Non-profit accounting includes specialized bookkeeping, budget development, audit preparation, and compliance with regulatory requirements specific to tax-exempt organizations. These services ensure non-profits maintain proper financial records and meet IRS and state filing obligations. At Walker June Calhoun CPA's, PC, we tailor accounting systems to support mission-driven agencies in Burton, MI and surrounding areas.

Audit preparation organizes financial records, reconciles accounts, and ensures documentation meets auditor standards before the formal review begins. This proactive approach reduces audit time, minimizes findings, and demonstrates strong financial stewardship to donors and board members. Proper preparation is essential for maintaining non-profit credibility and regulatory compliance.

Full bookkeeping services include general ledger maintenance, accounts payable and receivable management, bank reconciliations, and accounting system setup. These foundational tasks ensure accurate financial tracking and provide business owners with real-time visibility into cash flow. At Walker June Calhoun CPA's, PC, we customize bookkeeping solutions based on each client's operational needs.

Businesses should consider outsourcing payroll when managing tax withholdings, compliance filings, and direct deposits becomes time-consuming or error-prone. Outsourced payroll ensures accurate calculations, timely filings, and adherence to Michigan labor laws. This allows business owners to focus on operations while reducing the risk of costly payroll penalties.

Strategic tax planning involves analyzing income sources, timing deductions, and applying credits to minimize tax liability throughout the year. It goes beyond annual filing by forecasting tax impacts of business decisions and life events. At Walker June Calhoun CPA's, PC, we provide multi-jurisdictional guidance for clients with complex tax situations.

Setting up an accounting system involves selecting appropriate software, creating a chart of accounts, establishing workflows, and integrating bank feeds or payroll connections. Proper setup ensures financial data is organized, reports are accurate, and compliance requirements are met from day one. This foundation supports efficient bookkeeping and informed decision-making.

Bookkeeping focuses on recording daily transactions like sales, expenses, and payments, while accounting analyzes that data to produce financial statements, tax returns, and strategic insights. Bookkeepers maintain accuracy in ledgers; accountants interpret trends and provide advisory guidance. Both are essential for sound financial management in Michigan businesses.

Budget development helps non-profits allocate resources effectively, plan for program costs, and demonstrate fiscal responsibility to funders and stakeholders. A well-structured budget aligns spending with mission goals and ensures compliance with grant requirements. It also supports board governance and long-term sustainability planning.

Tax preparation costs depend on income complexity, number of forms required, business structure, multi-state filings, and investment activity. Simple individual returns are less costly than multi-jurisdictional business filings with schedules and credits. At Walker June Calhoun CPA's, PC, we assess each client's situation to provide transparent pricing based on scope.

Estate planning facilitates smooth wealth transfer by organizing assets, clarifying beneficiary intentions, and addressing tax implications of inheritance. It includes retirement guidance and consultations that prepare families for life changes. Proper planning reduces conflicts, preserves wealth, and ensures financial security for future generations.

The biggest mistake is inconsistent or delayed transaction recording, which leads to inaccurate financial reports and missed tax deductions. Without timely bookkeeping, business owners lack visibility into cash flow and profitability. At Walker June Calhoun CPA's, PC, we emphasize monthly reconciliation and real-time ledger updates to prevent costly errors.

Yes, CPAs provide retirement planning by analyzing income sources, projecting tax liabilities, and recommending savings strategies aligned with long-term goals. They coordinate with financial advisors to optimize retirement accounts and Social Security timing. Walker June Calhoun CPA's, PC offers personalized guidance for individuals and families in Burton and surrounding Michigan communities.