The Multitude of Options
As a small business owner, you must make sure everything is running smoothly. This includes your accounting needs. There are a multitude of accounting firms out there that offer many different services. They might seem like they are all the same, but they’re not. Here are some of the services you should expect from a reputable accounting firm.
Tax Preparation & Planning
Be sure your taxes are being prepared by a CPA, or an EA, that is qualified to help you put together your federal and state tax returns. They make sure you’re not paying more than you need to because of technicalities and they can find things you might have missed.
IRS audits are common if you file your taxes incorrectly or past the deadline. Accounting firms can make sure that doesn’t happen. They can also help you through the process if you’ve already received a notice for the audit.
Also look for services aside from Tax Preparation. Tax planning is a way to set a course for the next year and help correct possible mistakes made in the previous year. Firms will also do monthly, quarterly, or biannual reviews of this with you to help you adjust throughout the year.
Accounting firms that service small businesses and business owners often offer services that help you run your business. This includes bookkeeping, payroll, valuation, and tax law. All these services will help you manage your business, especially if you don’t have to worry about them as much since they’re in the hands of trusted accountants.
For payroll, accountants can onboard new employees and make sure the right tax documents are put together. They can also manage your day-to-day accounting which takes one task off your to do list.
An accounting firm can collect and organize your books as well and make sure only accurate financial information is recorded.
Furthermore, an accounting firm that services your small business will usually do your personal taxes as well.
The BaCo Group’s Approach
Here at BaCo, we work with businesses and their owners real time, working on this year’s tax and accounting this year. Our patented workflow solution allows us to work in real time to track your finances and build your tax return throughout the year.
For business owners, gathering and sending all their accounting information to their CPA can be very burdensome. Our tech automates that process, so you no longer have to struggle to compile and send your data. Also, due to the way we gather your data, we can provide real-time reporting services. For your day-to-day business activities, we can help aid in monthly close outs, giving you access to real-time income statements and balance sheets that are automatically generated out of our workflow.
For tax purposes, we are preparing your tax return throughout the year so we can catch mistakes and opportunities to save more money on your taxes as they happen. It’s a proactive, year-round tax plan based on your current accounting information. We can also provide projections regarding taxable income, real-time.
If you are interested in seeing how we can help you ensure that you are getting the right services out of your accounting firm, contact us today!
Published on Jun 14 @ 9:01 AM CDT