Small businesses are the backbone of the economy, but they can also be complex and time-consuming to run.
One of the most important things that small business owners can do is to hire a team of qualified professionals to help them with their accounting and tax planning.
Bookkeepers
Bookkeepers are responsible for recording and tracking a company's financial transactions including:
- Entering income and expenses into accounting software
- Preparing invoices and bills
- Reconciling bank statements
- Generating financial reports
Accurate bookkeeping is essential for small businesses, as it provides a clear understanding of their financial performance. It also helps businesses comply with tax laws and regulations.
Tax preparers
Tax preparers help businesses prepare and file their tax returns. This can be a complex process, as there are many different tax laws and regulations that entities must be in compliance with.
Tax preparers can help businesses to maximize their tax deductions and credits, and to minimize their tax liability.
Tax strategists
Tax strategists work with businesses to develop and implement tax planning strategies. This includes identifying and taking advantage of all available tax deductions and credits and structuring the business in a tax-efficient manner. Tax strategists can also help businesses to avoid common tax pitfalls.
Why are these three types of accountants essential for small businesses?
Bookkeepers, tax preparers, and tax strategists are all essential for small businesses because they can help businesses to:
- Save time and money: By outsourcing their accounting and tax planning to professionals, small business owners can save time and money that they can then focus on other aspects of their business.
- Improve financial accuracy: Bookkeepers can help businesses improve the accuracy of their financial records, which can lead to better decision-making.
- Comply with tax laws and regulations: Tax preparers and tax strategists can help businesses comply with all applicable tax laws and regulations, which can avoid costly penalties and fines.
- Minimize tax liability: Tax preparers and strategists can help businesses minimize their tax liability by identifying and taking advantage of all available tax deductions and credits.
CPAs in Pennsylvania
If you are a small business owner, we encourage you to hire a team of qualified professionals to help you with your accounting and tax planning; even better if they're a Certified Public Accountant. Specifically, Pennywise Tax Strategies can help you with all of that. Contact them today to get moving in the right direction!
While you're at it, join the Pennywise Tax Strategy exclusive Facebook group. They'll have weekly tax tips, engaging discussions, and more!
