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How Myrtle Beach Accounting Stacks Up On A National Level
Myrtle Beach Accounting: While not every business has enough complicated bookkeeping and tax accounting to keep a full-time accountant on staff there are plenty of them that could use the services several times per year for specific purposes. In addition to that, there are a lot of other duties that accountants are used for, not just filing taxes at the end of the year. In fact, there are a lot of companies that have several different accountants fulfilling different duties since they are specialized just like doctors and attorneys, each with their own knowledge base and expertise. Let’s take a look at some of the various important tasks that you should use an accountant for, how to choose one, and the differences between them and bookkeepers..
Accountants And Bookkeepers Aren’t The Same
In some businesses, a bookkeeper may be exactly what you need rather than an accountant. However, you should check with an accountant, like Myrtle Beach Accounting, to see what makes the most sense for the type of work you need done. It may also be an advantage to have a bookkeeper work half the day keeping the daily books and then outsource the accounting details on a weekly or monthly basis.
The bookkeeper can be the one that actually writes the paychecks, pays the monthly bills, pays for the materials used in the business, buys all of the normal office supplies, and double checks all of the entries in the books. Then, you can have an accountant do a monthly or weekly audit to make sure that everything is being done correctly for the end of the year filings and that there are no glaring mistakes in the entries. What the accountant would be doing, in this case, is taking the information that the bookkeeper generates and compiling various reports, calculating taxes, interpreting areas of concern, and analyzing the financial health of the company regularly.
Many Myrtle Beach accounting firms actually have highly qualified bookkeepers that they have on staff, or they recommend be used so that they can keep the information accurate and correctly entered in the books. This will allow the business owners to feel comfortable knowing that they aren’t paying accountants wages for bookkeepers responsibilities but still have expert people where they’re needed. Most businesses are run by people that have little interest in keeping the books, they have much more important things to do either on the sales floor or manufacturers assembly-line.
This type of arrangement is becoming more popular with many companies since it’s highly flexible and keeps the bookkeeping duties on a friendly basis with the accounting firm. Plus, a normal bookkeeper will get paid less than half the amount per hour of a Myrtle Beach accountant for their time worked.
Many Companies Benefit From Accountant Consulting Services
Aside from the normal day to day services that require bookkeeping and accounting, there are also specialized accountants that do consultations to help businesses know whether or not to invest in new equipment, larger facilities, expand the inventory, spend more on advertising, buy other competitors, invest in technology, or even expand the parking lot. These are all very important decisions that a top accountant can help with to see if the ideas pencil out to improve the bottom line, break even, or possibly lose money.
The modern world is full of failed companies that expanded beyond their ability to maintain a profit. Some owners have a constant need to always be expanding even when the economy is on the brink of a recession and a downturn in sales is imminent. That’s when hiring a special accountant that knows the markets, global demands, and can analyze all of the repercussions then put them down in a compact report is necessary. Without this kind of advice, many companies would go broke even during good economic times because they aren’t always able to identify all of the risk factors involved.
There Are Tax Accounting Consultants Too
Most regular accounting firms, like Myrtle Beach Accounting, will have on staff special tax consultation accountants that can be used to make adjustments to most businesses to help them reduce their yearly tax burden. This is different from the regular tax filings that every company needs to do on a daily basis and at the end of the year.
Instead, what this type of accountant does is analyze the entire business, their payroll, taxes paid, and investments made, to help advise them on how to adjust their business model to reduce their tax burden for each upcoming year. There may also be important risk factors that have to be considered as well, such as new competitors, new technology, upcoming legislation, a change in political administrations, and many other things. It’s only by a careful examination of all the factors that the accountant can give the proper yearly tax accounting advice.
How To Choose A Good Accountant And Firm
There are many different purposes that you will need and accountant for in your business but exactly how do you choose just the right one that has all of the services you need? Plus, you’ll definitely want one that you can communicate with but still does the job with impeccable accuracy as well. Here are some of the most important traits to look for in a good Myrtle Beach Accounting firm.
There should be a good mix of experience and junior partners as well as trainees all in the same firm. While you’ll want the top of the line accountant looking over the details at times, they do command very high fees that you don’t need all of the time. For most of the work, highly trained junior partners with plenty of competent help will get the job done at a reasonable price.
There should, however, be several diverse accountants that do the end of the year tax consultations, another that knows about acquisitions, and yet another that is highly experienced in dealing with an IRS audit, just in case. Every top firm will have one or several of each of these experts on staff or nearby in case they’re needed.
Then, once you’ve found several firms that have the required expertise and experienced personnel, you should go online and read plenty of reviews that have been left by other clients. Most accountants will have perfect records and are very good at doing their jobs, but there is always the possibility of one bad apple. Any firm with several complaints should be avoided since there are plenty of firms with none. Pay special attention to any complaints of dishonesty, theft, or fraud since the handling of money and accounts can bring out the worst in some people.
They should also be able to show that they have a track record of helping people in certain situations, especially with the IRS. When your company gets called in for an audit, you’ll want people with experience in meeting the IRS agents to explain exactly what was done in the books and why. This is highly important since the IRS likes to assess fines and penalties on any amounts not paid on time.
Of course, most firms will have plenty of certifications hanging on their walls showing that they’ve completed years of schooling, supplemental courses, specialty classes, and other qualifications. You should take the time to read some of them to be sure or check their website since they most likely have them listed in abundance there as well.
Finally, when you walk into their office, there shouldn’t be a lot of loose papers piled high on any desks anywhere. Although it is rare, sometimes accountants get overwhelmed by paperwork and can’t catch up. You don’t need that in your life or business, so keep a keen eye out for disorganized messes every time you visit their office.
Some Specialized Accountant Services Might Only Be Available By Proxy
When a company takes over another company one of the first things they need to do is a complete audit of the books at a very detailed level to find out if they’ve been maintained correctly. There are several reasons for this, one is to make sure that you’ve purchased a company that really is making money rather than cooking the books, and also in order to know if the tax responsibilities have been taken care of each year. It’s possible to buy a company that then gets audited by the IRS only to find out that they owe many thousands or millions of dollars in back taxes. For this reason what is called a forensic accountant can be hired to delve deeply and look for fraud, embezzlement, stolen money, or evasion of tax responsibilities. It might even be a smart idea to hire this specialist before you invest in any company since there are a lot of fraud artists in the world.
Another type of specialist is going to be one that has experience with the tax laws of other foreign governments. Each country on earth has its own special laws and ways of doing business. With all of the globalization going on it’s quite likely that you could have problems with one or many different countries and their complicated laws. Some firms even have partners in other countries that are able to speak the language, know the laws, are familiar with their tax agents, and have satellite offices to do all of the foreign bookkeeping. This can be a great asset when it comes to expanding in another country as well since some of your competitors may be lacking this type of help and then be hesitant to expand into certain parts of the world.
Modern Software Accentuates Your Accountants But Won’t Replace Them
A common idea these days is that with the advancements in computer technology there won’t be as much demand for Myrtle Beach accounting services. However, it seems like the need for many types of accountants has increased because of the complexity of the various software programs available. Many of the programs are excellent at gathering all kinds of data but fail when it comes to analyzing the data and applying it to the business world.
The best Myrtle Beach accountants have the ability to read the trends and look at the news to help the modern business decide what types of products to expand into, what countries would be profitable to open sales offices in and other types of decisions. Plus, software has made fraud more prevalent since figures can now just be entered into the computer and then are hard to double check. A savvy bookkeeper that’s skimming funds or even a mid-level manager that knows what to do could steal thousands or millions without getting caught unless regular Myrtle Beach accounting audits are done by an outside firm. Many firms even have special software auditing software that can automatically look for discrepancies and raise red flags in places of interest.
Helping small businesses find financing is another key consideration when choosing the right accountant. Not only are accountants good at managing the money from your business but they can also help raise funds for various purposes. They may have contacts in the financial world or even be connected to individuals looking for investments in solid, well run companies and can help make things happen when expansion or even hard times required more capital. Some accountants can even help set up crowdfunding, share sales, or foreign investment that could make or break a company.
As a final point about choosing a good accountant, you might want to consider whether you want to stay local or pick from various national firms. Some firms have huge offices in expensive sky scrapers in large cities, but in the end their clients pay the rent. Other solid firms are located in smaller communities, like Myrtle Beach Accounting, but have top notch personnel that is equal to or better than what you’d find in the big cites only at half the price. Only you can decide, but you should take into consideration all of the facts including fees and experience in order to get the best accountant for your business at the best value that you can.