Not many small business owners or entrepreneurs particularly enjoy the accounting aspect of their business. For most people, it’s a tedious but necessary task that must be endured in order to keep doing business.
If you have simple finances and few employees, you may still be handling the books yourself. But at some point, the task may grow beyond what you alone can handle. This points many business owners in an awkward spot—large enough to need some accounting help, but not large enough to require a full-time accountant or financial department.
If you’ve found that accounts receivable or accounts payable are not up to date, or payroll details have been missing, it’s time to seek help with your accounting needs. This means asking a basic question about which accounting services are best for your small business. If you are concerned about IRS tax audits, or find yourself in need of an internal financial statement audit to reconcile some mismatching numbers, you might seek out an accounting firm with tax law experience.
Check out 10 Bookkeeping Tips for Small Businesses to make sure you haven’t missed any best practices for your accounting functions. It will help you ask better questions when choosing an accounting and auditing service.
In order to make the decision about what kind of firm will best serve your organization, you should ask yourself which accounting services you need. If you have a high volume of transactions, or complicated financials, you could benefit from seeking a firm with expertise in more than just basic accounting. Some typical accounting functions include:
Other services that may be used by businesses with a more complicated balance sheet can include:
The depth and breadth of your accounting needs may be unique to your business. By engaging with a firm that can customize a plan to your needs, you ensure that you’re paying for exactly what you need and nothing more.
RELATED: What Is a Bookkeeper and When Do I Need One?
Typically, if someone doesn’t enjoy doing a task, they probably won’t do a great job. When it comes to bookkeeping and accounting, the consequences of poorly maintained financial records could mean closing down the business for good.
But even if you don’t mind doing the books yourself, there are other good reasons to outsource your financial management:
It’s important to note that there’s a big difference between online accounting software and real accountants. The in-depth knowledge and reliability of an experienced accountant can make a big difference for your small business. Make sure you ask any accounting firm questions about their practice before committing to their services.
RELATED: How to Prepare for a Small Business Audit
At S.H. Block Tax Services, we are much more than an accounting firm. Our team of attorneys, enrolled agents, bookkeepers and accountants have a wealth of experience and knowledge regarding tax law, and we bring that to every meeting. If we spot an advantage that your small business could use to save money, we’ll make sure you understand the details and can ultimately make the best choice for your organization.
Since our services comprehensively cover everything from bookkeeping to tax law and tax audit representation, when you enlist the help of S.H. Block, you also get access to our extensive knowledge and resources for much more than accounting. We can advise you on future tax planning, accounting records for audit defense, legal advice, and more.
We are more than just financial professionals—we truly care about your success. We are always looking out for our clients’ best interests, earning their confidence and their trust as they tackle the challenges of the business world. We will work closely with you to achieve your goals.
RELATED: CPA vs. Tax Attorney: What’s the Difference?
Our team is happy to answer any questions you have about your organization’s accounting needs, including how S.H. Block Tax Services can help you achieve your small business goals.
To learn more about us, or to schedule a free consultation regarding any of our financial services, call us at (410) 872-8376 or complete this online form and we’ll start working on your questions right away.
The content provided here is for informational purposes only and should not be construed as legal advice on any subject.
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