Practice Areas

Lulu Accounting and Financial Services LLC understands problems faced by small and newly established businesses. Given that Luzette was once a small business owner. ​ We understand that your resources are limited and you do not have the money to emply a full accounting team. We are able to provide you the following services at an affordable price. ​ ​ Each month or quarter we’ll do the following things for you… Reconcile your bank account Bank reconciliation helps a business identify what transactions happened during the month and what transactions are recurring and this can help a business plan for future expenses and cost. ​ It also helps Business quickly identify fraudulent or unauthorized charges either from outside parties or from within the organisation. So when a bank reconciliation is done in a timely manner every month it becomes very easy to discover this fraudulent charges and follow up on them before its too late. ​ Also a bank reconciliation helps businesses properly plan for the future. When Accountants do bank reconciliations, they are able to identify pending expenses such as deposited Checks written by the company which will usually need to be subtracted from the Bank Balance on the Bank statement to arrive at the true Book Balance. Also By adding in Deposits still in transit or uncleared checks the business owner is able to determine what the real cash flow balance of the business is and make accurate decision. ​ Generate an income statement An income statement is periodic statement generated by Business on a month to month basis and it outlines the business Revenues and Expenses. When Expenses are deducted from revenue we come up with the companies net income which is the amount of money the company has that is not tied to any obligations. It is important to know what your income is because this will help you leverage new opportunities that come up. Which could include investing in new product lines,expanding operations or opening a new location,hiring new personnel,investing in new machinery. On the Flip side if you are making more loses and income statement will help you analyze problem areas for example which departments are eating more cost and you can find ways to bring down cost by reallocating resources or looking for vendors with competitive and better prices. It may be time to move to different product line. Excess cash can also be used to invest in more R$D,Advertising or paying shareholders the expected returns on their investments. ​ ​ Generate a balance sheet Balancesheets give you snapshot of your business financial position at any point in time. Balancesheets list the companys assets and its liabilities side by side and tell us what the company is worth at any given point in time Balancesheet items are carried over year after year while Income statements are specific to the particular period in question.Because balancesheets carry balances over perios of time the are good tools for analysing the finantial position of the company over years using financial ratios and trend analysis. Financial ratios are very vital in determing the overall liquity,stability and growth of your company. To learn more about financial ratios please ask ask more questions in your initial consultation. ​ Clean up your general ledger ​ The general ledger is the core of any business and this is where all the information or data entered is booked. If imformation is entered into the wrong accounts the general ledger balances are going to be wrong and hence your reports will be wrong. By reviewing your general ledger we can help uncover discrepancies such as Misallocated revenue to the wrong department, Giving you the right data from where to make decisons is very important. Prepare Cash Flow Statements Cashflow statements are very important for any business. They are a great short term forecasting tool facilitates the day to day running of the business. Some of the benefits of cashflow statement include being able to put expected cash receipts against disbursement that we expect will happen in the period and determining if current revenue are sufficient to cover cost.Cashflow statements can be done for weeks or months at a time. Using cashflow statement the company can make quick short term decisions like whether it needs to borrow cash to cover upcoming obligations or How much cash reserves it will have to cover future expenses ​ ​ ​ Provide unlimited consultations With a yearly subscription we provide unlimited support and are ready to provide financial statements on short demand for business needs such as trying to obtain new loans and business valuation by investors,banks,and creditors

Lulu Accounting and Financial Services LLC understands problems faced business when it comes to understanding complex tax laws that are constantly changing. At Lulu AAFS LLC, The goal of tax planning is to help individuals minimize their federal income tax liability as much as they are permitted by the tax law. Our personal tax planning services are meant to keep you attentive and informed of the complex tax laws, while plan your taxes accordingly so you are able to limit your personal and upcoming tax liabilities. Whether it’s about managing your bulky tax affairs, reminding you of payment deadlines, or satisfying your statutory requirements – we can always help. If you are an individual ready to set up a new business, inherit property, travel abroad, or are about to retire…professional tax planning advice is essential if you want to take advantage of the opportunities of today and plan wisely for the future ahead. ​ We provide guidance to Business in relation to Tax planning and what they need to keep in mind to facilitate tax preparation at the end of the year. Our smart and experience Accountants also help individuals file their tax returns making sure that the adhere to IRS guidelines while taking all available deductions to give you the maximum return guaranteed. We offer the Following Services • Preparation of business for Sole proprietorship,Partnerships,Limited Liability Companies and Corporations • Preparation of Individual Tax Returns • Sale Tax Filing • Payroll Tax filing ​ Whatever situation you’re in, our effective and careful tax planning services are customized to minimize your tax burden and reflect your individual interest and concern. We will guide you at every step of your contract, and consider every detail of your personal situation in order to maximize your retention and compliance. If you’re still uncertain, you can always contact us and get in touch with our expert

At lulu Accounting and Financial Services llc we have well trained Accountants ready to serve your business needs. Are you looking to hire and accountant or are you looking for an accountant to come into your office on a contract basis. We have the solution for you. Our team of dedicated and skilled accountants are just what you need. Let us serve you.

A chief financial officer (CFO) is the senior executive responsible for managing the financial actions of a company. The CFO's duties include tracking cash flow and financial planning as well as analyzing the company's financial strengths and weaknesses and proposing corrective actions. The cost of hiring a CFO in the united states is an average of about $140,000.00 and up in most states. For this reason most small businesses are unable to hire a full time CFO.We understand that sound financial judgement is very necessary for the success and eventual growth of any business and that is why we are willing to offer you our experienced and seasoned CFOs at the fraction of the cost. Having a CFO will also give you the time to focus on new services, new customers and other core business issues. CFO see the bigger picture and because their judgement is not clouded by the day to day running of the business the are able to look at your business and financial statements and give you sound advice by. ​ Better understanding of the financial side of your business. So you have less surprises and more control over the money. Improved decision-making capabilities from clearly seeing the hard and true numbers of your business. A readily available sounding board to help you with those tough business decisions and help you clarify your business plans. The comfort from knowing that a professional is overseeing, protecting and constantly improving the financial side of your business. A professional who establishes strong financial controls in your business to reduce employee theft and increase profits. Training and managing your accounting staff. Improved quality and timeliness of financial information. Budget preparation and monitoring. Profitability analysis by service or product line. Tax saving strategies. Trend analysis. Assistance in defining long-range plans and the quantification of goals. Cash management. Liaison with bankers, attorneys, vendors, insurance agents, etc. Assistance in obtaining financing from banks, including assistance with negotiations. Review/negotiation of insurance policies. Development of company accounting procedure manuals. Analysis of equipment purchases, expansions, etc. Mergers and acquisitions assistance Custom designed collection policies and procedures

Payroll is one of the most important functions in any company or organisation. As a business you want to make sure that your employees are paid in a timely and accurate manner. Most businesses delegate this duties to the Accounting department,HR Departments or hire a dedicated HR person. However this is not very feasible in the long for some small business because the do not have the funds to hire more employees. Also some of this staff may not have experience filing federal,local and state taxes that are needed with each payrun. ​ Lulu Accounting LLC specializes in providing complete payroll preparation and processing services to businesses nationwide. Our services include calculating employee wages, filing federal, state and city taxes and producing checks etc. Just give us a list of your employees and their pay wages, then sit back and relax – your business payrolls are in safe hands! Whether you’re a one employee business or a 100 members company, you have an obligation to pay your employees well on time and file taxes accordingly. If you fail to do so, you are subjected to many business and legal penalties from the federal, state and city tax agencies. So, if you’re unable to handle your payroll management or you don’t have enough time to do so, and if you want to keep your business from encountering any trouble with the IRS, we advise you to seek our payroll preparation & processing services.

The controller manages accounting records and is responsible for the production of financial reports. ... The controller oversees all employees involved in the accounting process, including accounts receivable, accounts payable, payroll, inventory and compliance. ​ The controller oversees the accounting operations of a company. This senior position generally requires years of proven experience in various levels of accounting. Companies who are unable to hire a CFO because of cost can hire a Controller who has the experience and can sometimes carry out the responsibilities of a CFO. However the main duties of a controller is managing accounting staff and making sure that at the end of the month the books are closed and financial statements are prepared for management to review. ​

At Lulu Accounting and Financial Accounting Services our expert accountants and business advisors help clients in the preparation of their financial forecasts by assisting in recording and documenting underlying assumptions of some of the actions that your business may take and what the relevant risk that the business may face due to new business models, new lines of products, acquiring new entities, advancing into new Markets or regions. We then follow up this assessment by developing rational approaches your business can take in each scenario. Some of the key elements we consider when preparing your financial forecast include: • Capital and the cost of capital you need from external funding funding. •The different kind of securities you can offer to lenders • Different borrowing options and loans repayment plan • Expected Revenue that you can generate from borrowed Capital • Potential growth in revenue due to increase in sales Business cash balance's and monthly cash flow patterns. Which will help you identify critical times when business might need cash from other sources in order to survive • Estimated profit you could make • We analyze potential threats to your business by using SWOT (Strength,Weaknesses,Oppurtunities,Threat) analysis Operating a business without financial forecasts is unimaginable as you need these reports to manage and monitor your financial progress. Therefore, we provide a range of financial forecasting and analysis services to everyone, from startups to Fortune 500 corporations. Please contact us for further assistance.

At Lulu Accounting and Financial Services LLC our financial analyst assist our clients prepare financial projections and perform financial analysis. Our analysis range from simple spreadsheet analysis to full projections for upcoming financial years. Our projections include complete review of income statements, balance sheets, and cash flow statements. Based on our analysis and projections we are able to advise you on what changes to make in your business. Whether you’re starting a new business or expanding your already existing business, your creditors or investors are interested in their investment, and a financial projection shows them growth potentials and expected returns which instills in them the confidence needed to invest in you. If you are a business owner looking out to attract capital or additional funding, you will need to provide financial projection report which interprets the future of your business in terms of numbers. If you need help in this regard, please contact us and we’ll be at your help. For more details contact us now and have FREE consultation!

Accountants are the core of A companies financial department. The carry out the day to day functions of the business which usually includes recording all business transactions in a timely and accurate manner. Accountants carry out the Accounts payable and Accounts receivable functions of any business and they are also responsible sometimes for collecting on open invoices and creating checks to pay outstanding vendor bills. ​ Because most small business can not hire full time accounting staff due to budget constraints,hiring a part time accountant to maintain your books might be ideal.Some business grow to the point were they are ready to hire a full time accountant but are not sure what skills the should be looking for. That is where we come in. Our skilled accountants who have the experience working in several industries are here and ready to serve you. ​ Manages the Accounts Receivable Life cycle: Creating and sending invoices to customers, responding customer concerns, Applying Cash, ACH and checks to open invoices, and perform collections • ensure that agreements were billed accurately and efficiently • Month End deferred Revenue Recognition • Month End Close: Reconciling different schedules: Prepaid expenses, depreciation, deferred revenue balances, bank reconciliation, cash reconciliation, accrued expenses, salary payable • Maintaining and reconciling general ledger to subsidiary ledger • Making journal entries as needed • Balance sheet account reconciliation and variance analysis and adjustments • Prepare month end financial statements – Profit and Loss and balance sheet • Accounts payable: Coding, entry and sending of making of payments to vendors • Manage Expense Re-imbursement approval, processing and payments Manage cash flow statements • Processed Payroll – adding new staff into payroll system and processing bi-weekly payroll for about 100 employees • Entered payroll and benefit information into the accounting system.

Not-for-profit organizations have unique requirements for accounting, issues of compliance, and reporting to the Internal Revenue Service. At Lulu Accounting and Financial Services LLC, our staff is trained to handle the significant differences that Non profit organizations have from other forms of business. Lulu Accounting and Financial Services LLC can assist not-for-profits with their bookkeeping, payroll, and tax preparation needs, as well as other filing and consultation services specific to these organizations. We also have the mindset that not-for-profits are vital components of our communities and as community members, parents, volunteers and more; it is our professional, civic, and social duty to provide the best services possible for these organizations. For anyone new to not-for-profits, they do not file traditional tax returns but instead file what is considered an information return known as a 990: Return of Organization Exempt From Income Tax. There are several versions of this, including the 990-T which is used for organizations that do have taxable income. 501 (c)(3) and 501 (c)(4) organizations are required to report both natural and functional expenses when filing a full 990. It is important to have a Preparer who is familiar with the components of the Form and is familiar with annual reporting changes to ensure that it is prepared properly. The Forms 990 are public documents and contain a substantial amount of financial and other information. If it is not prepared completely and accurately, the IRS may consider it not filed and penalties may accrue daily. The IRS recently stated that for the 2019 returns, they will have a renewed focus on reviewing returns and will reject those they deem inaccurate or incomplete. LAFC LLC is here to help relieve any stress in preparing your returns and will work with you to ensure all information is complete. • Additional services we offer not-for-profit organizations include, but are not limited to: Preparation and filing of Forms 1023, 1023-EZ, or 1024 for creation of a not-for-profit entity • Assistance with Virginia Charitable Registration Forms • Review of and consulting on 990 preparation, compliance issues, and resource guidance

You’ve decided it’s time to start your own business, but don’t know how to go about it. Each business structure has its own pros and cons. Whether a sole proprietorship, partnership, Lulu Accounting and Financial Services LLC, we understand that business formation can be complex and confusing. Let us help guide you in making the correct decisions and assisting with the process. The IRS has strict definitions on what type of entity they consider a business to be based on whether there are one or more members in an LLC, unless the business elects otherwise when forming. If you would like a consultation to go through what elections are going to be best for your business, our Team will gladly set up a time to go through this with you. To help you get started we can assist with entity filing, Bylaws, Operating Agreements, minutes templates, banking resolutions, and a Digital Corporate Kit. Entity filing includes the afore mentioned templates plus obtaining an EIN and S-Corporation election, if required.

-Internal Audits ​ -Guidance on setting Up internal Control ​ -Management Consulting ​ -Specialty Services: Business Valuation