Bookkeeping Services: Dividends for Small Business
No, not businesses that pay dividends, but instead bookkeeping services for small business that provide the breadth of services required for small business financial success. The key to choosing providers of bookkeeping services for small business is to think of more than just bookkeeping.
Sure, you need bookkeeping for pulling together all the documentation of business income and expenses. Bookkeeping services for small business also report out those records as required, as well as producing reports for the tax return preparer. But, what else would a company offering full business accounting services offer instead of just bookkeeping services for small business?
- Tax planning – Rarely can you take advantage of tax benefits for small business on the spur of the moment. It takes planning, looking into the future, and making current decisions based on tax planning for the future.
- Tax preparation – When it is that time of year, your chosen provider should not just provide bookkeeping services for small business. They should pull together your bookkeeping records, use them to prepare the proper forms for your tax returns, and check the results for compliance.
- Compliance protection – What you never want to get is an audit notice from the IRS. You also would like to avoid even having questions from the IRS on your returns. The normal bookkeeping services for small business do not include a licensed tax professional. Having a licensed tax professional to oversee your returns, their accuracy and compliance is an invaluable service.
- IRS representation – Another service an appropriately licensed tax professional can offer is their certification to practice in front of the IRS. This means you are not alone when they take an interest in your returns, ask questions, or worse, they initiate an audit. You would not want to be sued without hiring a lawyer, and you do not want IRS scrutiny without a good tax professional, not normally offered by most bookkeeping services for small business.
- Estate planning – Over time you will be building your assets, retirement, and investments, and you will benefit greatly from expert help in planning and executing your estate plan to care for you if incapacitated and your family when you are gone.
- Asset response – As you build your business and save for retirement, you will be growing your assets. Threats are everywhere. Creditors and lawsuits can wipe out your hard earned and accumulated assets in short order. A full service business accounting service will help you to put protection in place for your assets.
- Business entity formation – Proper formation of your business entity can help with liability protection as well as with retirement planning and other financial decisions over time.
As you can see, there are many services that are usually not included in regular business bookkeeping, and they are all quite valuable for your future success. You could piecemeal them with several vendors, but why not get them all from one resource? Your search for bookkeeping services for small business should expand to include these services, and you can find them all in one place at Taxhive.com.