Overtime people have developed certain myths about accountants in Orlando. Now, it’s time to dispel them and bust them. So, if you harbor any misconceptions about the profession of accounting, then read on to find the most common myths about accountants:
Myth #1: All Orlando Accountants Are the Same
A common myth about the accounting profession is that all types of accountants are the same and do the same job. However, knowing the difference between each type of accountant is important for a business. The three different types of accountants are the auditors, tax accountants, and bookkeepers. Each of these professions has a different task they are in-charge of carrying out for a business.
An auditor will work on doing regulatory guidance and statistical sampling. The tax accountant’s job is to help the business with deductions and perform yearend return. Then there is the bookkeeper who will keep track of all financial transactions for small companies. A corporate accountant does the same thing as a bookkeeper does, but at a larger scale. If your company is looking for bookkeeper, auditor, or tax accountant then they can find an accountant in Orlando who provides companies with such accounting services.
Myth #2: Small Business don’t need an Accountant in Orlando
If you have a small business, then you need the services of an accountant in Orlando. It doesn’t matter if you run a small or large business, but in order to run a successful business you need an accountant. Don’t wait until the last minute to hire the services of an accountant; do it before you even establish your business. You need the services of an accountant in Orlando to report a loss or income to the Internal Revenue Service (IRS).
The IRS states if a company incurs a lot of loss then they need to report the loss to them so they can become eligible to pay less tax. If you happen to visit an accounting firm at the last minute then they will charge you more money as they will have to sort out through all your financials. However, with an accountant by your side, from the beginning, they will keep track all of your financials from the start of the year. Also, they will file all your taxes on time.
Myth#3: Paying Taxes Out of Your Bank Account
Another thing that people take lightly is when they think that it’s okay to pay money out of your own bank account. In fact, doing this is never okay for several reasons. First, you will never know if your business is breaking even. Second, there is no way to tell if the business is making a profit. Lastly, if a person has paid money from their own bank account, then the money needs to returned to them tax-free. This is where an accountant comes in.
The accountant in Orlando will advise you to open a separate business account to deposit the revenues you make from your business and pay your bills from it. If a person needs to pay the bills from their personal bank account, then they need to tell their accountant. The accountant will record this as reimbursements, which the person will get back tax-free.
Don’t believe these myths and contact an accountant in Orlando as soon as possible, so you can run an efficient business.
The Reasons Why You Should Consider Cloud Accounting For Your Company
If you have been exploring your available financial accounting options in the past few years, you might have come across the word ‘cloud accounting’. So can it help your business?
Cloud accounting is a cost effective, scalable, and easy to implement method that can certainly streamline the accounting process of your company. You can track your financial performance quickly, easily and in less cost than ever before.
How Does Cloud Accounting Works?
Cloud computing is not a new concept. Consider for a moment about e-mail and internet banking. Every time you are using the service, you are in fact using the cloud. Cloud accounting works in a similar manner.
In brief, cloud accounting allows your accountants in Orlando to synergize their activities through utilizing accounting application software hosted on the internet. Cloud accounting lets you easily view all of your accounting information any time and from anywhere.
In cloud accounting, you do not have to install and run costly accounting software on your server. Instead, you pay for a monthly subscription fee for utilizing an online accounting service.
24/7 access to Accounting Information
Just as in internet banking and email, your personal accounting information resides on a secure computer server online. You can have 24/7 access to this information wherever there is a connection to the internet.
Working in the cloud, your accountants in Orlando can collaborate remotely from anywhere in the world. They can prepare essential financial statements and file tax returns in a coordinated and timely manner. This will certainly assist you in making crucial strategic decisions for your company on time.
Cloud Accounting Can help Save Money
Cloud accounting can certainly be a wise choice if you want to save on cost and streamline your business accounting processes. The system helps in the preparation of accurate accounting information that requires fewer resources and less time of the company.
With cloud accounting, you do not need to purchase and install costly accounting software for your accountants in Orlando. The system also does not require costly updates, as is the case with traditional accounting software.
In addition, you do not need to keep your accounting data on your own server. This saves a lot of cost in purchasing and maintaining hardware required to host the financial data of your company.
With cloud accounting, you just have to pay around $40-$70 per month for full online accounting services and get unlimited storage of your accounting data in a safe and secure cloud environment.
Make Cloud Accounting work for You!
Managing your finances in an efficient and cost effective manner is vital for both small and big corporations. Cloud computing can help you achieve that aim and stay on top of your accounts. You can have constant access to your accounting information. You can easily coordinate with your accountants in Orlando to manage your accounts efficiently in a timely manner.
So if you want to avail from the latest buzz in accounting, you should consider cloud computing for your company. Cloud computing can save you cost, time, and resources that you can utilize elsewhere to grow and gain competitive advantage over your rivals.
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, Hunters Creek, Lake Nona, and Celebration, 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.