Accounting firms offer many services that help Colorado businesses gain better financial control, stay IRS tax compliant, and plan future business growth. With over 100 accountants in Parker and thousands of CPAs in the Denver Metro area, it’s hard to determine which accounting firm is best for you.
Larger firms may offer a wide range of services, including helping to start a business, as well as offering personal and corporate tax preparation and planning services. A small firm may provide only basic bookkeeping, payroll, and tax preparation but little else in terms of business support.
Not every accounting firm offers every type of service, which is why small business owners need to be clear about their needs before speaking to a potential partner to find an accounting company or CPA that can handle all business needs efficiently and professionally.
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Hiring an accounting firm for your company requires researching which service package will work best for your business. While some accounting firms specialize in niche services like tax filing, most will offer business bookkeeping and payroll services, tax preparation, and business consulting services.
Tax Preparation and Planning
There is much more to tax preparation than just completing tax returns once a year.
A good accounting firm handles all aspects of your company’s tax reporting requirements. In addition to preparing state and federal corporate income tax returns, they also prepare year-end business documents, such as IRS owner K-1 income statement forms and employee W-2 wage forms.
The Internal Revenue Service is involved in a lot of businesses, and if you aren’t in compliance with what they need then they can potentially audit you at any time. This is where the business owner needs the help of an experienced accounting firm like Peak Accounting Services for IRS tax problem resolution.
A professional accounting company can help the client avoid unintended IRS penalties by checking the tax and information returns of businesses for errors that may delay a refund or lead to an audit.
Business Bookkeeping and Payroll
Parker business owners have a lot to worry about if they’re running a small business. Although many entrepreneurs are great at providing a product or service, taking the time to understand the financial aspect can be overwhelming.
There are a hundred accounts relating to business, each with its own balance sheet and earnings statement. Business owners who outsource this aspect of their service to an accounting firm can save valuable resources spent on keeping accurate financial records.
Professional parker accountants provide these services in addition to making sure that bookkeeping practices are appropriate and provide a good summary of where the company stands financially.
Essentially, they’ll give you an estimate of how much money you have leftover after each pay period ends and what resources you need to generate revenue for your company.
Many accounting firms also provide payroll processing services for clients. This includes calculating payroll, including direct deposit, and making sure that employees are paid on time.
Business Consulting
Running a small business is exciting but requires planning and attention to all details and often leaves entrepreneurs with many unanswered questions. Questions about finances, strategy, and growth.
Business consultants offer expert advice on all aspects of running a business, from selling or buying or taking out a business loan.
Taking out a venture loan or selling/purchasing a business can be a costly affair. You have to be sure the price and value are right before engaging in any transaction. This is where an accounting firm comes in handy, as they specialize in increasing the overall value of your company by providing solid business advice.
Key Takeaways
Accounting firms offer many services to meet the organization’s business needs. An interview or assessment should be conducted to determine which accounting services are best for the organization.
Find out if Peak Accounting Service is the best fit for your business needs. Call us today!
