Business Startup and Office Setup

​Business Startup and Office Setup

Commercial Banking Support

• Issuance of bank drafts, cashier checks, and certified checks
• Internet Banking and Online Bill Payment setup
• Accepting funds via term deposits
• Lending support through overdraft, installment loans, and other credit facilities
• Providing documentary and standby letters of credit
• Support with guarantees, performance bonds, and off-balance sheet exposures
• Safe deposit box services for document and asset storage
• Sales and brokerage of insurance, mutual funds, and other financial products
• Cash management and treasury services

• Merchant services encompass a range of financial solutions designed to support businesses in processing customer payments efficiently. These services often include the rental of Point-of-Sale (POS) equipment and comprehensive e-commerce payment systems. To utilize these services, businesses must set up a merchant account, which comes with a variety of associated fees—some are recurring, while others are based on individual transactions or calculated as a percentage of sales.

• While some fees are established by the merchant service provider, the majority are determined by the credit card networks, such as Visa, MasterCard, and Discover. These networks set interchange fees based on card type and how the transaction is processed. For instance, a transaction completed via a physical card swipe is categorized differently than one entered manually, and each is charged accordingly.

• To open a merchant account, banks typically conduct a verification process that may include confirming the physical business location, performing a site inspection, and reviewing the company’s corporate documents. In cases involving equipment financing or rentals, the bank may also require a personal or business guarantee. Moreover, businesses with higher revenue may undergo a more rigorous underwriting process to assess risk and compliance. By navigating these procedures properly, companies can access reliable and secure payment processing essential for smooth business operations.

References – Rates & Rules

For businesses accepting credit cards, it’s essential to stay informed on official guidelines and fee structures:

For businesses accepting credit cards, it’s essential to stay informed on official guidelines and fee structures:

• Visa Interchange – Visa Interchange Rate Table
• MasterCard Merchant Rules – PDF Guide for all businesses accepting MasterCard
• Visa USA – Accepting Visa – Official Guide for accepting Visa and other credit cards

Accounting Services

At IBGO Consulting, we offer a full suite of accounting and bookkeeping solutions designed specifically for startups and growing businesses. Our goal is to help you reduce operational costs, save time, and focus on business growth.

Many of our clients save up to 60% compared to hiring full-time, in-house staff.

• Accounts Payable Management (Vendor bills & payments)
• Accounts Receivable Management (Customer invoicing & collections)
• Bank Reconciliation (Checking accounts & credit cards)
• Electronic Document Management
• Inventory Tracking & Management
• Payroll Transaction Recording & Reconciliation
• Revenue Reconciliation with Bank Deposits

• Accurate recording of all revenues and expenses
• Fixed Asset Management
• Reconciliation of all Balance Sheet accounts
• Preparation of adjusting & closing journal entries
• Monthly/Quarterly Financial Statement Preparation
• Project Cost Control & Financial Progress Monitoring
• Fulfillment of Corporate Accounting & Regulatory Reporting

Payroll Requirements:

• Payroll is a crucial function within any business, encompassing the accurate and timely processing of employee salaries, wages, bonuses, and deductions. The primary responsibility of the payroll department is to ensure that every employee is paid correctly, with appropriate withholdings for taxes and other contributions, and that all such withholdings are remitted to the respective authorities in a timely manner.

• In the United States, payroll taxation includes several components. Federal income tax is withheld from employee earnings according to guidelines established by the IRS, specifically outlined in “Publication 15 – Employer’s Tax Guide.” Social Security tax is also a key component: employees contribute 6.2% of their wages, up to an annual limit, while employers match this amount. Self-employed individuals are responsible for the full 12.4% contribution on their net earnings.

• Additionally, Medicare tax is withheld at a rate of 1.45% from both employees and employers, while self-employed individuals pay a combined rate of 2.9%. There is no earnings cap for Medicare, and high-income earners may be subject to an additional 0.9% surtax. Beyond federal taxes, state income tax must also be withheld, based on the laws and rates of the state in which the employee resides or works.

• Employers may also need to manage various local tax obligations, including city, county, or school district taxes. Other common deductions include contributions toward state disability insurance (where applicable) and unemployment insurance at both the federal and state levels. Together, these elements make payroll management a detailed and compliance-sensitive process that demands professional attention and accuracy.