Accountants are a valuable resource for any business owner. They can help you stay on track with your finances and make sure that your company is following the rules. Accountants are professionals who keep track of financial transactions and maintain records. The services they provide include tax preparation, bookkeeping and financial advice. But what services do accountants provide?
The following are the main services an accountant can provide for your business:
Tax Preparation: Tax preparation is one of the most common services accountants offer. Accountants prepare tax returns for both individuals and businesses. They also help businesses determine whether they need to pay estimated taxes during the course of the year and how much they will owe at tax time.
Bookkeeping: Bookkeeping involves recording all transactions that take place in a business and keeping them organized so they can be easily retrieved later on. This helps you keep track of your business’ finances so you know where your money is going and whether or not you have enough cash flow to run your business smoothly. Bookkeepers also help prepare financial statements like balance sheets, income statements and cash flows for companies that need them for internal use or external investors.
Financial Advice: Accountants can advise their clients on how to improve their financial situation by providing advice on budgeting, debt management, financial planning (retirement planning), estate planning (wills) and more.
Accounting Services – The bread and butter of accounting, this service provides bookkeeping and financial records to help you keep track of your business’s finances.
Payroll Services – Payroll management is another important part of accounting, especially if you have employees working for your company. An accountant can handle all aspects of payroll including tax withholding and filing, ensuring that you don’t get hit with penalties or fines from the IRS down the road.
Auditing – If you have questions about how well your business is being managed or if there are any suspicious transactions going on between employees or customers, an auditor can help answer those questions by investigating certain areas of your company’s activity.
Tax planning – The accountant will work with you to find ways to reduce your taxes legally through good record keeping and planning ahead for any changes in the law that might affect your business.
Asset management – An asset manager helps monitor the performance of investments such as stocks, bonds or mutual funds, so they can recommend changes if needed before it’s too late.
Financial statement preparation
Financial statement preparation involves preparing reports such as balance sheets and income statements for investors or lenders in order to gain their confidence in a company’s ability to repay debts or provide returns on investment. Accountants use different tools including software programs to prepare these reports. You can contact Willis Jones Accountants for more information.