Every business needs to keep track of its financial transactions. Not only does this help with forecasting trends but also helps determine their tax liability to the government.
There are specialized firms and accountants that help businesses carry out these tasks as per regulations and laws laid down by the respective states. This involves recording their transactions to filing their income tax and everything in between.
Every business owner requires these accounting services to collect payments on time, disburse expenses as per the law, prepare financial reports and determine their amount of tax payable to the government.
Some organizations usually have a dedicated finance department that looks after such accounting services. But several businesses cannot afford the time and manpower required to perform such services.
Type of Accounting Services
There is a wide range of business-related tasks that fall under accounting services. But here are the 5 key accounting services required by most businesses and individuals that your business needs.
1. Bookkeeping services.
This service helps manage your accounting books- from recording day-to-day business expenses and incomes to keeping track of accounts receivables and payables. Bookkeeping helps you keep track of your cash inflow and outflow, prepare financial reports, create business forecasts, and claim deductions while filing your tax, etc.
This service is required by businesses of all types and sizes- from solo enterprise, partnership firms to large corporations.
2. Tax Preparation Services
Filing taxes can often be a complicated and time-consuming task. Hence, to ensure your taxes are filed on time and in a proper manner, accountants offer tax preparation services.
This service can help you file your tax forms on time and plan your finances more efficiently to reduce the tax burden owed by you. The accountant also gives you appropriate advice to avoid paying unnecessary taxes after looking at your financial statements.
3. Payroll Services
This accounting service helps businesses adhere to laws and regulations regarding the payment of compensation to employees. The accountant will maintain records of employees and disburse their bonuses, salaries and deduct necessary taxes, contributions to 401Ks, etc. Hiring payroll services ensures all the legal obligations are met and employees are paid their salaries on time.
4. Estate Planning
While lawyers can draw up a will, they are unfamiliar with tax regulations. Hence, hiring an accountant for estate planning can ensure you don’t end up paying higher taxes and legal fees.
Estate planning services help you create and execute your will in a way that minimizes the tax burden on your beneficiaries.
5. Business Consulting
Along with maintaining financial records and fulfilling legal requirements, accountants can also help business owners with strategic planning. They can help with budgeting, analyzing cash flow, buying and selling business assets, and even selecting the best business entity as per tax consequences.
If you are a business owner looking to outsource these services to an accountant in San Antonio, Tx, do reach out to Adam Valdez CPA. They specialize in all these accounting services and will help you run your business more efficiently. To schedule a consultation with their experts right away.