As a business owner, you probably don’t want to spend your precious time researching tax compliance laws or worrying about every detail of your employee’s payroll. Certain operational tasks are always best left to the professionals, especially accounting services. Although tools like accounting software can make your life easy, it is an excellent choice to enlist the services of a professional accounting firm, given that tax codes are regularly changing.
Hiring an accountant might be an extra expense, but it is a wise investment for your business in the long run. Take a look at these five services that accounting firms provide:
Bookkeeping
Many small businesses owners struggle to keep their bookkeeping up to date because of a lack of resources and skill. Those who have little knowledge to maintain their financial transactions often end up in economic chaos. Therefore, hiring an accounting firm to manage your bookkeeping becomes all the more critical.
Bookkeeping includes:
- General ledger
- Paying suppliers
- Bank reconciliation
- Billing for services provided
- Documenting receipts from customers
- Recording invoices
- Processing employees’ payroll
- Financial reporting
- Recording depreciation
- Provide financial reports
Tax planning
Tax planning is an effective way to reduce taxpayer’s tax liability. Whether it’s keeping up-to-date with monthly taxes or looking at opportunities to minimize your deductions, it can be overwhelming to even the savviest of business owners. It might be a surprise that a sizeable chunk of business owners does not hire a tax professional when filing their taxes. Therefore, if you do not fully understand your taxes, it is a good idea to hire the services of a professional accounting firm.
Accounting and auditing
Accurate financial statements can save you costly mistakes and internal mismanagement. An accounting firm offers many services, including management of financial records to help business owners stay tax-compliant and financially organized. It also helps make complex processes understandable, from financial statements to the development of budgets. Likewise, auditing services assist business owners in communicating with banks, investors/shareholders, and other financial partners.
Some of the accounting and auditing services include:
- Maintenance of accounting records, financial reporting, and consolidation
- Arranging audits
- Preparation of annual financial statements
- VAT advice, registration, and related services
- Financial modeling and forecasting
- Preparation of business plans
- Preparation and filing of tax returns
- Debt analysis and recovery services
Payroll
For most businesses, handling payroll can be a tedious task. The process becomes even more tiresome given that federal, state, and local payroll tax laws are frequently changing. Hiring the services of an accounting firm helps eliminate the burden of updating and maintaining your payroll system. Accounting firms can also help employees spend less time calculating tax obligations, preparing checks, and providing reports.
Management consulting
For businesses that are in an initial phase or going through an economic crisis, hiring consulting services is the best option. Consulting services help you identify areas of concern and evaluate the soundness of your business strategy. Consultants can give you valuable advice on meeting your temporary or long-term needs with much more flexibility and expertise. With their depth of experience, they let you develop the right accounting systems and practices to ensure accuracy, efficiency, and compliance.
About Florida Global Inc
If you are looking for a reliable firm to meet your company’s accounting and consulting needs, Florida Global Inc should be your one-stop destination. We have a team of trained professionals to meet the unique needs and goals of your organization. Apart from individual and corporate tax return services, we provide customized bookkeeping and financial services, immigration consulting, as well as residential and commercial real estate services.
To learn more about the services that we offer, call us at (786) 456-5140. You can also drop us an email at [email protected] for any queries.
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