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Preparing for tax audit

Why it’s a Good Idea to Hire a CPA

CPAs, or Certified Public Accountants, can help you in your individual or business accounting and tax preparation in many ways.  With the laws surrounding accountancy such as generally accepted accounting practices for businesses, and tax laws that change every year for individuals, hiring a CPA to perform your accounting services needs is the best way to ensure that your accounting is error free in case of IRS or other audit.

Having a CPA prepare your business or individual income tax return is a great way to avoid errors, not to mention the prying eyes of the IRS and an audit.  A CPA must undergo continuing education as accounting and tax laws change from year to year.  Therefore, only a CPA can ensure that your tax return is completely accurate.  Not only is accuracy important to the IRS and in case of an audit, but it is important to your immediate financial future as well.  Because a CPA has intimate knowledge of tax laws and available exemptions, a CPA can make sure you get the largest refund possible.

In the case that you are chosen for audit by the IRS, your best bet to come through the audit cleanly is to have a CPA by your side.  A CPA is as familiar with tax law as the IRS representative performing the audit.  Because of this, the CPA can negotiate a lower penalty, help you avoid penalties, and help you claim the deductions you deserve.  You should contact a CPA as soon as you have received an audit notice from the IRS, because the CPA can help you prepare for your audit and gather the necessary information.  Then, the CPA can walk into the audit interview by your side, completely in charge and confident of the outcome of your audit.

If you own a small business, a CPA can also help you determine what business taxes are required by your local, state, and federal government.  In addition, the CPA can help you set up a double entry accounting system that includes a journal and ledger.  The CPA can also help you to set up a standard chart of accounts for use with your ledger.  All of these tools will help you stay organized and ready for tax time and any possible audits.  The CPA can also use the information from these tools to create financial statements for your business, which will then help you to make business decisions, make comparisons with competitors, discover industry and company financial trends, and prepare financial reports and business plans for purposes of investors and bank loans.

Whatever the financial service required, a CPA is your best bet.  With a CPA, you have the security of a licensed, monitored professional along with the peace of mind that all of your accounting is accurate and ready for any possible

At Peavy and Associates PC our mission is to assist you with all your tax preparations, payroll and accounting needs.  We provide our clients with professional, personalized accounting services and guidance in a wide range of financial and business needs. Give us a call today and discover why our clients return to Peavy and Associates, PC year after year!

 

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accounting firms conway sc

The Advantages Of Outsourcing Your Accounting

There are many reasons that accounting is being outsourced more and more by various companies. Some may think that utilizing outsourced accounting services is a bad concept because of less control and more expenses, however that is a myth that has actually been proven wrong countless times again and again. In reality, there are way greater benefits from outsourcing your accounting services, then by arranging your own accounting department or doing your accounting yourself. We will discuss the advantages of outsourced accounting and permit you to see why it is a popular action that lots of businesses and organizations are taking.

Using outsourced accounting services can, in fact, save you a lot of money in the end. By outsourcing your accounting needs you there’s no need to hire staff members to establish an in house accounting department. This conserves not only cash but also time. It costs money and time to find certified employees to run your accounting department. With outsourced accounting services,  there’s no need to stress over incomes, employee compensation, insurance coverage, or a number of the other expenses that having staff members entails. Another major benefit is that you do not have to fret about losing an employee and having to discover another in house accountant to change the one you lost. There are also lots of accounting firms that can incorporate their services with your own accounting software so that it provides a simple accounting integration.

By removing the need to focus on your accounting you preserve better relationships with your clients…

Another benefit that comes from outsourcing your accounting, is that you can focus more on the accounting information. This removes needing to focus on entering your accounting details and allows you to look at your present circumstance and make preparations for future enhancements and developments with the information provided. By outsourcing, you can focus entirely on payments, billings, and profit and losses. It free’s up your time so you will be able to spend it more productively by building and preserving much better relationships with your providers and clients.

By using outsourced accounting services, you have a lower threat of error and problems with your accounting. It is much better to trust your accounting requirements with a certified professional rather than attempting to do your accounting yourself. Unless you are a certified accounting professional, you have an there will always be the threat of making an error with your accounting. This possibility of error is nearly null and void when you utilize an outsourced accounting company that their sole focus is on the field of accounting. Any errors can have a very negative impact not just on your records of what is owed and needs to be paid but also on your present costs and forecasts associated with your profits and losses. By not correctly and properly preserving accounting records, you run a high risk of failure as far as your personal or business accounting is concerned.

Clearly outsourcing your accounting has shown to offer many benefits. These advantages will not only save you money and time but will equally provide the solutions to help you grow and expand your organization. Accounting can be an extremely exhausting job that requires a lot of attention to information along with understanding to have it done properly. Because accounting can be contracted out quickly and can be done at a lower rate contracted than in house, outsourced accounting has actually shown over time again and again to be the best solutions for businesses and personal accounting solutions alike.

 

At Peavy and Associates PC our mission is to assist you with all your tax preparations, payroll and accounting needs.  We provide our clients with professional, personalized accounting services and guidance in a wide range of financial and business needs. Give us a call today and discover why our clients return to Peavy and Associates, PC year after year!

 

Contact Us Today

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