Maintaining the books of your small business is very important and shouldn’t be ignored. Keeping accurate books provides you information on how you are doing financially while also ensuring that the information you report for taxes is correct. The last thing you want for your small business is the IRS breathing down your neck.

Proper bookkeeping is far more than simply recording the money coming in and the money going out (income and expenses). When you outsource the accounting and bookkeeping for your small business, you get an expert in the field that will make sure that your books are not only accurate, but provides you with crucial financially information so that you can make any changes needed.

Bookkeeping For Small Businesses

At its core, bookkeeping is the tracking of financial transactions for your business. Accurate, professional bookkeeping is necessary for multiple reasons with one of those reasons being taxes. Messy, inaccurate books will make tax season a massive headache for you and your business. Not to mention it could lead to issues between you and the Internal Revenue Service.

When you outsource your bookkeeping to a professional, you get more than just numbers for the money coming in and going out. A professional bookkeeper will also provide you with financial reports that make it easier for you to understand the specifics of your financials. These reports can save you time and money when making important decisions about your business.

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Tax season. No one really likes dealing with tax season but it’s certainly a necessity in both your personal life as well as your small business life. Proper tax returns rely heavily on maintaining your books. The better your bookkeeping is, the easier tax season can be for you and your business.

While it may not be as significant when you file your personal taxes, filing small business taxes is an entirely different game. By using someone experienced and well-versed in the world of taxes, you can ensure you not only file taxes correctly but also get all of the deductions that you can get as a small business. One of the biggest benefits when utilizing our tax services is that you don’t have to choose a tax preparer from your own State. It is a common misconception that you should stay within your own State when using a tax preparer. When you go through KANA Solutions, you can get a seamless transition from tax readiness to tax preparer without any hassle.

Small Business Tax Readiness and Preparation

Doing your own taxes can take a long time and often cause frustration. If you aren’t experienced with it, you’re highly likely to miss out on all of the deductions that could be saving you money. By utilizing a professional for your tax readiness, you free up a lot of your own time so that even during tax season you can continue to work on your small business. Tax readiness includes accounting for all expenses and income. With this information, you are able to account for profits and losses using balance sheets. This information can be taken to your tax preparer.

The actually preparation of your taxes involves actually doing your taxes. This involves all of the actual paperwork and IRS forms for your small business. Regardless of having employees or using contract workers, these are all important components for filing your taxes. Using a professional tax preparer ensures that not only do you get all of the deductions you can, but that everything is completed correctly.

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If you have employees in your small business, then you have to have a payroll system. Simply put, payroll is the compensation paid to employees of a business for completing work. The last thing you want is to have a mess of a payroll system that makes it difficult to track all of your employees and what their pay is.

Payroll is also more than simply recording hours worked and paying out wages. Having an efficient payroll system includes the actual processing of paychecks, insurance benefits, accounting and tax withholding, and more. Additionally, payroll will also include the list of your employees. Payroll will also affect taxes paid as it is an expense for your business.

Payroll Services For Small Businesses

Many small businesses will use payroll software, which can work. However, having a professional that actually understands payroll will have a much bigger benefit for your company. This also includes understanding labor laws and other regulations so we can guide you on the right path. When you have an expert handling your payroll, you can expect accurate tracking of accounts receivable and accounts payable.

During your initial consultation, we’ll discuss how big your business is and how many employees you have. We will also go over what employees are being paid. All of this information helps us better understand the needs of your small business for payroll and where to focus our efforts.

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