What an Accountant Does and Why Employ One?

Accountants and bookkeepers fulfill some similar needs but are not the same. An accountant will look at the data your bookkeeper has recorded and offer financial advice and business suggestions from that data. Some common tasks an accountant performs include adjusting entries in records, creating reports including financial records during tax season, handling audits, analyzing and verifying the accuracy of data, looking at where the business has a chance for growth, tracking trends and helping the business owner with comprehending what certain financial decisions impact will be.

A Hialeah accountant looks at the broader picture and how certain things need to be handled, then a bookkeeper will follow that through. With the help of an excellent accountant a business owner has a more complete image of where the finances are and what things like like in the short and long term. They can help with suggestions on what can be done to improve things or to fix problems. There are accountants and there are CPAs (certified public accountants). Both can handle tax returns but CPAs have a more detailed knowledge and understanding of the laws. A CPA can also be your representative should the IRS audit you.

Why you need a professional accountant

Have an easier time during tax season
An accountant can work with your other people such as your bookkeeper to ensure all your filings and records are up to date. They can give you an idea of how healthy financially your business is and what might happen when it comes to taxes ahead of time. Choosing an experienced team like accountants associates Hialeah means you can then make changes and decisions that can lower your tax bill. It also helps with all your tax returns.

Be more prepared for an IRS auditBeing audited is not something any business enjoys but it can happen and that means you need to have records that are accurate and regularly kept up to date. It ensures the process is a much smoother one. An accountant can help make that happen. More recently due to businesses needing more help during the pandemic, it also means you can get help from certain government programs. It means when the CRA let you know they are coming you do not have to worry about whether you really comply with certain guidelines and are going to face penalties.

Have an easier time getting loans
Having the help of a Hialeah accountant also means you are in a much better position to apply for loans from creditors or banks. They will expect accurate information and clear records which you will be able to demonstrate with an accountant helping you. The lender will see you have control over your finances and that you make business decisions based on real records.

No missing out on tax deductions or creditsAccountants associates Hialeah can also help to ensure no tax credits or deductions are missed when filing. The more tax deductions you claim the less your tax payment will be.