It may not be feasible or practical for your company to employ an in-house financial manager or accountant. As a small business, your budget may not be able to support the salary and benefits that a full-time accountant would demand.
Nevertheless, when tax season arrives, professional accounting is called for to ensure that your financial data is accurate, compliant, and organized.
Is tax filing a source of stress and distraction? It doesn’t have to be.
Don’t let tax season slow down your team. Work with an accounting firm that specializes in accounting tax solutions for small businesses. Bringing in a team of experts shortens your tax season and helps your business hold on to as much of your hard-earned revenue as possible.
Keep focusing on what you do best and let your accountants do the same.
Here are a few of the ways that working with an accounting and advisory firm can benefit your small business during tax season.
Keep All of Your Tax-Relevant Data Organized
The documentation required for business tax filing can be overwhelming.
When you work with an accounting firm that specializes in small business tax prep, they’ll help you make sense of your records. These typically include:
- Previous tax returns
- Revenue and expense spreadsheets
- Payroll records
- Benefits records
As you assemble your files and paperwork, your accountant can help you establish a year-over-year framework for easy filing. Once you’ve initiated a relationship with an accounting firm, you’ll never have to worry again about losing track of key documents or forgetting how to execute your optimal tax strategy.
Earnings and Losses Record Keeping
The best outcomes from tax filing rely on detailed tracking of your business’s earnings and losses.
A proactive team of accountants helps you track your company’s revenue and expenses throughout the year so that this information is accessible and up-to-date when tax season arrives.
Work with an accounting firm that provides year-round consultation, according to your needs. When your relationship includes periodic check-ins to answer your questions and update your records, the arrival of tax season no longer brings stress and surprises.
Pay Less in Taxes
New small business owners are often surprised by how many factors affect their tax filings. There are quarterly estimated tax payments, cash payment reporting, self-employment taxes, and many more complications—it’s a lot to keep track of.
Without the help of experts, it’s easy for small businesses to mistakenly overpay or underpay their taxes. Many business owners who want to keep their taxes as simple as possible end up failing to report all of their income or missing out on credits that could reduce their tax burden.
Overpaying results in lost revenue while underpaying exposes your business to liabilities, future paperwork headaches, and back taxes.
Precise filing performed by a team of experts eliminates the risk of underpaying. Expert filing also takes advantage of every available deduction and credit and reduces taxable income for you and your employees.
When you work with accountants, you can be sure that your business is paying exactly what it needs to—no more, no less.
Get More Time and Peace of Mind Back
DIY tax filing involves a lot of number crunching and poring over detailed documents. The process typically brings significant stress and doubt. You worry about accuracy, compliance, and the possibility of paying more or less than you need to.
Working with an accounting firm puts the time-consuming task of task preparation into the hands of experts. Accountants dedicate themselves to mastering each new tax law and bookkeeping software update so that you don’t have to.
Get Accounting Tax Solutions for Your Small Business Today
This tax season, enjoy all of the benefits of working with an expert accounting team.
At Stratlign, we want to be part of your success story. We’re an accounting service for small businesses. Our team of accountants specializes in helping construction and trade businesses, such as general contractors, landscaping contractors, and electricians.
We love to help the hard-working teams that keep their communities running. As construction and contractor specialists, we understand the challenges and opportunities you face as a small business owner.
To learn more about accounting tax solutions for your small business, schedule a 15-minute discovery call today.