Businesses of every size must track and analyze their finances in order to maximize profits and minimize tax liabilities. While it can be tempting to go it alone, working with an experienced accounting firm can save small business owners time and money while allowing them to invest energy into the revenue-generating parts of the business.
Small business owners in St. Charles, IL are in luck—they have access to the experts at Apex CPAs & Consultants to assist with these vital accounting services.
You should never pay more taxes than you legally owe. There could be many ways of saving your small business on taxes through specialized industry write-offs, credits, and rebates. For instance, some localities provide rebates for energy or water-saving appliances. Knowing the ins and outs of all of these potential savings requires a professional with ongoing education and experience.
Receiving notice of an IRS audit is one of the most dreaded nightmares of any small business owner. Doing complicated taxes by yourself can lead to oversights, mistakes, and missing documentation that can trigger an audit. When you work with a qualified accounting firm near St. Charles, IL, you can rest assured that your taxes are being done correctly and on time to avoid penalties, late fees, and interest. As an extra layer of security, a CPA at an accounting firm can handle an audit on your behalf.
For a business to make profit, it must take in more in revenue than it spends on expenses. This may seem obvious, but many businesses don’t even realize they’re in the red until it’s too late. Careful and routine monitoring of all money coming in and going out is vital for a business to catch problems early and adjust strategies to increase profits.
A qualified accounting firm can track daily receipts, pay bills, and organize major expenses like labor, rent, utilities, equipment, and more. Your CPA can spot shortfalls, cash flow problems, employee theft, and potential savings opportunities just by handling your daily accounting tasks for you.
Not all CPAs are specially qualified to give financial advice, but established accounting firms like Apex select the members of their team based on education, experience, and specialty. A CPA with this background can help with more than spreadsheets and taxes—they can help with legal structuring, such as choosing and establishing an S-corp, C-corp, LLC, or other legal structure based on your financial goals. They can also help you decide on and implement employee benefits like salary vs hourly, partnerships, dividends, insurance, and more.
Your CPA can vouch for the accuracy of your books when proof of your profitability matters. For instance, acquiring a government contract, a bank loan, or a new partner or investor can require solid evidence of a small business’s financial standing. This process is a legal one and can only be performed by a registered CPA with a CPA firm.
Many small businesses can handle (and may even prefer control) of some aspects of their accounting. In such cases, a CPA may be most helpful by training you and/or your employees in accounting software, like Quickbooks. With a fundamental knowledge of this software, you can input receipts, manage automatic payments, create invoices, and more. Your CPA can then help you generate insightful reports and file quarterly or annual taxes to help you stay on top of your numbers.
These services and more can all be found at Apex CPAs & Consultants near St. Charles, IL. If you have questions about the finances of your small businesses or need help staying on top of the books, our trained experts can give you industry-specific guidance and help you ensure you’re making the most money for your hard work.