Operating a business can be expensive, even more so if you aren’t familiar with essential accounting practices. Small business owners often try to handle their own finances because they see it as the cheaper route to take. However, investing in accounting services can actually be one of the best ways to save money — especially during tax season.
At Pine and Company, CPAs, we believe that you are paying for services that will pay you back; our fees are often paid back through the reduced tax liability you will receive from our tax planning strategies.
There are several ways CPAs can help you avoid common costly mistakes:
Routinely Reviewing the Books
Hiring a bookkeeper ensures that your business’ financial transactions, expenditures, and financial statements are recorded and organized. Without proper bookkeeping, you could lose an audit, have cashflow issues, or even risk losing your small business. While many clients prefer an accountant to handle the day-to-day bookkeeping tasks, there are others that excel at bookkeeping themselves or are large enough to hire an in-house bookkeeper. Maybe you enjoy bookkeeping, employ a bookkeeper, or simply need to save money, but you still need an experienced accountant to review the bookkeeping according to CPA standards. Pine & Co. offers monthly, quarterly, and annual bookkeeping reviews that ensure:
- Your companies’ books are achieving GAAP standards (Generally Accepted Accounting Principles)
- Your reports are reliably reflecting your business and can be depended on for management decisions at any time
- The data we need to file your taxes are timely, accurate, and best structured for tax savings
Meeting Payroll Requirements
Today, it is not easy for an employer to stay up-to-date with payroll regulations and requirements. By investing in comprehensive payroll services, all aspects are taken care of: payroll tax reports, direct deposit, tax reporting, new hire paperwork, necessary IRS forms, and PTO accruals. CPAs can also help you avoid hiring potentially costly staff, dealing with constant payroll deadlines (especially during the holidays), and ensure that you are compliant with payroll laws. If you want to save money, time, and worry, it is worth paying an expert to handle or assist with your payroll needs.
Avoiding Tax Penalties and Lowering Your Liability
When it comes to tax season, the sooner you begin planning, the better. If you are unprepared when the time comes, you could end up paying more taxes than you should be, and possibly face stiff fees from the IRS if you cannot file on time. Tax planning services are designed to take a proactive look at your financial situation with a simple overall goal: saving money. When you schedule a specialized tax planning meeting with our financial experts, we will ensure you’re taking full advantage of every possible tax reduction opportunity available. Offered to both new and established clients, these meetings give you the opportunity to:
- Review your most recent and available financial activity for the year
- Project what your current tax liability would be at year’s end
- Uncover potential opportunities to save money in taxes before the year ends
Planning for Stable Cash Flow
Without achieving the right cash flow, you can struggle to cover expenses, repay investors, and expand. Proper cash flow management allows your business to meet its immediate needs and long-term goals. For busy small business owners, a CPA can develop a cash flow projection that will keep financial resources available so you can do what you need to reach your goals. Without a carefully prepared cash flow projection, you may forfeit lucrative opportunities to grow and improve your business.
Making the Most of Accounting Software
You may have invested in accounting software for your small business, but you need to know how to use it to make the most of it. Investing in this technology without the right training can end up costing you in errors or missed savings. Our CPAs can help you learn the ins and outs of your accounting software, as well as review your statements to give you peace of mind. We bring more than 100 combined years of accounting experience and are QuickBooks certified.