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Avoiding Payroll Mistakes with Professional Accounting

Avoiding Payroll Mistakes with Professional Accounting

When your business reaches the milestone of hiring additional employees, you might feel like jumping for joy. After all, hiring means you’ve grown. Plus, the extra people can be a big help in both keeping up with your current workload and further expanding your company. If you’ve reached this point, congratulations are in order.

However, just one of the hurdles involved in hiring employees is doing payroll. Payroll is a big job fraught with rules and government regulations. Very few of us are well-versed in these regulations, which means you’ve got to learn them well, and quickly.

Letting a knowledgeable professional handle your payroll is another option and it’s a good one. Accuracy is vital to avoiding a big mess, which is why so many business owners hire an accountant to handle their payroll. Let’s take a look at a few reasons why using an accountant might be the right choice for you.

  • They know the rules

    Most accountants are well-informed when it comes to managing payroll. It’s their job to stay on top of the current standards for withholdings, documentation, supporting data and more. Even little mistakes, especially if repeated, can add up to a big hassle later on. You can save yourself a lot of trouble by letting an accountant manage your payroll for you. Even if you use software or an online service, it’s easy to overlook things or make a mistake when setting it up. Better to let a real person with real knowledge take care of it.

  • You’ll get personal attention

    There are payroll programs and online services out there, and many of them are pretty good. However, there is no substitute for a real human being, with whom you have a real relationship and real time conversation when you have questions. You can’t build rapport with a computer or web-based service. They don’t care about your success and can’t answer your questions directly. When you work with an accountant for payroll and other services, you are actually building a relationship with someone who has your best interests at heart – and that’s worth a lot.

  • They can do more

    When you have an accountant for payroll, their expertise can spill over into other areas of your business. They may catch mistakes that have been made, ensure proper tax withholdings, provide financial consulting, and help with things like compensation packages, profit sharing, and more.

  • They can save you money

    As a small business, you may be hesitant to hire an in-house payroll manager or accountant. The good news is that you can retain a third-party professional to manage your payroll and other duties for a fraction of what an employee would cost. Add to that the benefit of having someone with solid financial knowledge on your side, and that can mean big savings at tax time and throughout the year.

For the most accurate payroll service, look for an accountant who specializes in payroll and has CPP (certified payroll professional) credentials. Don’t risk going it alone. Professional payroll help is widely available and probably more affordable than you think. You owe it to yourself – and your employees – to make sure it’s done right.

Tax & Accounting Services in Cedar City

Tax & Accounting Services in Cedar City

There is a great way to reduce your tax liability, saving money, and staying on top of your financial well-being – and it isn’t by doing your own taxes. Here in Cedar City, there are plenty of professional accountants that can help you with all of the above and more. Whether you’re running a growing business, have become self-employed, or simply want accurate tax filing, it always helps to have a professional on your side.

No matter how business-savvy you are, an accountant or CPA firm can often find tax savings and other financial advantages you simply aren’t aware of. Not only that, but using a professional can keep you out of trouble, reduce your risk of audit, and keep your overall financial health in check.

Have a look at some of the services a professional accountant can provide to residents of Cedar City and elsewhere.

Bookkeeping

A major time saving benefit to working with an accounting firm is not having to keep your own books. For business owners, this service can be extremely helpful in keeping your paperwork (and stress) at manageable levels. Knowing your payments, income, and record keeping are in good hands, you’ll be able to focus on growing your business.

Payroll

Hiring a payroll manager can be a big expense for a small company. Most often, you’ll save significant money by letting a third-party accounting professional handle this for you. You won’t have to provide salary, office space or benefits for an extra employee.

Tax Preparation of All Kinds

No matter your situation, filing accurate income or sales and use taxes can be complicated. Let’s face it: for most of us, it’s nearly impossible to stay on top of the latest in federal, state, and local tax codes. When preparing your taxes, letting a professional handle the job is a wise choice. You’ll be sure to get as much money back as possible, and you won’t have to worry about sifting through pages and pages of legal speak.

Revenue Recognition

When should you begin to count income as revenue? What’s the difference? To get help with these questions and more, an accounting firm is your best bet. Accurate reporting of revenue is one of the biggest challenges of doing business, but fortunately, you don’t have to hire someone in-house to take care of it. There are great financial resources right here in Cedar City.

Business Consulting

A professional accountant or CPA can do more than keep an eye on your money. They can also provide financial advice when you’re starting a business, restructuring your company, or considering other changes. If you want to improve cash flow, avoid legal problems, and reduce your financial liabilities, you can’t go wrong with a qualified accountant.

Navigating today’s financial environment can be quite an adventure – one that most of us shouldn’t face alone. No matter which services you need, it’s imperative that your advice comes from a trustworthy, experienced source. When it comes to you, your money, and the law, it’s always better to protect yourself by talking to a professional.

Starting Your Business Right: Clues You Should Be Using Professional Accountant

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Staring a business can be extremely rewarding both personally and financially. However, it can also be confusing and risky, even in a robust business environment like Southern Utah. If you want to succeed long-term, it’s usually wise to get a little help from someone with experience. This is especially true when it comes to keeping your finances in order.

Most successful business owners get some good advice along the way. That doesn’t necessarily mean hiring employees, but it may mean finding a professional accountant or CPA. Accountants can clarify the regulations and financial nuances of opening a business. They can also ensure proper tax filing, track expenses and income, and basically keep you running in the black.

If you aren’t sure you need an accountant or are reluctant to retain one, these five conditions could be trying to tell you that it’s time to hire a professional.

  1. You’re writing a business plan. This is where a lot of people should hire an accountant, but do not. Your business plan needs to be financially sound and realistic, based on accurate projections and proper setup. Professional accountants have financial knowledge and insights that can save you time, money, and future legal troubles.
  2. You’re making money. Though it may take a while, when you start turning a profit it could be the perfect time to hire an accountant. As a matter of fact, according to Kiplinger’s, the more money you make, the higher your chances of being audited. In fact, just owning a business increases your risk. Wouldn’t you rather have an accountant you trust before you get audited?
  3. You’re confused about structure. The way you set up your business will have big implications for your future. Should you be a sole proprietor, LC, DBA, or LLC? Speak to an accountant about your goals, worries, and tax preferences. They can help you avoid unnecessary liabilities, and enjoy the greatest tax benefits from owning a business.
  4. You feel disorganized. Keeping track of expenses, invoicing, financial statements, tax deductions, and more can really throw a wrench in your plans for independence. If you’re beginning to feel overwhelmed, uneasy, or ready to delegate, it’s time to get some help. An accountant can stay on top of your finances and keep you up to date on what’s going on, without you having to babysit.
  5. You need cash flow. Most startups struggle with cash flow. Perhaps you need to find the leaks in your financial planning. Maybe you’re considering a business loan or overdraft. Before taking action, speak to an accountant. They can improve financial management for better cash flow. When getting a loan, they can provide essential data and help you decide which terms and conditions are best for you.

In general, any time you’re faced with decisions, experiencing growth, or have to deal with government regulations (hint: taxes), it’s best to have a professional accountant on your side. With help from an accountant, you can focus on the ideas and vision that brought you here, knowing you’re in good shape for future growth in Southern Utah and beyond.

 

Tax and Accounting Services in Saint George

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Any honest business owner wants to safely reduce their tax liability while keeping a close eye on their finances. Here in Southern Utah, there are plenty of tax services available to local businesses. If you’re a business owner or have a more complicated tax profile, you would do well to consider hiring a professional accountant to help you.

While weighing your options, you might wonder about what accounting firms have to offer. You may be surprised at the variety of tax, business, and financial services you can outsource to a reliable firm. In most cases, if you need help in a particular area, there is a Southern Utah accountant ready to help you. But chances are, they can also provide services you haven’t even thought of.

From obvious areas like tax returns and bookkeeping, to services you didn’t even know you needed, a professional accountant can help you keep track of all of the following and more:

Individual, Business, and Non-Profit Tax Preparation

If your tax return is getting hairy, or you just feel better knowing it’s in capable hands, then individual tax preparation from an accounting firm is for you. You don’t have to own a business to let an accountant do your taxes, and no matter what type of return you file, you’ll be sure to reduce your liability as much as possible.

Sales and Use or Heavy Highway Use Tax Returns

Do you know how much sales tax to collect? Are you sure you’re up to speed on the latest in federal, state, and local tax codes? Letting a professional accountant take care of these for you can put your mind at ease.

Business Consulting, Startup Planning, and Restructuring

Accountants are a lot more than “bean counters.” They can also provide sound financial advice when you’re starting a business or considering making some changes. They can help you reduce risk, improve liquidity, and keep things running in the black.

Payroll Services

Need help with payroll but aren’t sure you need to hire another employee? Most often, using a third party service like a professional accountant to handle your payroll can save you significant money over hiring and training someone in-house.

Revenue Recognition Strategies

Deciding when income becomes revenue is one of the most important parts of running your business. A professional accountant can provide accurate, ethical revenue recognition to keep you out of trouble, while keeping your stress level to a minimum.

Trust Accounting Services

Few things can put your mind at ease like trust accounting services. If you want to make sure your estate is handled properly and with the lowest tax liability, hiring an accountant to set everything up for you is an absolute must.

The services offered by professional accountants and accounting firms in Southern Utah may vary, but finding someone you trust is the most important piece of the puzzle. No matter what your current situation, if there is any question whether you’re handling things properly, it’s imperative to have a qualified professional on your side.

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