In order to have a smooth-running business, every aspect must be in order, and every record must be properly in place. You must know where your business stands financially, and having quick and easy access to any documents you might need would be of great help. Your records, as well as clear and concise reports from your bookkeepers and accountants, would also allow you to make any necessary financial decisions or business moves.
Getting a professional to do all your business’ accounting and bookkeeping needs would give you the accurate output you could use to make more sound decisions. Outsourcing to service providers like us, Bookkeeping Santa Ana, CA, may cost you some extra cash. Still, you would get accurate results and expert help for it. We have an efficient system and a team of experts who could handle all your financial records and even do your tax preparation.
Accounting Tax Prep Done Right
Tax preparation must be done right because there should be no other way of doing anything in running a business. It is also essential to keep in mind that taxes are subject to Internal Revenue Codes as well as to Federal and State laws. It is a mandatory process for any individual, company, business, and the like hence doing your accounting tax prep right would prevent you from acquiring any fines or, worse, getting into a complicated legal tangle. A tax prep done right could also mean having all financial records in place, which in turn means that you are running a tight and smooth-sailing ship.
Several factors could affect your tax preparation. We have narrowed them down into two.
Professional Tax Preparer
If your tax prep is not handled right, you may incur late fees, legal fines, or you may even end up losing your business and going into jail. This is a crucial, law-governed process that every business owner must take seriously. Tax prep is time-consuming and often confusing, given all the information involved as well as the various tax laws that seem to be changing all the time. So it is best for your business and your peace of mind to let professionals, like our team in Bookkeeping Santa Ana, CA, handle everything for you.
Our licensed and trained experts have access to our tools and system that ensure accurate output and on-time results. They are also well versed and always up-to-date with the ever-changing tax laws ensuring that your business would not be breaking any tax code or law. Our team is trained to be efficient and detail-oriented. Rest assured that no data will be overlooked, no information will be misfiled, and no due dates will be missed.
Your tax prep accuracy will be significantly affected by your financial records; it is then crucial to have a streamlined record of everything. We are very keen on details because we know how one wrong element could negatively affect the output, resulting in significant financial or business fiasco.
Records needed for your tax prep includes, of course, all relevant company or business information. Employee information will also be required for employee-related taxes or the tax you withhold from their income tax, which you have the responsibility to record, report, and turn over to the government. This information may very well include private and sensitive data such as Social Security Number and Bank Account information. You could, of course, rest assured that we handle all these things with professional discretion. Any information you entrust to us will be guaranteed to be secure and safe.
All transaction records, particularly those of financial nature, will also be required. This could include your sales records, cash flows, accounts receivable, accounts payable, and the like. We would need a close look at all your financial statements to ensure accurate information in the sales tax and business income tax that we would be filing on your behalf. If you entrust your bookkeeping to us, this, of course, would not be a problem.
Accounts Receivable and Accounts Payable
Your receivables and payables have a great bearing in the important business process that is tax preparation. It is also important to keep careful track of them for a clear picture of where your business stands financially.
Accounts receivable refers to any amount of money owed to your business by a client for any goods or services that you have provided. When you extend a line of credit to your client, any corresponding amount is considered a receivable. All receivables are listed as an asset on the balance sheet.
We could handle your accounts receivable, from keeping track of every transaction’s details to managing it and analyzing your accounts receivable turnover ratio. We could also ensure that all invoices are accurate and sent on time and as often as needed.
The accounts payable refer to any amount that you owe vendors or suppliers for any goods or services that you have already acquired or received but have not yet paid. All payables are recorded under liabilities on the balance sheet.
We could manage your accounts payable and ensure all pertinent details are recorded and verified. We could also ensure that all payables are paid on time to avoid any late fees and maintain good business relationships with your vendors and suppliers.
Accuracy is an essential factor in running a business, from tracking transactions to keeping records then on to preparing and filing your taxes. Accuracy must always be considered in order to avoid any mishaps as well as to maintain the integrity and stability of your business. Accuracy is something that we, at Bookkeeping Santa Ana, CA, could assure you and provide you in every service that you trust us to perform on your behalf.
We are in business to help other businesses maintain streamlined records that are crucial in running a business. These records will be your point of reference for your tax preparation and any business or financial decisions and your ammunition in any business tangle you may find your business in. Please take the right step and get in touch with us today.