Top 8 Accountant Services for Small Business
Accountant services for small business vary by accounting firm. Some offer only higher level services, leaving bookkeeping and some other services to others. A top accounting firm often is one that offers a full suite of servicesi, and here we will discuss the top eight of those services.
- Bookkeeping – While many small businesses consider bookkeeping separate from accountant services for small business, bringing the bookkeeping into the suite of accountant services is more efficient and often more accurate. Keeping bookkeeping inhouse with tax preparation also makes information exchange more efficient. Detailed recordkeeping with a plan and streamlined process to the tax preparation step leads to better accuracy and less audit risk.
- Tax preparation – Pulling together all the expense, income, credits, and other tax information must be comprehensive for accurate tax preparation. Often interviews with the business owner client are necessary in accountant services for small business. The massive detail involved in complex business tax returns require top-notch experienced accounting personnel for accurate tax returns and lower risk of audit.
- Tax planning – Accountant services for small business are not a once-a-year meeting and a few days of tax return preparation. Because small business tax laws and rules are constantly changing, and because taxation influences business profits years into the future, tax planning is an ongoing activity. Often it is too late in the current year to take advantage of opportunities that were not in last year’s planning.
- Entity formation – Often the very first act in forming a new business should involve determination of the best form of business entity. This decision will impact profits and taxation throughout the life of the business. Determination of whether to incorporate, form a partnership or LLC is critical to the financial health of the business and the owner(s).
- Audit protection – The expertise of a Certified Public Accountant is the foundation of accountant services for small business. A CPA certified to practice in front of the IRS spends a lot of time keeping up with changes in tax law and how they impact their clients’ businesses. Monitoring a myriad of details to meet IRS requirements helps the business to avoid audits. However, no matter how well it is done, at times the IRS has questions. You want a CPA ready with answers.
- Asset protection – As a business grows and generates profits, the owners invest in assets both business and personal, including investments. A critical component of the accountant services is protection of those assets through a combination of asset protection strategies.
- Estate planning – Successful business owner(s) will build wealth and acquire assets that they want to plan for transition to their designated beneficiaries. The full service accounting firm will provide estate planning services for growth and transition.
- Accredited investor – One goal many business owners share is to take their investing to the next level, the status of accredited investor. This opens larger and more complex investment opportunities. Help in achieving this status is part of the suite of accountant services for small business offered at Taxhive.com
A full suite of accountant services for small business makes your accounting firm a sort of partner in the success of your business.