Accounting Tax and Financial Services help businesses navigate all the financial aspects of their company. From initial accounting system setup, to cost-containment, tax planning, investments and employee benefit plans, accountants steer you closer to your business goals with accurate record-keeping and reporting.
Tax accounting focuses on transactions that affect your tax burden, and is regulated by the IRS to ensure compliance. For businesses, this is a necessary service because business taxes are often more complicated than personal ones.
Fahim Ekbal Moledina is the Principal Consultant for Opti-Syn Consulting and is a business leader with expertise in project/change management, finance, lean/agile methods, as well as marketing and sales. He has a passion for technology and has led multiple business transformation projects.
Bookkeeping is the process of recording and classifying financial transactions. It is important for business owners and others who need accurate information to make operating, investing, and financing decisions.
The most common type of bookkeeping is single-entry, where each transaction is recorded once. This is often used to track cash, taxable income and tax-deductible expenses.
Double-entry accounting, however, is more thorough and less likely to result in errors. It is also used to track equities, assets, liabilities, expenses and revenue.
Bookkeeping is an essential part of any business and can be done using a variety of software programs or by hand. It is a critical aspect of business operations and helps you to stay organized, generate accurate financial reports, and minimize tax liability.
Whether you outsource or do your own bookkeeping, you should be sure to keep detailed records of your company’s financial transactions so that you can produce accurate financial statements for the IRS. These statements will give you a better understanding of your business’s financial performance, which can help you to make sound business decisions and improve your company’s profitability.
Tax preparation is the process of completing and filing necessary forms during the tax season to comply with state and federal laws correctly and in a timely manner. It can be complicated and confusing, which is why it is important to work with a professional tax preparer.
A reputable tax preparer will know how to reduce your taxes while still being accurate and compliant. They should also be able to identify potential mistakes on previous returns and provide you with advice and strategies that will help you save money in the future.
The best tax preparation services offer a wide range of service options, including in-person and virtual services. They also have a strong reputation and competitive pricing.
A tax preparer should be able to keep up with changes in the tax code and other relevant regulations. They should also have a software solution that can help them research and operate effectively. The right solution will make their day-to-day work easier, faster and more efficient, so they can spend more time focusing on helping clients file their taxes.
Payroll services include the process of processing an employee's wages, tax payments and health insurance or 401(k) plan contributions. These services also allow businesses to maintain accurate records of employee costs and expenses.
Expenses associated with payroll are recorded on the income statement and liabilities are recorded on the balance sheet. These records indicate the total amount of employee salaries a business must pay and how much money it owes to employees that have not been paid yet.
Many small business owners don't have the time to manage payroll, which is why outsourcing these tasks is often an option. By hiring an accounting firm, you can free up your time and avoid two potential issues: penalties from the IRS and internal audits by other companies.
Choosing the right payroll service can be difficult. You'll need to find one that fits your needs and can provide the services you need at a reasonable price. Make sure you ask about their onboarding processes and see if they offer discounts for signing up with a certain number of employees.
Business advisory services involve consulting a company's owner or decision-makers on strategies that can help unlock the growth of their business. They offer guidance on a company's financial, tax, legal, market, and risk-related aspects.
Often, businesses avail of these services to overcome their weaknesses and meet challenges that arise from changing environments. With a deep understanding of business and accounting, these experts can help companies find new ways to streamline processes and improve their profitability.
These professionals are compensated in various ways, including by project-based billing. This allows them to deliver their expertise as needed and avoid the overheads of hiring a team.
Small and start-up business owners face a wide range of issues, from establishing a business to managing cash inflows and outflows. They need someone to guide them through these challenges and offer a fresh perspective that can lead to success.