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Accounting firms provide a range of services aimed at helping business owners organize their finances, stay tax compliant, and prepare for business growth. Accounting is an integral part of running a business, and business owners want to work with an accounting firm like Aventura, FL CPA firm that offers the types of services they need. The following are the common services accounting firms offer:
Tax Planning and Preparation
Tax planning and preparation is not only about completing tax returns. Accounting firms prepare year-end business documents like employee W-2, IRS owner K-1, and 1099-Misc forms. Also, business owners can authorize accounting firms to represent their interests regarding IRS audits, information requests, or notices.
In addition, business owners must establish entities that make favorable tax scenarios. An accounting firm helps them identify the right solution and create these entities. It can work with an estate planning lawyer, insurance agent, and financial planner to implement strategies to mitigate estate taxes and for business transfers.
Business Development and Valuation
Business owners can rely on accounting firms in terms of creating valuation reports or getting audits required by financing firms. A business that seeks funding or financing must accurately value this transaction. Also, this is essential for possible purchases or merges. An accounting firm can look at the revenues, business books, and growth patterns of the previous year to figure out a fair value of the business.
Bookkeeping and Payroll
Business owners can send copies of their business bank accounts to an accounting firm that has its own bookkeepers to keep accurate cash flow records. Also, the firm can make profit and loss statements itemizing the major areas of costs as well as revenue streams.
In addition, an accounting firm may assist with a company’s accounts receivables and handle outgoing monies such as vendor payments and payroll processing. It helps make sure the completion of federal paperwork for employee and contractor onboarding, so a business can properly issue year-end payment documents.
Advisory
Advice and insight from experts can help determine a company’s success. Accounting advisory work includes a variety of fields, including how business owners can rearrange their structure, improve their business performance, and deal with future risks. Also, accounting advisory includes working as a team on bigger projects to complete them on time and meet industry standards. Accounting firms employ financial and accounting experts who can provide business owners with important advice that help them grow their business and accelerate the growth momentum.
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