Accounting Tax and Financial Services provides a variety of services to businesses that comply with federal, state, and local regulations. These services involve consultation and planning to improve business performance.
Accountants use Generally Accepted Accounting Principles (GAAP) to prepare financial statements for companies. However, tax returns and financial statements can be prepared based on GAAP or a more specific set of accounting principles called tax accounting.
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Tax Preparation
Tax preparation is a major revenue stream for accounting firms. They can also provide other services outside of tax preparation, such as consulting and business entity selection.
Accountants are licensed to represent their clients before the IRS on matters such as audits, appeals and collections. Their level of training and scope of practice affects the value they can offer their clients.
Enrolled agents, on the other hand, are able to represent their clients before the IRS without restriction. This is the highest level of certification awarded by the IRS.
They must also pass the IRS’s Special Enrollment Exam. They are required to have a PTIN and complete 72 hours of continuing education every three years.
Bookkeeping
Bookkeeping is a process of recording and maintaining financial transactions. It involves logging all of your business’s cash receipts, purchases and other transactions into an account ledger, with a set of categories to organize each transaction.
Bookkeepers often work closely with accountants and other finance professionals, but they can also work independently for small businesses. They might also be responsible for providing year-end financial reports to the company’s owners, depending on the firm’s accounting standards.
A key part of a bookkeeper’s job is source document verification, which means looking at invoices and receipts to verify the accuracy of your records before they are entered into your accounts. This is typically done using a scanning and OCR system in modern accounting software, which saves you time and effort.
Another part of the bookkeeping process is creating basic internal reports that can help you understand how your business operates, including the Balance Sheet and Income Statement. These documents can be easily reviewed and understood by anyone inside the company.
Payroll
Payroll is the process of distributing money to employees in the form of checks or direct deposits. It also involves tracking and paying taxes on behalf of employees.
A payroll system is a software program that streamlines the process of managing employee payments. It also helps you create detailed accounting reports, track changes in your payroll expenses over time and integrate with other systems.
One of the major costs of running a business is paying staff, so it makes sense to use a system that will ensure their wages are paid correctly. However, it’s important to understand how payroll systems work before you choose one for your company.
While some businesses may still rely on spreadsheet-based payroll processing, modern business owners recognize the need for better technology. Many have chosen to outsource the implementation of their systems to companies specializing in payroll services. These companies can perform the tasks in an efficient manner and at a lower cost to your company.
Business Entity Selection
One of the most important decisions that a business owner makes is choosing the right business entity. This choice can have a significant impact on the tax and financial implications of the business.
There are many options, including sole proprietorships, partnerships, limited liability companies (LLCs), C corporations, and S corporations. Each has its own benefits and drawbacks.
The best business entity for your company is dependent on several factors, such as ownership and capital structure. In addition, the tax treatment of distributions can also be a factor.
Whether it is a new company, a restructuring, an acquisition or disposition, or estate planning, it is crucial for accountants to be able to provide their clients with the optimal tax and business entity for their particular situation. This involves understanding the various issues that are important for the client’s business and goals, as well as weighing these against potential future changes in business and tax law.
