Most small businesses have limited resources, which prevents them from hiring enough accounting professionals. When a business’s accounting team is understaffed and overworked, mistakes are bound to happen. Accounting errors can deliver a devastating blow to a business, hitting it where it hurts the most. Additionally, often accounting teams get so bogged down with less important accounting tasks that they struggle to focus on critical tasks. To address this problem, small business owners must consider outsourcing their accounting to a reputable accounting firm. Qualified and experienced have an in-house team of subject matter experts who know accounting principles like the back of their hand. Accounting firms help their clients with different tasks. To ensure their clients’ teams have enough bandwidth available to focus on critical tasks, accounting firms in Sonoma County offer a range of services.
1. Tax Planning and Preparation
Accounting firms assist their clients’ teams in preparing and maintaining important tax documents that are required when filing state and federal corporate tax returns. Accountants in Sonoma County helps their clients prepare year-end business documents including employer W-2, 1099-MISC forms, and IRS owner K-1. Accounting firms also help businesses identify and capitalize on tax saving opportunities.
2. Payroll Services
Expert accountants help their clients streamline their payroll process. Professionals with years of hands-on experience under their belt are adept at finding and eliminating common payroll issues related to overtime, hourly rates, and salary increments.
3. Ledger Maintenance
Businesses, irrespective of their size, must update their ledger regularly. If your finance team members already have too much on their plate, they will forget updating the business ledger every now and then. To address this problem, consider hiring an accounting firm. Expert accountants watch every business transaction closely, and update the general ledger regularly.
Accounting firms help their businesses with bookkeeping. Expert accountants work with bookkeepers to maintain accurate cash flows. Accountants in Sonoma County also help with the preparation of profit and loss statements and accounts receivable.
Accounting firms hire expert auditors who help clients prepare and maintain different critical documents for auditing purposes. These professionals have a deep understanding of auditing principles, and help their clients fulfill auditing and compliance requirements.
These are some services that accounting firms offer. If you need one or more of these services, Virtual Jeannie would be happy to help. To talk to an expert accountant in Sonoma County, call at 707-664-1425. Alternatively, to get answers to your accounting questions fill out our contact form, and one of our experts will get back to you shortly.