Think about it this way, would you rather purchase a cheap
refrigerator that you will have to keep fixing and will give out in a
few years, or would you prefer a reasonably priced refrigerator that
will last 15-20 years longer? If you are being cheap about keeping your
financials in order, you are cheap about the future of your business and
are impeding it from growth..... Payroll Services
The first thing to do when hiring an cheap accountant is to check their credentials. Are they an accountant because of their degree in college or because they took a few QuickBooks courses? To become a CPA, a professional must spend a grueling year learning the backbones of Finance, Regulation, DCAA Audit, and Business. It is only a small percentage of the US population that can pass each of these tests the first time around. Once they do earn that title, the education is continued to maintain it with constant updates to the new regulations set forth by the Government every day. How can you trust that you won't get audited by the IRS if your accountant does not know what the IRS is looking for?
The next step after your candidate passes the credentials test is to evaluate their work. Once the first month of work is completed, ask them to explain to you how he came up with the numbers in the financial statements. The least you can do on your own is to make sure the expenses match up to your bank statements. The Internet is a powerful tool that can help you ask the right questions. Are you getting all the possible tax deductions you can? Do your homework and search for commonly overlooked deductions that you can point out at your next meeting.
The third step is to create a plausible time frame for the completion of these tasks. If you are a business owner, be aware that you have more expenses as well as multiple channels of income that an individual does not have. With that said, a corporate tax return should take at least a week to complete efficiently. Make sure that the accountant or CPA understands the structure of your company completely and has filled out the ownership section properly. In regards to an individual tax return, that can be done in a few hours provided you have with you your bank statements or receipts with your expenses. Once again, make sure you are receiving all the deductions and that you are meeting the tax deadlines.
Want your Cheap Accounting and Taxes done by the real experts? Call Business Wise Consulting at 01482845750 or email us at info@cheapaccountants.co.uk
The first thing to do when hiring an cheap accountant is to check their credentials. Are they an accountant because of their degree in college or because they took a few QuickBooks courses? To become a CPA, a professional must spend a grueling year learning the backbones of Finance, Regulation, DCAA Audit, and Business. It is only a small percentage of the US population that can pass each of these tests the first time around. Once they do earn that title, the education is continued to maintain it with constant updates to the new regulations set forth by the Government every day. How can you trust that you won't get audited by the IRS if your accountant does not know what the IRS is looking for?
The next step after your candidate passes the credentials test is to evaluate their work. Once the first month of work is completed, ask them to explain to you how he came up with the numbers in the financial statements. The least you can do on your own is to make sure the expenses match up to your bank statements. The Internet is a powerful tool that can help you ask the right questions. Are you getting all the possible tax deductions you can? Do your homework and search for commonly overlooked deductions that you can point out at your next meeting.
The third step is to create a plausible time frame for the completion of these tasks. If you are a business owner, be aware that you have more expenses as well as multiple channels of income that an individual does not have. With that said, a corporate tax return should take at least a week to complete efficiently. Make sure that the accountant or CPA understands the structure of your company completely and has filled out the ownership section properly. In regards to an individual tax return, that can be done in a few hours provided you have with you your bank statements or receipts with your expenses. Once again, make sure you are receiving all the deductions and that you are meeting the tax deadlines.
Want your Cheap Accounting and Taxes done by the real experts? Call Business Wise Consulting at 01482845750 or email us at info@cheapaccountants.co.uk
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