No matter what size business you own, having or working with an accountant is necessary. Accountants are vital to an organization because they keep the financial records. Keeping these records current allows managers to make informed business decisions, such as performing a cost analysis or a make vs. buy analysis. Accountants also provide financial advice, and with knowledge of regulations regarding tax law can provide sound advice regarding business vs. personal deductions, business classification and timeliness of report preparation. Some companies are large enough to keep an accountant on staff full time, but for smaller companies it may work better to work with a contractor or tax service such as Olympic Tax & Business Consulting, LLC as needed.
Accounting and Tax service companies can provide many services to help companies keep financial records organized, Tax Preparation in Sequim, WA, perform bookkeeping, run payroll statements, and help new businesses get set up. In addition to Tax Preparation in Sequim, WA the organizations can provide year round tax advice. This is important because assets and liabilities may fluctuate during the year in response to various events, and certain decisions may need to be made regarding your tax plan. Individuals also need help with tax preparation depending on the complexity of their situation. An accounting service is an option for tax prep when it is time to go over annual income taxes or when making investment decisions.
Tax Preparation in Sequim, WA companies can also provide financial planning and business consulting services to individuals and businesses. Many of the accounting services also employ certified financial planners to help clients with long-range financial planning. For example, they can help you establish a college savings plan, make a decision regarding retirement, help with estate planning, and life insurance decisions. For business consultants the planners can help create a business plan, with decisions concerning management, personnel projection, and asset protection.
Accounting is more than simply crunching numbers, it is communicating the efficacy of a business. This is achieved by providing comprehensive service to an individual or organization to help understand how to interpret the numbers and help you reduce tax liability and maximize capital.
