Are you ready for April 15? If you’ve been managing your own books, have gone through streams of unsatisfactory bookkeepers, or have barely qualified employees doubling as your business bookkeeper, you may be dreading the news come tax day.
If you weren’t confident about your quarterly estimated tax payments, can’t find receipts, have lost track of 1099s and other important tax documents, tax day can be a scary time. You’ll be handing over your books, which are not in the best shape to begin with, to your tax accountant, who will sit, shake his head, and do his best to ensure your company receives all the deductions due.
It’s not too late to change this course of events, though. A full service accounting services firm can get your financial statements in order so you’re prepared for tax time. They will also do your taxes for you, so you have someone familiar with your business and your books taking care of this important matter.
Finally, controllership services provide you with the information and data analysis you need to keep your business moving in the right direction.
Some businesses opt to pay an in-house bookkeeper, and have no one managing controllership duties. This means there is no one to “check” the bookkeeper, no system of checks and balances in place to ensure the accuracy of financial statements. The business owner misses the advantage of having a trusted financial advisor who understands the intricacies of small business.
Finally, at tax time, he hands over his financial statements to a professional he sees four or five times a year, and hopes for the best.
Mid-April and tax preparation should not present any surprises for business owners, especially if you’ve been filing your quarterly taxes accurately. Ideally, tax time should see you breaking even with your taxes, which means you estimated your tax liability correctly and filing in April is a mere formality. If you get a small amount back, that’s okay, too, as this cash infusion can be invested back into your business to help it grow. New computers, upgraded technology or outsourced services might be good investments that will lower your tax bill next year.
Wouldn’t you rather have a full service accounting services company you can trust in charge of all your small business bookkeeping and accounting? It’s not too late to change the way you manage your books and your company’s financial future.