Managing your business’ accounting and finance can be crucial its future success. However, there are a lot of confusions regarding accounting firms. People usually hesitate to approach an accounting firm to help out with their finances. A lot of self employed individuals and business owners wonder if they do consult an accounting firm to manage their finances, what should they expect from them? What are the typical tasks an accounting firm in Orlando offers? Read on to find out the answers.
Things to Expect from Outsourced Accounting Firms in Orlando
Service Levels: Typically, Orlando accounting firms provide a service level agreement. They usually provide different options of data management frequency. Data reconciliation and retrieval may be offered on weekly or monthly basis as per your requirement. You must read the agreement and make sure everything is suitable for you.
Relationship: The relationship level varies from firm to firm. In some accounting firms, the consultant will contact you through phone calls and emails only. While in some, the consultant will schedule regular meetings with you to discuss the financial matters. Some firms, mostly larger ones, prefer to contact you near the tax season. You must choose how you want to maintain the relationship with the outsourced firm according to the needs of your business. Always make a written agreement which is signed by both parties to avoid any confusions and problems.
Reliability and Trust: You must make sure that the accounting firm in Orlando you want to choose is reliable and trustworthy. Normally, the consultants from the firm meet you to assess your business and your financial needs. You can easily grasp their reliability from those meetings by the way they offer solutions.
Main Tasks the Firms Perform
The usual mail tasks offered by the accounting firms are usually the same.
Payroll Preparation: Accounting firms in Orlando assist in maintaining a list of employee payroll. The total salary along with the cost of facilities provided to employees is mentioned in the list.
Bank Statements Consolidation: These firms consolidate all the bank statements. The make sure there has not been any error in the statements. They look for disparities among the money amount spent in the entire month.
Financial Statements Preparations: Another main task of accounting firms in Orlando is to prepare the financial statements. Through these financial statements, the business owners can make the appropriate decision or action needed to handle the business more effectively.
Trial Balance Sheets Verification: Accounting firms provide the service of trial balance sheet preparations and verifications.
General Ledger Keeping: In this document, the raw data concerning your business is kept. The firms store all of this data for future references and use them to prepare other financial documentations.
A good accounting firm will provide all these services and benefits for your business. The professional consultants know how to record, file and store all your business’ accounting and financial information. You must be perfectly clear about your needs and requirements and make sure that you mention all of this to the accounting firm you are about to hire. This way everything will be settled beforehand and complications may be prevented.
Orlando Accounting Firms Get Your Tax Refund Faster
As every year ends, you have to get ready and prepare your taxes so that you can file your return before the deadline. While doing so, you ensure that you pay the lowest amount in taxes while maximizing your deductions. Any reputed accounting firm Orlando can help you out with this and ensure that you save as much money as you can.
Once you get done with your taxes, you wait for your refund if you have overpaid any taxes during the year. What if you wanted to get it sooner? The best way to do this is to not let the government process your refund. You can do this if you control your taxes and pay only the necessary amounts in a timely manner. Here is how this is possible.
Keeping the Money with You
While doing your taxes, remember that you can control the money you give to the IRS. Try to pay the amounts you owe in a timely and quick manner so that you can be covered with IRS’s safe harbor provisions; more on this later. If there is even once provision that can keep you covered, you can easily sort out your taxes until April 15, and you will not have to pay any interest or penalties.
You can adjust the amounts you pay by considering the manner in which you have paid your taxes throughout the year.
- If you pay taxes on a quarterly basis, you can use the 1040 form to estimate the amounts you owe and then pay them.
- If your employer deducts, taxes, send them an updated W-4 form. If you are retired and most of your income comprises of pension, send an updated W-4P form to your pension administrator.
The Safe Harbor Provisions
If you pay enough taxes in a timely manner, you can avoid penalties by settling your taxes prior to April 15. So how much do you need to pay for this? Here are some clauses with which you can decide if you have paid enough or not.
- The amount of taxes you owe is less than $1,000 by April 15.
- You have paid 90% or more of taxes that are due for the current year. If your occupation is fishing or farming, this is relaxed to 66.7%.
- The amounts of taxes you paid for the preceding year was 100%. If your income is $150,000 or $75,000 and you are married yet file separately, you must have paid 110% of your taxes for the previous year.
Also make sure that you are making timely payments for all your estimated taxes. Your chosen accounting firm Orlando can guide you more about this.
The Bottom Line
The money which you get as a refund is actually yours, and are the amounts that you should have never paid. If you keep all this money with you and avoid paying more taxes than necessary, it will be easier for you to manage your finances.
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.