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Accounting and Bookkeeping Services in Memphis, Tennessee
1-800Accountant, America's leading virtual accounting firm for small businesses, offers seamless, expert-managed bookkeeping and accounting services in Memphis. Enjoy peace of mind and extra time to focus on growing your business while we handle your financial needs.
Our Accounting Services for Memphis Small Businesses
Business Tax Preparation: Have your taxes prepared and filed by an accountant with expertise in your industry so you're always confident in your business tax situation. Our CPAs, with more than 17 years of experience on average, can save you thousands annually when you delegate complex Memphis tax preparation to them!
Bookkeeping: Solidify your financial base and manage cash flow with precise, error-free bookkeeping done for you that saves time and provides crucial insights that empower you to make important data-backed business decisions. This meticulous process delivers essential tools for interpreting data with easy-to-understand reporting, enabling your accountant to develop vital financial modeling.
Tax Advisory: Business tax considerations don't end in April. Through our affordable tax advisory service, you can receive the guidance you need when you need it year-round from a dedicated small business accountant. Strategic planning helps minimize your business tax liability in Tennessee throughout the year while ensuring compliance.
Payroll: Save hours each pay period with comprehensive payroll services handled for you, with regular tax submissions to the city of Memphis, ensuring accuracy and freeing you to focus on other vital aspects of your business.
Business Formation: Enjoy the advantages of officially establishing your business in Tennessee with our complimentary incorporation services. Simply cover any Memphis fees, and we will manage the rest. This puts you on a path to hiring employees and creating a business bank account as you experience the benefits of an optimized business structure and maximum tax savings.
| Level | Rate |
|---|---|
| State Tax Rate | 7% |
| County Tax Rate | 2.25% |
| Municipal Tax Rate | 0.50% |
| Combined Sales Tax Rate | 9.75% |
| City-Specific Taxes |
|---|
| Memphis businesses must pay a city business tax based on gross receipts, with a minimum tax of $22 per jurisdiction (county and city), even if the business has no gross sales. |
| Licenses and Permits |
|---|
| Combined City of Memphis and Shelby County Business License required for all businesses within Memphis city limits. Costs $30 and must be renewed annually. |
| City-specific licensing required for certain businesses, including short-term rentals, transient vendors, massage services, and taxi and limousine services. |
| Grants and Funding in Memphis | Grants and Funding Information |
|---|---|
| Fund Tennessee | Administers $117 million in federal funding, including equity investments and debt programs for small businesses. |
| Memphis City Council Community Grant Program | Provides grants to tax-exempt organizations addressing city priorities such as economic development and youth empowerment. |
| UTRF Accelerate Fund | Offers funding to startups and ventures based on University of Tennessee innovations. |
| Tennessee Department of Economic and Community Development | Provides state-level funding opportunities, including the State Community Development Block Grant (CDBG) Program. |
What to Look for in Memphis, Tennessee Accounting and Bookkeeping Services
Certifications and State Compliance: Ensure the accountant or bookkeeper has the right title and certifications, such as working as a CPA. They should also be fluent in Tennessee's specific tax regulations and compliance requirements.
Experience and Specialization: Search for professionals with experience in your specific industry. Specialized knowledge is crucial for managing industry-specific financial matters and for strategic long-term planning.
Understanding of Local Economic Conditions: Opt for a professional who understands the local economic environment in Memphis. This includes familiarity with the city's prominent industries, such as logistics, healthcare, music, and tourism, as this knowledge can impact financial decision-making and tax planning.
Knowledge of State Tax Incentives: Tennessee offers business-friendly tax incentives, including credits for job creation, investments in industrial machinery, and certain capital investments. A knowledgeable financial professional can help navigate these incentives and make recommendations to minimize your tax burden.
Talk to a business tax expert today for all your tax needs in Memphis
Additional Accounting Resources:
How to Calculate Quarterly Estimated Taxes in 2024
Virtual Bookkeeping: How To Find the Best Online Bookkeeper
How Much Will A CPA Cost (And Save) Your Small Business?
*Based on a $12.2k average 2022 tax refund per client, which is 4x the cost of a full-service package. Source: first-party data.
*Includes average business tax preparation, form completion and submission, record keeping, and other misc admin time. Source.
*Historical first-party data.