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Accounting outsourcing services company - CapActix - providing a wide range of accounting services to CPA Firms, Start-ups, Medium & Small-sized businesses. Accounting Outsourcing Services provide by CapActix. We offer expert services in the area of accounting, inventory management, order processing, and reconciliation allowing you to focus on other important areas. CapActix provides Tax Preparation services to CPA Firms, EAs and Tax Firms across the US. Contact us for your tax preparation at a cost-effective rate.
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Start preparing from
January month only to prepare tax reports, then you are wrong. You need If you
are a small but very busy CPA or tax firm, then you need to put your team into
the alert mode soon as tax season 2020 is approaching very fast. You might be
wondering that there are still a few months available before the full blow of
the tax rush, but if you want to ensure that your firm is ready to observe the
blow, then you have to work on tax preparation services from today.
Tax preparation services for CPA firms and tax firms vary from maintaining books
of their clients and filing returns before the due date under the legal
compliance of the federal and state rules. Moreover, it is the responsibility
of CPA firms to ensure that they won’t get any IRS penalty and damage the
credit score of their clients due to their small mistake. It is a lot at stake
for tax and CPA firms during tax season so they have to double even triple
prepare themselves before the final season.
Okay, if you want
to prepare your accounting and taxation firm for the stress and frustrating tax
period, then you need to include the following tips in preparing your firm for
the busy season.
Tips to Get
Ready for Tax Season for CPAs
Tip #1. Be Prepared
If you are
wondering that you have to to start preparing for your tax services from today
to ensure that all your client's expenditure and revenue accounts are prepared
in advance. There are a few basic things that CPA firms should start preparing today
-
1.
Bookkeeping and recording all the accounts of their
clients with the help of digital accounting tools.
2.
Creating
a depreciation account for the assets of their clients according to the
standard depreciation rate.
3.
Bank
reconciliation statements need to be up to date.
4.
Payroll
management as per the employee recruitment law of the state.
5.
Keeping
employee and contractor tax information readily available.
6.
Maintaining
entire data on a cloud database for easy access.
Tip #2. Prepare
Your Staff
One of the most
important things that every accounting firm should consider before the rush of
tax season is to prepare their staff for this crucial period. It is important
for accounting firms to conduct training of their staff and make sure that they
are efficient to handle the stress of the period. Moreover, they need to ensure
that whether their current staff is capable of handling the workload of the tax
season or not.
Tax preparation
services for CPA firms and Tax firms aren’t efficient if they won’t have an
effective team and to create a productive team, companies can try the following
things -
1.
They
can host a seminar to familiarise their staff with the latest tax trends and
tools.
2.
Companies
can hire part-time tax experts to release some of their current staff’s burden.
3.
If
companies find that hiring new employees is getting out of budget for them,
then they can hire remote staffing firms like CapActix and improve their
efficiency.
4.
Provide
basic training to employees on the latest accounting technologies like
blockchain, cloud computing and much more.
Tip #3. Do
Homework on the Latest Tax Reforms
If you want to create a perfect taxable amount
for your client without any mistake, then you need to do proper homework on the
latest tax reforms and ensure that every member of your team is aware of these
reforms. You need to follow tax-related news and join different accounting
forums online to make sure that you are fully aware of all the ch
The business
operation of an accounting firm is very complex and tiresome. A CPA firm has to
work throughout the year to make sure that accounting books and reports of
their clients are always up to date. It is a responsibility of an accounting
company to ensure that the books of every client are closed properly at the end
of the year without any glitch.
Year-end services
are a very important part of an accounting company where they have to close the
books of their clients and take forward the profit and loss of the current year
to next year's books. It is a very crucial period for any accounting firm
because they have to offer the impeccable year-end accounting facilities to
their clients. But, sometimes when several clients are large, then it gets very
hard for CPA firms to deliver the precise services to every client.
So, if you are a
giant accounting company in your area and you have multiple clients under your
wings, then you have to provide the precise year end facilities to your every
client. That's why to provide impeccable service to your clients; you need to
create a checklist for services that you are going to offer your clients.
Why Year-End
Accounting Facilitates Are Important?
Before we help you
out in creating the checklist of year-end facilities, we would like to draw
your attention to the fact why you need to deliver these accounting services
precisely. Every company has a responsibility towards its stakeholders and
other third parties which are directly or indirectly related to the company. It
is the responsibility of every organization to share their different financial
reports like profit loss statement, revenue and expenditure account, balance
sheet and others with their stakeholders at the end of the year.
Moreover,
companies are liable for the government bodies and taxation authorities to
submit their annual taxes that will be used for the betterment of the state.
Apart from the corporate tax or income tax, companies have to pay multiple
other trade taxes according to the state laws. To accomplish all these liabilities,
accounting firms need to offer year-end facilities like finance and accounting
outsourcing, payroll services, virtual CFO and much more.
Year-End Accounting Services Checklist
If you are a new
accounting firm, then you need to precisely note down this checklist so that
you won’t miss out any year-end facilities to offer your clients -
Analysis of
Accounting Books of Your Clients
Year-end is a very
important period so you need to go through the accounting books of your clients
and make sure that all the books are updated. You have to appoint your staff
members on checking the books of your every client to ensure that no entry is
missing or there isn’t any red flag present in the financial accounts. To analyze
the accounting books, you need to reconcile the bank and credit card statements
of your clients.
For example, if
your client pays $700 per month as office rent, but your rent expense account
only shows $2,100, then this is a red flag which will create a huge difference
in the balance sheet. It is your responsibility and number one year-end
priority to make sure that all the entries are perfectly entered and reconciled
with bank statements.
Manage Cash
Flow
Accounting firms
need to properly maintain the cash flow statement and bank statement of their
clients so that they can be reconciled with accounts later on. If you don’t
have the current cash and bank statement of your client, then you should
immediately contact your client before the year-end and get all the essential
documents asap.
Payroll
Management
The next point in
the checklist of accounting firms needs to manage the payroll account of the
company. Under this head, CPA firms need to go through different f
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