Accounting is vital for any successful small business. Now, if you’re pretty good with numbers, you may be able to take care of some accounting and bookkeeping duties on your own. DIY accounting could end up saving your business a bundle and helping your bottom line. However, there are some accounting aspects that are best left to experienced professionals. C Fitts Tax Solutions offers services to take care of many of these crucial accounting tasks because they know how important it is to get these right. Choosing professional or online services for the following can help you maximize your time and productivity.
If you needed to efile 1099 forms today, would you know whether to file a contractor under 1099-NEC or a 1099-MISC? To make a complicated matter more complicated, the IRS frequently adjusts these classifications for independent contractors, so if you’re unsure, you’re not alone. Rather than guessing and potentially making a costly mistake for your business or your contractors, weigh the benefits of using a trusted platform like Quickbooks to efile 1099 forms quickly and accurately, which selects the right form for you and lets you efile for all your contractors in just three steps.
Hopefully, you’re not dealing with an audit and you won’t have to anytime soon. But if your small business is faced with an audit from the IRS, you definitely don’t want to go it alone. C Fitts Tax Solutions offers audit representation (among many other services). Trust the pros to navigate the complicated process for you to bring you peace of mind.
Speaking of audits, the IRS is planning to increase audits of small businesses by 50% in the next few years. If you want to protect your business and avoid the hassle of a potential audit altogether, look into professional tax preparation services. This is definitely one time-consuming and sensitive accounting project that you don’t want to tackle on your own.
Do you have salaried employees working for you? If you do and are trying to manage payroll without any help, you could end up making some pretty costly mistakes. Some of the most common payroll missteps made by small business owners include failing to pay employees overtime, miscalculating taxes and benefits, and paying employees late. To avoid these mistakes and the serious consequences that go with them, invest in a comprehensive accounting service to handle payroll for you.
You can find guides and templates to help you understand the all-important financial statements for your business. Still, going over these guides and getting your statements organized can take quite a bit of time, effort, and stress — that’s time and energy you could be devoting to other areas of your business. Again, it is wise to have a pro help out with your financial statements. After all, your most precious resource as a small business owner is your time.
Another accounting mistake that could cost your small business big time? Not backing up your financial information and other crucial data. This will leave you scrambling if your small business ever faces an emergency or even just a minor issue like a power outage. If you work with an accountant, you can rest easy knowing your financial records are safe and in good hands. You can also compare secure cloud storage options so that you can regularly back up data, financial or otherwise.
You can certainly take care of accounting and bookkeeping for your small business without the help of experienced professionals or online services. By doing so, however, you will also be taking up a lot of your own time and energy — as well as taking on unnecessary risks. So instead of flying solo when it comes to accounting, think about all of the advantages of investing in professional services and online tools. Contact C Fitts Tax Solutions now to get started. 803-467-3457
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