Good decisions start with numbers you can trust. Our accounting services give individuals, small businesses and corporations accurate financial statements, a clean year-end close and plain-English advice — from our office in Fredericksburg, VA, or remotely for clients across Virginia and in other states.
At a glance
- Accounting for individuals, small businesses and corporations (sole proprietors, LLCs, partnerships, S corps and C corps).
- Monthly or quarterly financial statements, reconciliations and a year-end close that flows straight into your tax return.
- Works hand in hand with our bookkeeping, payroll and tax preparation.
- Service in English and Arabic, in person or remotely.
Who we help
Individuals and families
Not every accounting need belongs to a business. We help individuals organize their finances so tax time is simple and decisions are clearer: tracking rental property income and expenses, organizing records for a side business, reconciling accounts after a move or a life change, and keeping the documentation the IRS expects. See our guide to rental property taxes in Virginia for one common example.
Small businesses
For sole proprietors, LLCs and partnerships, we turn day-to-day bookkeeping into real financial statements: a profit and loss statement that shows whether you are actually making money, a balance sheet that shows what you own and owe, and a clear picture of cash flow. We spot problems early — a margin slipping, a customer paying slowly, an expense creeping up — and we keep everything ready for your return.
Corporations
S corporations and C corporations need more than a shoebox of receipts. We maintain the accounting that corporate returns (Form 1120-S and Form 1120) rely on: a balance sheet that ties to the return, retained earnings and equity accounts, officer compensation and shareholder distributions recorded correctly, and the year-end adjustments that keep your books and your tax return in agreement. If you are deciding whether to become an S corp, our LLC vs. S corp guide and S corp savings calculator are good places to start.
What's included
- Monthly, quarterly or annual financial statements: profit and loss, balance sheet and cash-flow summary
- Bank, credit card and loan reconciliations
- Accrual and year-end adjusting entries (depreciation, prepaid expenses, accrued liabilities)
- Year-end close and a tax-ready trial balance for your federal and Virginia returns
- Equity, owner draws, distributions and officer compensation recorded correctly
- 1099 tracking for contractors and vendors
- Catch-up and cleanup work when the books have fallen behind
- Plain-English reviews of your numbers, with suggestions you can act on
Have a question about your situation?
Our team can look at your numbers and tell you exactly where you stand — in person in Fredericksburg or remotely from anywhere.
How it works
- Review. We look at your accounts, your entity type and what you need the numbers for — running the business, a loan application, or your tax return.
- Clean up. If the books are behind or inconsistent, we reconcile the accounts and correct past entries so the starting point is right.
- Report. On the schedule you choose, you receive financial statements and a short explanation of what changed and why.
- Close the year. We record the year-end adjustments and hand a tax-ready set of books to our tax preparation team — no re-keying, no surprises.
Accounting, bookkeeping and tax: how they fit together
| Service | What it does | Typical frequency |
|---|---|---|
| Bookkeeping | Records and categorizes transactions; reconciles accounts | Weekly or monthly |
| Accounting | Financial statements, adjustments, year-end close, analysis and advice | Monthly, quarterly or yearly |
| Tax planning | Uses your numbers to reduce taxes before the year ends | A few times a year |
| Tax preparation | Prepares and files federal and state returns | Yearly (plus estimates) |
Getting started
To start, gather your recent bank and credit card statements, any existing accounting file (such as QuickBooks), last year's tax return and your entity documents. Then book an appointment or call (540) 479-1500. We serve clients in person at our Fredericksburg office and remotely across Virginia and in other states, in English or Arabic.
Frequently asked questions
What is the difference between bookkeeping and accounting?
Bookkeeping records every transaction and keeps the accounts reconciled. Accounting takes those records and turns them into financial statements, year-end adjustments, tax-ready numbers and advice. Many clients use both: we keep the books monthly and handle the accounting at month-end and year-end.
Do you work with corporations as well as small businesses?
Yes. We work with sole proprietors, LLCs, partnerships, S corporations and C corporations, as well as individuals and families who want their personal finances organized.
Can you prepare audited or reviewed financial statements?
No. We prepare internal (management) financial statements for running your business and filing taxes. Audited or reviewed statements, which some lenders and investors require, must be issued by a licensed CPA firm.
Do I need to be in Fredericksburg to work with you?
No. Our office is in Fredericksburg, but we provide accounting services to clients across Virginia and in other states by phone, email and secure document exchange, in English or Arabic.
What accounting software do you use?
We work in QuickBooks, and we can usually work from the records you already keep. If your books are behind or messy, we start with a cleanup so the numbers can be trusted.
Want a professional to handle it?
Book an appointment with Timeless Tax & Accounting. We prepare federal and state returns for individuals, families, businesses and corporations across Virginia and in other states, in English or Arabic.
This page is general information, not tax, legal or financial advice for your specific situation. Tax rules change often — talk with a professional before acting.
