Skip to main content Skip to search

Certified Public Account

Tax Accountant

Push Aside Payroll Problems by Hiring n Payroll Service

When your small business has reached the point where you need even one employee, its time to hire a payroll service. The service takes the worry and headaches out of the entire process, allowing you to focus on building and growing your business.

A payroll service ensures that employees are paid accurately and on time, but not all services offer the same level of benefits. It pays to shop around for the company that best fits your needs now and in the future. Payroll services may help you with employee schedules, your accounting practices and even software. The company may also track overtime and employee benefits.

Compliance

One of the most important tasks that a payroll provider does is ensure that the business is in compliance with all relevant reporting requirements and changes in tax laws. They know what forms employers must file and when.

Accuracy and Security

Employers are required to withhold specific taxes and in certain amounts. The computations can be complex. Payroll services ensure the appropriate amount of withholding is calculated. They use highly specialized software and are dedicated to accuracy in every aspect. They can provide the appropriate financial information for any governmental query or request. All data is maintained securely and confidentially.

Employee Verification

There’s a lot of paperwork involved when hiring any employee. A payroll service streamlines the process of verifying a potential employee and gathering the necessary information about them, such as if they’re eligible to work in the U.S., if they have a criminal history, and past employment records. Self-service employee accounts are another benefit. Individuals can manage their employee account online to enroll in benefits and update their information when needed.

Scalability

Even if you only have 1 employee now, that will change as your company grows. The ability to handle payroll for any number of employees is essential. You’ll want a payroll service that’s able to keep up with your evolving company needs and the services it offers, along with flexible payment plans.

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 (843) 347-0849 and discover why our clients return to Peavy and Associates, PC year after year!

Read more
Accountant Software

Accountant or Accountant Software?

It’s understandable that people want to save money, whether it’s on individual federal taxes or when keeping records for a business throughout the year. Many individuals are seriously debating whether to purchase professional accountant-level software or to hire an accountant. There’s really no comparison – hire an accountant.

Tax Accountant

Hiring an accountant minimizes the potential for an error and significantly reduces the danger of getting audited. Those with highly complicated tax situations involving stocks, bonds, investment income, dividends, and even cybercurrency are best served by an accountant. Professional accountants have worked with industry-grade software for years and even decades. They know exactly how and where to enter figures, and are familiar with all the terms used.

Tax accounts are highly trained professionals. They’re knowledgeable about all aspects of tax law, have the benefit of experience, and continuing education. They can provide advice about investments, credits, deductions, and tax planning to lower an individual’s tax burden, while helping clients to more effectively manage their finances. Accountants are available throughout the year to offer advice and answer any questions clients might have as they arise.

Tax Software

Many individuals believe that if they have accounting software like professional accountants use, their problems are over. Accounting software like the experts work with varies widely in cost. Some have a one-time cost per user of up to $999 per year. That’s just for the software. It doesn’t include licensing fees.

There’s also a steep learning curve for a non-accountant. Professional accounting software is highly sophisticated, with terms and abbreviations with which the average individual won’t immediately be cognizant.

Individuals trying to use accountant software can easily find themselves in the 4 percent of taxpayers that are audited. The risk of an audit is elevated if an individual has income exceeding $200,000 per year, is a sole proprietor of a business, or has foreign assets. Non-accountants trying to use professional accounting software are increasing their risk of an audit.

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 (843) 347-0849 and discover why our clients return to Peavy and Associates, PC year after year!

Read more
Attestation services conway south carolina

Tips on Effective Debt Management for Consumers

April is National Financial Literacy Capability Month and a good time for consumers to educate
themselves about how to manage their debt. There are strategies anyone can use to pay down
debt, without considering a consolidation loan.
Stop Spending
The first step is to stop additional spending. It’s only adding to your debt problem. Take a hard
look at where your money is going. Eliminate non-essential expenses and look for other ways to
save, such as cheaper phone plans, stop eating out, and forego costly morning coffee.
Budgeting
Compile a list of what you make each month and a list of all your debt. Add up the minimum
payments. It can be helpful to divide the debt total by the 4 weeks of the month and keep an
equal amount out of each paycheck.
Credit Cards
Pay down the smallest credit card balance first. When that one is paid off, take the money you
were paying on the small balance and add it to the payment on the next smallest balance. It can
be helpful to switch a balance from a high interest card to one with a lower interest rate.
Call Creditors
Call the people you owe money to – explain that you’re having trouble paying what you owe
and why. Ask if there’s a way your payments can be reduced or if they have an available
payment plan. Some companies are willing to work with you.
Collection Calls
If you receive a call from a debt recovery company, make sure its legitimate. There are
numerous scams operating and the debt may not even be yours. Mistakes do happen.
Never make an immediate “first” payment over the phone. Ask what creditor the agency is
representing. Never make payments unless you know the creditor for which the collection
agency is working. Call the creditor to see if they’ve sent the debt to collections.
Keep a Log
Keep a log of the collection agencies that call, the date, time, and name of the person you
talked to. It's illegal for collection agency representatives to intimidate, threaten or use bad
language. Send a request via certified mail with return receipt requested, indicating they should
stop. If the agency continues to call, report it to the Federal Trade Commission.

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 (843) 347-0849 and discover why our clients return to Peavy and Associates, PC year after year!

Read more
tax deductions

Why Hire a CPA For Your Taxes?

What is the reason to hire a CPA to handle your business taxes? CPA’s are highly experienced accountants who have gained valuable experience in the business world.  It is a very valuable tool for business owners to hire a CPA because a Certified Public Accountant (CPA) can negotiate with the IRS on your behalf to get you better tax benefits.

Hiring a CPA can save you money and hassle. A Certified Public Accountant (CPA) is trained and experienced in all aspects of small business accounting and tax laws. The Certified Public Accountant (CPA) is the person most qualified to interpret the complicated IRS instructions and other federal and state tax laws. They will be able to properly prepare your tax returns and advise you on the best option for taking advantage of every tax deduction available to you.

Small business owners can hire a CPA to handle their taxes due in April, July and October. Most accountants are already familiar with the complex procedures required to file an income tax return with the IRS. The IRS also requires small businesses to retain an accountant to manage their accounting and bookkeeping. Even if you do not currently use the CPA for your accounting needs it is still a wise decision to hire one to file your taxes for you.

One of the many benefits to business owners who fail to hire a CPA is the potential financial backlash from paying incorrect taxes. In 2021 the Internal Revenue Service audited more than 500 business owners for tax liability. The majority of these tax liability audits resulted in the taxpayer owing a penalty or interest amount. The majority of business owners were not even aware they had incurred taxes.

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

Read more

What are Independent Auditors?

Independent CPA auditors are like referees in the financial reporting arena. The CPA comes in, does an audit of the business’s accounting system and methods and gives a report that is attached to the company’s financial statements. Publicly owned businesses are required to have their annual financial reports audited by independent CPA firms and any privately owned businesses have audits done as well because they know that an audit report will add credibility to their financial reports.

An auditor judges whether the business’s accounting methods are in accordance with generally accepted accounting principles (GAAP). Generally, everything is in place and the financial report is a reliable document. But at times an auditor will wave a yellow or red flag. Some indicators of potential trouble include when the business’s capability to continue normal operations is in doubt because of what are known as financial exigencies, which could mean a low cash balance, unpaid overdue liabilities, or major lawsuits that the business doesn’t have the cash to cover.

An auditor must exercise professional skepticism, meaning the auditor should challenge the accounting methods and reporting practices of the client in order to make sure that its financial statement conforms with accounting standards and are not misleading – in short, that the financial statement are fairly presented. Indeed, the words “fairly presented” are the exact words used in the auditor’s report.

A good auditor needs technical know-how, but also needs to know how to be tough on the accounting methods of the client. His job is to be the agent of the shareholders and other users of the business’s financial report. It’s incumbent on an auditor to strictly uphold GAAP, and not let any irregularities slide. 

There are a number of well-known companies that engaged in accounting fraud recently and that fraud was not discovered by the CPA auditors. Enron is one of these companies. In this case, the auditing firm, Arthur Anderson was found guilty of obstruction of justice because it destroyed audit evidence.

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

Read more
accounting

When to Use a Certified Public Accountant

A Certified Public Accountant, or CPA, can help you make sure that your small business accounting or individual taxes are accurate and complete.  Some businesses are small enough, such as home-based businesses, that a Certified Public Accountant is not needed for most accounting tasks.  However, there are times when a business or individual should use a Certified Public Accountant.

If you have a small business, and you have discovered that an error in your bookkeeping exists, it can often be difficult to locate where and when the error was made to correct the mistake.  A Certified Public Accountant has special training and education to find these errors through an external audit process.  It is vital that these errors be corrected because the books you use in your business are used to determine taxes and business decisions. 

These records also allow investors to see how well your business is doing so that you can get more backing to help your business grow.  A Certified Public Accountant can find and correct any errors in your bookkeeping, and help you organize your bookkeeping so that you or the Certified Public Accountant can easily generate financial statements and reports.  These financial statements and reports prepared by a Certified Public Accountant are the documents that most banks and investors want to see before making any financing decisions.

If you are starting up a home-based or small business, you should seek the guidance of a Certified Public Accountant.  The Certified Public Accountant can help you set up a double-entry method of accounting with a journal and ledger, as well as a chart of accounts to help you use these tools effectively in your business.  The Certified Public Accountant can also advise you as to what taxes you will be responsible for paying throughout the year.  Quarterly taxes are often required of businesses and self-employed individuals.  To avoid penalties, late fees, and a large tax bill at the end of the year, you should contact a Certified Public Accountant for this information.

Any individual that is self-employed should seek out the services of a Certified Public Accountant when it is time for tax return preparation.  Tax laws change every year, and a Certified Public Accountant can help you make sure that you are receiving all of the deductions you have available as a self-employed individual.

Any individual with children, who is separated or newly divorced, or who may wish to itemize deductions based on mortgages, medical expenses, and charitable contributions should also seek out a Certified Public Accountant for assistance in income tax preparation.  This is because the tax laws are very complex, and change often.  If you make a mistake and claim a deduction that you could not legally claim, the IRS may audit your return and cause you to pay back the refund amount, with penalties.  Additionally, if you make a mistake and do not claim a deduction that you could legally claim, the IRS will not attempt to correct the mistake, causing you to receive a smaller refund.  Either way, you lose money.  The best way to avoid these and other errors is to have a Certified Public Accountant prepare your income tax return.

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

Read more

Accounting Software can Save you Time

Time is your most valuable asset. Accounting software can save you time that can be invested back into the business or on pleasurable pursuits. The software provides greater accuracy and multiple record types that can be recalled at any time for any reason. Accounting software is equally applicable whether you’re operating a large corporation, small business, brick and mortar store, or online enterprise.

Even your accountant utilizes software to minimize the potential for errors and automate tasks. You’ll find that today’s options for accounting software is affordable, easy to use, and provides capabilities and functionalities of which you may not be aware. It’s ready to use straight out of the box and typically doesn’t require much in terms of setting it up.

One of the great things about accounting software is the ability to automate the repetitive tasks that take up your time. The software is able to automate invoicing, payment reminders, collections and budgeting, just to name a few. The software is also able to integrate with multiple departments.

Invoicing, statements and other documents can be created automatically and sent to clients electronically via email or printed out and faxed. The feature saves you a substantial amount of time and facilitates payment collection without the need to rely upon time-consuming Excel spreadsheets.

Most accounting software will allow you to automatically transfer and import data from spreadsheets into the program. If you offer credit accounts, the software can identify contact information for those that owe you money and provide a detailed account of the transaction. Financial reports can be prepared for yourself and you’ll have the option of being able to send them to other recipients as needed.

Today’s modern accounting software will have powerful analytics, the ability to create custom reports, and delve deep within your company’s structure to determine where any improvements or changes should be made. With accounting software, you’ll spend less time on repetitive tasks and have the tools to plan for your company’s health and future.

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

Read more
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!

 

Contact Us Today

Read more