Accounting is the process of summarizing, recording, and analyzing financial transactions relating to a business’s operations. Accounting helps you track your income, expenditure, and ensure statutory compliance. Accounting information is used to make key business decisions.
If your finance team is already burdened with too much work, it makes sense to outsource your accounting to an accounting firm in Santa Rosa. Your outsourcing partner will perform day-to-day accounting tasks, ensuring that your employees can make time for more important tasks.
Here are some common types of accounting services for small businesses that accounting firms provide.
Tax Accounting Services
Taxes are complicated and navigating the tax system is not the average business owner’s favorite thing to do.
Federal government introduces changes to existing tax laws and announces new tax rules at regular intervals. Staying on top of these developments can prove to be an uphill struggle for a small business owner who has their hands full.
To make sure you have enough time for essential tasks, hire an accounting firm in Santa Rosa to manage your taxes.
Your accounting outsourcing partner will help you with tax planning. The team will prepare both state and federal corporate tax returns and year-end business documents such as employee W-2, IRS owner K-1, and 1099-Misc forms.
Your partner will help you identify estate planning needs unique to your business. The firm will work with your estate planning attorneys, financial planners, and insurance agents to implement long-term strategies to minimize tax liability.
Accounts Payable and Receivable
From invoice receipt to reconciliation, your accounting outsourcing partner will manage all accounts payable tasks on your behalf.
The team will also perform important accounts receivable tasks such as account reconciliations, maintaining your billing system, and generating invoices and monthly reports.
Payroll Processing
Payroll processing is time consuming and a headache for most business owners. Your accounting outsourcing partner will perform all payroll processing tasks including calculating total wage earnings, withholding deductions, and filing payroll taxes, to help reduce the burden on your resources.
The team will unify your pay periods, use payroll software, keep current with regulatory requirements, and integrate your payroll with other processes to improve your payroll.
Financial Reporting
The financial statements of a business reflect its financial position. They are used to make important business decisions. Your accounting outsourcing partner will prepare important financial statements such as your balance sheet, income statement, and cash flow statement.
In addition to preparing different types of financial statements, the team will also help you analyze them, enabling better decision making.
Struggling to streamline your accounting ? Virtual Jeannie Bookkeeping Services can help. We follow best practices in accounting and bookkeeping. Our team will identify and weed out inefficiencies in your accounting and bookkeeping processes to make your business better. To discuss your needs, call (707) 664-1425.