If you are business owner, even a single dollar would be fairly important to you. You should know your current financial standings so that the e future does not hold any surprises for you. And what is the perfect way to do this? Hire a reputed accountant in Orlando, and you will be really relieved when he provides you a wide array of services that would relieve you of your burden and make things simpler for you.
Indeed, there are many accountant softwares that you can use for this propose. But trust us, a qualified skilled accountant is no match for these softwares because accounting is not just a bunch of numbers. There is a lot more involved that if not done well or handled properly can make or break your company.
So before you proceed with hiring an accountant, here is what you need to know and what you should consider.
Probably the easiest and the most effective way to hire an accountant is to use referrals. Ask your bank, ask your attorney, ask your colleagues; someone of them will surely know about a reputed accountant in Orlando. Collect a few names in this way and then you can choose the most suitable one of them. If your friends and colleagues fail in providing you with a referral, check with the Society of Certified Public Accountants.
Once you collect the names of a few referrals, you should start interviewing them. Do this in two different sessions; conduct one on your premises and others at their site. While the interview proceeds, make sure you gain complete information about services and fees. Also try to evaluate their personalities and gauge if you would be able to work with them or not.
Depending on the needs of your business, you can either hire a Certified Public Accountant or CPA or opt for an Enrolled Agent, abbreviated as EPA.
Accounting services can be divided in three main categories, and usually every accountant in Orlando will offer you both of these. The three categories are recording and resembling transactions, generating returns and preparing financial statements. All these categories require varying skill levels, but almost every accountant in Orlando charge the same way for all of them.
Before you hire an accountant, determine the services that you need and opt for an accountant that specializes in them.
When judging the personality of the accountant, determine if his style is compatible with yours. If you interview a firm, make sure that the people you interview are the ones that actually handle your business and perform accounting tasks for you.
Evaluate the accountant on the basis of compatibility and competency, and ask relevant questions that can help you judge them.
An accountant in Orlando may charge you fees on the basis of an hourly rate or a fixed amount for a month or a session. Obtain quotes from different accountants and choose the one that lies in your budget.
Availing Services of an Accountant in Orlando
Does a business need an accountant during tax time only? Not so. An accountant does not only help you with taxes, he can do a lot of other things as well that would greatly benefit your business in the long run. Hire a qualified accountant in Orlando and you would be to tack the finances of your business and optimize them to the maximum possible levels. You can even use your accountant for consultation and valuation purposes.
So whether you need to prepare financial statements or conduct an audit, an accountant is a sure shot great asset to your team. He would not only help you out with accounting but provide you other services as well such as auditing, tax planning, business valuation, business consulting and financial planning.
Accounting involves those practices and methods that track a business expenses and income, maintain relevant cash flows and use all these stats to determine a financial status of an organization. One of the simplest accounting concepts is of bookkeeping, which implies that you record all your financial transactions and then use them to prepare your financial statements. Once an accountant does this, he feeds all the information in an accounting software to maintain a proper record.
An accountant can do bookkeeping tasks that include recording your earnings on a dial basis, maintaining your expenses along with the receipts, determining the amount your business owes and the amount that is owed to you. Recording the amounts that you have invested so far in your business is also a part of bookkeeping.
When an accountant in Orlando handles the books, he also takes care of your accounts payable, accounts receivable and bank reconciliation.
Taxes are quite complex and require extensive knowledge if you want to solve all the issues that can incur. A good accountant in Orlando is capable of this, and would ensure that the process goes as smoothly as possible.
When it is tax time, an accountant prepares your return and takes all the steps that minimize errors. He recheck your form and ensures that there is no mistake because these would not only delay your tax refunds but may also lead to an audit.
But this is not just it; taxes are not only about filing accurately, there are other things involved as well. For instance, the return form should be filled out such that you have to pay the least amount in taxes and avail the maximum refunds. This is made possible by utilizing deductions and tax credits. A qualified accountant in Orlando would help you out with this.
Conducting audits is a must for public companies. For private companies, they are not mandatory unless an outside investor or a bank asks for one. An audit can be broken down into two main phases: the preparation and the actual audit. An accountant can help you with both these phases and ensure that you pass the audit.
If you need more information about our Orlando accounting and tax services, please contact us at 407-502-2400. Freedomtax Accounting’s staff has been providing honest accounting services and tax services for 15 years. Our Orlando accounting and tax firm has its main offices in Kissimmee, FL. Our services are provided nationwide, but mainly in the Central Florida market to areas like Orlando, South Orlando, Kissimmee, St. Cloud, Poinciana, Clermont, Davenport, and Hunters Creek, FL. Our tax accountants and IRS enrolled agents (irs ea) specialize in corporate accounting and bookkeeping, tax services, tax preparation, back taxes help, tax debt relief, tax resolution, tax planning, itin numbers, incorporations, and non profit 501c3 tax exempt status applications.