As a certified public accountant, you are expected to know how to use the latest software and programs for your industry. However, when it has been some time since you have upgraded your formal training, you may need to enroll in some lessons to update your knowledge and experience. Rather than enroll in on-campus classes, you can instead sign up for virtual lessons. You can take advantage of what courses like Quickbooks online training can offer to CPAs like you.
Has a lender or other potential investor asked you to provide audited financial statements? While this request may surprise new small business owners, it's not an uncommon request to receive. And it can help your business in surprising ways. Here's what you need to know about audited financials.
What Makes Audited Financial Statements Different?
When you approach a lender, investor, vendor, or other institution to extend credit or take a financial stake in your business, you generally provide them with financial documents.
Many small business owners assume that all an accountant can do for them is payroll and taxes. However, a bookkeeper can do a lot more than these two important tasks. A great accountant can also help your business plan for growth. An accountant understands the finances of your business and can use that knowledge to help you plan for long-term growth.
Track the Financial Success of Specific Products
First, a business accountant can look over your sales and track how specific products or services your business offers are doing.
Have you received money that was earned by a loved one who passed away? This income, known as income in respect of a decedent (IRD), is an unusual tax matter that can have implications for the one who receives it as well as anyone who may be affected by the person's estate.
To help you understand how to handle the tax consequences of this money, here's a brief rundown of how this income affects three tax filings.
As a business owner, you surely have a lot of different things that you have to deal with, so taking the hassle of payroll professing off of your shoulders might be something that you will be very interested in. If you are not yet sure if there are any benefits that you will receive from outsourcing payroll processing services, you will want to continue reading.
There Will Be Fewer Mistakes