numbers... We'll do it for you!

Browser our services by selecting from the tabs below. 

 

  • Monthly bookkeeping & Reconciliations
    • Setting up proper chart of accounts based on your business type and needs
    • Daily (real-time data) download of your bank and credit card transactions
    • Reconciliation of your bank as well as credit cards statements
  • Financial Statements
    • Profit & Loss statements
    • Balance sheet
    • Cashflow statements
  • Fixed Assets
    • Chart of accounts for all your company fixes assets
    • Depreciation & amortizations calculations
  • Budgeting & Forecasting
    • Create budgets for all your projects to see the profitability
    • Project future forecasting for long-term goals & financing

Koffex has been helping clients with their tax preparation needs for more than 20 years. By keeping current on new tax laws and legislations, we are in the position to identify key tax planning opportunities which minimize both your current and future tax liabilities. We provide our clients with the taxation expertise and knowledge they deserve throughout the year. Tax preparation services offered include, but are not limited to:

  • Corporations
  • Partnerships
  • LLCs/LLPs
  • Not-for-profit organizations
  • Individuals
Tax Planning

A typical tax planning cycle runs for one year. The best time for review is usually right after a new tax law is implemented. This takes place during September/October. The steps in the planning process may go like following:

ActivityTime
Initial Interview / ReviewSeptember / October
Conduct Next Year Tax ForecastNovember
Develop Recommendations / Estimates:

  • Income
  • Expenses
  • Withholdings
  • Deductions
  • Tax Reductions
  • Long-Term Tax Plan
December
File Prior Year Tax ReturnsJanuary / February
Conduct Mid-Year Reviews:

  • Assess Withholdings
  • Estimate Year-End
  • File Quarterly Estimates
  • Update Long-Term Document
June / July
Review Any Tax Law Changes / Any Other ChangesOngoing

You can trust your payroll is in good hands. There’s nothing better than personal attention from a trusted advisor who knows your business. Our high-quality payroll service is customized for you and your business. You can rely on us to deliver top quality service all year long.

  • Payroll Processing
    Each payday, provide us with employee hours and we take care of the following:
    • Calculate & withhold all federal, state & local taxes
    • Calculate & withhold any voluntary deductions such as 401K contributions
    • Employees’ access to their paystubs through our online portal
  • Direct deposits
    • Net pay amounts are direct deposited into employees’ bank accounts
    • Employers receive a confirmation on the total payroll cost for that pay period
  • Quarterly payroll taxes
    • 941 (Federal)
    • IL 941 (State)
    • UI-340 (Dept. of Employment Security)
  • Year-end filings
    • All federal, state & unemployment tax returns
    • W-2’s
    • 1099’s

  • Human Resources
    • Hiring & termination
    • Background checks
    • Employee benefits administration
  • Vendor & bill payments
    • Pay your contractors through direct deposit (usually within 24 hours)
    • Pay all other bills as they become due
  • Accounts receivable
    • Keep track of your receivable so run aging reports
    • Follow up with any accounts that are becoming past due
    • Record any bad debts
  • Compliance
    • OSHA compliance
    • Compliance with all federal as well as state employment laws