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Accounting and Bookkeeping Services in Richmond, Virginia
1-800Accountant, America's leading virtual accounting firm for small businesses, offers seamless end-to-end bookkeeping and accounting services handled by experts designed to give you peace of mind and the extra time you need to focus on building your business.
Our Accounting Services for Richmond 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 Richmond 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 Virginia 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 Richmond, 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 Virginia with our complimentary incorporation services. Simply cover any Richmond 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 | 4.30% |
| County Tax Rate | 0.70% |
| Municipal Tax Rate | 1% |
| Combined Sales Tax Rate | 6% |
| City-Specific Taxes |
|---|
| In Richmond, Virginia, businesses must pay a BPOL tax based on gross receipts. For example, retail merchants pay $0.19 per $100 of gross receipts. |
| Licenses and Permits |
|---|
| Must obtain a Business, Professional, and Occupational License from the City of Richmond Finance Department within 30 days of opening. This license is based on annual gross receipts. |
| A Certificate of Zoning Compliance is required to ensure compliance with local land use regulations before obtaining a Certificate of Occupancy. |
| Grants and Funding in Richmond | Grants and Funding Information |
|---|---|
| Small Business Growth Fund | Offers grants of $5,000 to $25,000 to small businesses in Virginia with clear growth plans. |
| GO Virginia Grants | Provide funding to entrepreneurs and developers to foster economic growth, aligning with regional development goals. |
| HerRise Micro-Grant | Provides $500 micro-grants to women of color who are creating innovative solutions in their businesses. |
| City of Richmond Grant Division | Offers technical assistance for grant seeking and proposal development, supporting local businesses in obtaining funding for economic development initiatives. |
What to Look for in Richmond, Virginia 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 Virginia'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 Richmond. This includes familiarity with the city's prominent industries, such as finance, manufacturing, healthcare, and government services, as this knowledge can impact financial decision-making and tax planning.
Knowledge of State Tax Incentives: Virginia offers business-friendly tax incentives, including credits for research and development, enterprise zones, and hiring veterans or economically disadvantaged individuals. 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 Richmond
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.