How Accounting Firms Help Business Owners Plan For & Make Estimated Tax Payments
As a small business owner, you’re the brains behind the entire operation. However, your brain can only possess so much information at once. You can only keep so many Post-It note deadline reminders around the office before it becomes overwhelming and you overlook something, whether it be a write-off that could have saved you a little bit of money or a regulation that could end up costing you big time. Having a small business tax preparation accountant in your corner protects you from all angles and from all unwanted surprises.
Human Error: Avoiding Miscalculations, Over-estimations & Underestimations
Upwards of 60% of tax submissions contain errors. It doesn’t matter if the error is intentional, accidental, a simple omission or an overt mistake – something went wrong, and a penalty is likely on its way. An outsourced accountant acts as a second pair of eyes (with 20/20 vision), dedicated to keeping your numbers in order, books up to date and documentation organized at all times.
Incurring Infractions: Minimize Potential Tax Penalties & Meet Deadlines
Each tax error equates to money lost. Every deadline missed is more fines accrued. An accountant’s primary role is to mitigate the risk of a penalty by staying abreast of all regulation changes, accurately estimating tax payments and submitting those payments on time. Keeping track of dates as they pertain to your business is hard enough – offload the pressure of remembering deadlines to an outside accountant. And if the accountant doesn’t perform at the highest level or slips up, the firm is held accountable for the shortcomings.
The Life of a Business Owner vs. The Life of an Accountant
When you wake up, your day begins with an evaluation of what’s on the docket for your business. Who has the day off? What tasks need to be fulfilled, and which employee is best for the job? Did you remember to lock up the office last night, or do you just not remember unlocking the door this morning? When we wake up, we have your tax preparation at top of mind.
Saving the Day – & Saving You Money
Accountants are completely immersed in the world of financial planning for businesses. We understand each new standard, regulation and requirement as it is rolled out in the ever-changing world of small business taxation. By staying well-versed on every write-off, we allow you to take advantage of kickbacks and savings that otherwise would go overlooked. Looking to save on overhead costs without sacrificing an ounce of quality? Outsourced accountants can get it all done at a much lower cost.
For more information on an accountant’s role in small business accounting & tax preparation, contact Holbrook & Manter’s Business Services & Solutions Team today!