Payroll, bookkeeping, accounting, tax planning, tax returns, and profit planning and execution. These are all critical elements of Accounting Done Right. When controlled and combined under one roof, small businesses have the ability to save lots of money in taxes, interest and penalties, and to make more money by optimizing profit planning and execution. This drives better business performance, longevity, and security—all providing peace of mind.
Despite the ability to radically sway the profitability pendulum by doing this, many small businesses go for the quick, seemingly easy and economical answers. These owners likely spend more time deciding which computer to buy than the selection of the right CPA firm. While this may bring short-term relief because of the “low price,” most owners end up experiencing the pain of the adage, “The bitterness of poor quality remains long after the sweetness of low price is forgotten.” This goes to the heart of the Oscar Wilde quote, “A cynic is a man who knows the price of everything, and the value of nothing.”
Let’s delve deeper to see why it makes sense to coordinate these services under one roof, and with a firm that has the experience and expertise to maximize the outcomes while minimizing the gaffes and glitches that can prove extremely costly both to the bottom line and peace of mind.
Bookkeeping—While the process appears to be straightforward, there are many ways to collect, capture, and use this information to the best benefit of the client. So, one bookkeeper can be far different from another. Having the bookkeeping system sync up with other accounting services is vital—and too often overlooked.
Accounting—Background, experience, knowledge, and a strong commitment to staying current with all the complicated, often convoluted, rules and regulations is a full-time job…and then some. As with bookkeepers, “accounting” is far from a one-size-fits-all. Accounting Done Right addresses the capabilities to customize the plan perfectly to a small service business owner’s needs and best interests. Again, too many owners select an accountant as though they were deciding on an evening meal. Take the time to investigate and do an apples-to-apples comparison.
Tax Planning, Tax Returns, and Profit Planning and Execution all emanate from the first two service categories. These are complicated but crucial elements of Accounting Done Right. It takes a well-rounded team of specialists to detect all the subtle nuances (and nuisances), and make sure everything is optimized to the client’s benefit. That means understanding small service businesses and the environment in which they operate. That means understanding how to apply all the tax laws, and how to provide the most accurate projection possible of what’s coming down the line.
Look for a firm with a track record in Accounting Done Right.