Whether you’re starting a business of your own or running one that has grown into an unexpectedly large enterprise, accounting is the backbone underlying your decisions. CPAs can take charge of the raw numbers and help you make the best choices for your company. Before hiring a CPA to help with Southwest Florida accounting services, though, it’s important to know what these services entail and what they can do for you as a client!
In this article, we’ll briefly describe what some of these common accounting services might be.
Whether you have a sole proprietorship or a business with other partners, bookkeeping is an essential service. This includes setting up and keeping track of your client’s financial statements, income statements, and balance sheets. It’s also the perfect service to have in place as you plan for financial growth. Bookkeeping can help keep track of assets, liabilities, and owner equity. It can also establish the order of transactions from the date that assets are purchased until their value is liquidated at year-end.
If you have employees, you’ll need to manage their payroll. Payroll is an important task for any business, though it takes on a special importance for small businesses and family businesses. Smaller companies are especially concerned with efficiency, which can be closely tied to payroll management and the spreadsheets that go with it. Keeping tabs on this information can help a business with its most important asset: its human resources.
- Budgeting and forecasting
As a business owner, one of your most important responsibilities is budgeting. This is when you determine how much money will be spent in the coming years and how to wisely allocate those funds to make sure that you have enough cash to grow your company. Budgeting helps business owners understand what their costs are, where they’re coming from, and what they’re expected to do with the funds that they spend.
- Tax planning and preparation
Most businesses pay taxes and that can be a daunting task for business owners who are used to keeping their own records and tax returns. CPAs can help you with this important work. They help prepare a business owner’s tax return by determining the business’s taxable income and reporting taxes based on this information.
- Business advisory
Having a CPA in your corner is a tremendous asset. Not only can they help you understand the tax consequences of your transactions, but they can also provide business advice on matters that need to be made clear.