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
From major corporations to a person earning minimum wage, financial management plays an important role in the lives of these entities. In fact, many individuals and businesses have gone broke simply due to poor financial management in one way or another.
The challenge in financial management isn't that people don't want to do it. Quite often, people can't manage one or more aspects of their finances because they lack financial literacy.
Everyone knows that both individuals and businesses must file and pay their income taxes each spring. But do you know what other taxes your business has to file and pay throughout the year? Here are 6 taxes to ensure that your company — no matter what type — is appropriately paying.
Sales Tax. Everyone has to pay sales taxes when they buy most goods, but companies may also have to collect and remit sales taxes when they sell items.