There are legal requirements to have your business financials in order. If one of the many taxation authorities that govern your trade or business decided one day to undertake an examination on your business, wouldn’t you like to know that your books were up to date, giving them less time and less opportunity to snoop around in your affairs? Keeping up to date with your paperwork avoids the risk of late payment fees, penalties and fines.
Your accountant has experience in a similar business organization, you can also learn worthwhile business advice from your accountant and an accountant can give you useful suggestions in terms of evaluation calculations and setting income targets grounded on what your fiscal situation and business organization targets involve. When it comes time to sell your business, buyers will be able to see the true value of the business that you have worked so hard in developing.
Many small businesses fail within the first five years, often because they have not been thorough with their paperwork and keeping track of their financials. Bookkeeping is such an important part of your business – don’t put it off because it is too hard and you hate it. Bookkeeping is essential if you want to achieve success with your business.
We do bookkeeping for a living, which means:
Having your bookwork in order allows you to make quick business decisions. You’ll have all the relevant information at hand which allows you to make the best decisions. Well managed bookkeeping will provide you with financial statements such as Profit and Loss and a balance sheet. They are also needed if you are applying for credit from vendors or financial institutions.
Regardless of the size of your business, Payroll is becoming too complex.
Special knowledge is required for these functions to be carried out correctly.
We should be your payroll preparation and your bookkeeping source. Having your payroll done by a specialty company on one system and the rest of your books done on another system creates a serious problem. The two systems need to be integrated into one set of books. When the payroll is done by someone else we have to do the payroll completely over again in your books. When we do your payroll and your books together that problem doesn’t exist. Your payroll is done once and done correctly removing the risk of lost information. That saves you money.
When the end of the year approaches many Americans will be collecting their receipts that have been thrown in a shoebox somewhere, and preparing to file their tax returns. Now you know that there are many tax software programs out there to use to prepare your own individual taxes. For some people using it could be pretty easy but that is not the case for everyone or every year; as laws and forms change. There are many cases where you should consider hiring an accountant or tax professional to help you file your taxes.
If you’re completely lost when tax time rolls around, and you feel you’re not up to the task of learning how the process works, it’s best to call in the professionals. Because what may be hair raising to you is an enjoyable task for your accountant or tax professional, so you don’t need to put off the “inevitable”. Your Tax Professional or Accountant can relieve you of the hassle and stress of facing a task you really do not want to do but know it must be done.
You should always hire help for filing your business taxes or if you have to file back taxes or complicated amendments to your returns from previous years. Late returns that you must file for passing the due date without furnishing your returns should be taken to an Accountant.