5 Things to Know About Accountants
- 5 Things to Know About Accountants
- Who We Are
How many of us really know what an accountant does? Most of us just automatically start seeing taxes float around our heads and that’s about it. An accountant is one of the main players in any business that he or she works for, whether it is a large corporation or a small business. Accountants monitor and record the flow of money through a business or organization along with many other skills.
In other words: An accountant interprets financial data and breaks it down for business owners. The breakdown reviews the health of the company, which in turn helps to SAVE you lots of money every year.
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Bookkeeping: This service will help your company reduce costs and manage books efficiently.
It involves the recording, storing and retrieving of financial transaction for a company such as:
- Accounts Payable Management (Vendor Bills and Payments),
- Accounts Receivable Management (Customer Invoices and Collections),
- Bank Reconciliations (Checking and Credit Cards),
- Electronic Document Management,
- Inventory Management,
- Recording and Reconciling Payroll Transactions,
- Revenue Reconciliation with Bank Deposits.
- Audit is an objective examination and evaluation of the financial statements of an organization to make sure that the records are are a fair an accurate representation of the transaction they claim to represent.
- It can be done internally by employees of the organization, or externally by an outside firm.
- Payroll Services
- Attempting to do payroll on your own for your small business could put you on risk of facing IRS penalties and fines, late tax filling, and unhappy employers.
- When you pay a W-2 employee, you own a certain percentage of their income to federal, state and local tax agencies.
- You also have to match what they pay for Social Security and Medicare taxes, Payroll service can help you produce W-2 and 1099 Forms.
- Payroll service providers are a big deal for small business- an estimated 41% of American small businesses use them.
Before finding ATG Accountants:
After finding ATG Accountants:
- Tax planning is the exercise undertaken to minimize tax liability through the best use of all available allowances, deductions, exclusions, exemptions, etc., to reduce income and/or capital gains.
- Tax planning is really invaluable because tax laws change every year and new rules and regulations seems to become increasingly complicated with each year.
- The importance of tax planning has never been greater.
- Taxes are probably one of the biggest ways businesses are losing money.
- Today tax laws are so complicated that filling a relatively simple return can be confusing. It is just too easy to overlook deductions and credits to which you are entitled. Even if you use a computer software program there is no substitute for the assistance of an experienced tax professional.