In the midst of tax filing season, many business owners find that preparing information for tax returns is frustrating and time consuming. Cleaning up the prior year’s transactions is not an enjoyable or efficient task while trying to run a successful business. Support for prior transactions may be hard to find, and the details may be tough to remember.
H2R CPA’s Outsourced Accounting Services provide a cost-effective and timely solution to this problem, while enabling a better understanding of your business operations. Our team of QuickBooks experts and CPAs provide monthly reassurance that the financials are correct, and business owners are informed of their current financial situation.
What types of weekly and monthly updates are provided?
On a weekly basis, we discuss ongoing activities during check-in calls with the client’s data entry team to ensure transactions are recorded correctly. At the month-end, we assist with the monthly close process, which gives business owners the comfort and reassurance that each month’s financial statements are correct. We also establish monthly meetings with business owners to discuss results and fluctuations in the business and provide recommendations for improving financial performance.
What are the year-end and tax filing benefits?
Towards the end of the year, our team of CPAs will set up a tax planning meeting to minimize tax exposure and discuss any recommended year-end transactions. In addition, our ongoing monthly work throughout the year allows our team to close the books and prepare annual financial statements in a timely manner. This work gives business owners peace of mind that they won’t have to go back 12+ months to obtain support or explain transactions to the tax team. It also enables business owners to file their taxes by the standard deadlines without having to worry about filing an extension because they are unable to provide all the required documentation.
How does the H2R team collaborate with clients?
Our clients use the QuickBooks Online Enterprise Suite to provide online access to our team of professionals so that we can monitor the business, provide accounting support, complete monthly analyses, and help our clients’ companies be successful. We also provide training for our clients on how to fully implement the functionality of QuickBooks to take advantage of all applicable process efficiencies.
What are some additional benefits of Outsourced Accounting Services?
Since the financial statements are prepared on a monthly basis, business owners always have an up-to-date view of their company’s financial situation. At any moment, they are able to provide their financials, if needed, for situations such as obtaining funding from a bank or investors. Business owners are also able to plan for upcoming transactions knowing they have accurate financial information to rely on. If you are interested in learning more about our Outsourced Accounting Services, please reach out to H2R CPA.
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