If you're like most small business owners, you wear a lot of hats. You're the CEO, CFO, and accountant all rolled into one. And while you may be able to handle most of your finances on your own, some bookkeeping, accounting, and tax service tasks are best left to the experts. That's where an accounting and tax solutions agency comes in.
This blog post will discuss the eight services you can expect from a tax and accounting solutions company. Knowing what these companies offer will help you decide if they are investment-worthy and if they are just what you need.
1. Bookkeeping
First among the financial tasks you should accomplish as a business is your company bookkeeping. Bookkeeping ensures that all your financial transactions are tracked and recorded. When tax season comes, you will be prepared with the details you need to declare.
An accounting tax solutions company has trained bookkeepers who utilize the best bookkeeping and accounting software to ensure that they record accurate data. They team up with an accountant, so you can receive financial reports to help you direct your business’s next steps.
2. Forecasting
Aside from the regular reports bookkeepers and accountants prepare, like statement reports, balance sheets, shareholders’ equity reports, and cash flow, an accounting solutions company also handles forecasting.
Forecasting is a business method that foresees the company's financial status in the next month, quarter, or year. Predictors will use different methods like qualitative and quantitative methods to get forecasts that are as accurate as possible. Having updated books also helps ensure the accuracy of the business forecast.
3. Accounts Payable
Included in your books are accounts payable. Accounts payable is the amount you must pay your suppliers and creditors. When you know exactly how much your accounts payable is, you can set aside the payments immediately after accumulating your business income.
As a result, the money you’ll spend on operations will not exceed the amount you are supposed to spend. On top of this, you’ll also have peace of mind knowing that you have paid all your dues before making any purchases or scaling your business.
4. Sales Tax
Taxes are already complicated, but even more when discussing sales tax. Sales tax regulations are different per state and province. Some charge sales taxes based on the destination, while others charge based on the package's source.
Skip the worry about making mistakes in complicated sales tax calculations with an agency. Agencies have sales tax calculation tools that are always updated with the latest rules. With this, the money you file, remit, and get refunded will always be correct.
5. Payroll
When your business has grown, you’ll have more and more employees to manage. Included in your responsibility as an employer is handling their payroll. Although making payments is easy, behind the scenes, accountants need to get all employee tax information, calculate gross pay, check out for tax and other deductions, and determine a net pay to hand to your staff.
The nitpicky details will all be handled by your partner accounting and tax solutions team. You can skip the worry of getting irate comments from your employees because they will always get the correct amount and deductions every time.
6. Income Tax
When you have bookkeeping and accounting in place, you’ll be more relaxed when tax season comes. This is because your partner agency, which keeps your book in order, will only use the data in the books for your income tax return.
7. Customer Service and Resources
The best part about partnering with agencies is that you’ll always have a team to count on for your accounting and bookkeeping needs. Many of these agencies have their customer service channels readily available, so in case you have concerns or questions, you can contact them.
These agencies do not fall short of resources if you want to deepen your knowledge on accounting, bookkeeping, and taxes. They have articles, video explainers, and social media snippets to help you know more about the complicated world of business finances.
Unloop Accounting and Tax Solutions
As you can see, there are many bookkeeping, tax, and accounting services that an accounting and tax solutions agency can provide for your business. At Unloop, we offer all these services to help businesses in every stage of growth. We’ll be on top of your business’s financial management by ensuring accurate bookkeeping, timely forecasting, tax planning, and efficient accounts payable and payroll processes. We promise top-notch customer service and the resources you need to succeed. Book a call with us now to learn more about how we can help your business thrive!