Small businesses are booming these days, but with growth comes complexity. There are a lot of things to consider in order to stay on top of all the requirements and regulations, and it can be tough to figure out how all the pieces fit together. One such tedious task for small businesses is accounting.
When it comes to accounting, a lot of small businesses choose to handle their own books, which is fine if you have staff dedicated to accounting tasks. If you don’t have anyone on hand to do it, or the number-crunching involved is just too much for you or your team to handle, there are other options. You can outsource your accounting needs by hiring an Aventura, FL CPA firm.
Here are 3 reasons why small businesses should hire a CPA firm if they don’t have an in-house expert.
To maximize deductions
In order to maximize your deductions, you need to keep your payroll low. If you are paying someone to do the work, that’s money you’re not keeping around that can be put toward the business. Not only this, but it also forces you to operate within a more accounting budget so that you don’t over-or under-book your deductions.
You need someone who’s been through it all before, who knows what documentation you need to get approved for all the deductions you can take. Your CPA firm should know all of the right documentation you need to file your taxes and make sure you maximize your deductions and not pay any unnecessary taxes.
To represent you if you get audited
If you have an employee who is doing your books and you get audited, it’s not just that person who will have to deal with the IRS, but also your company. If you’re getting audited and your bookkeeper is solely responsible for the errors on file, then your entire business could be at risk. You need a third-party advocate on your side to make sure things are handled fairly.
To ensure that your taxes are filed correctly
Again, it could be a scary situation if your bookkeeper is solely responsible for the mistakes on file. But if you hire a CPA firm, you’ll still have someone looking over their shoulder to make sure they are filing in the right space. If they aren’t, you can have them fix the returns before they hit the government mailboxes.