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Whether you are running a small business or a corporate, it will be quite a challenge to run your business without an accountant for business tax audit reporting. For many small and large businesses, hiring an accountant is essential especially when it comes to business tax filing, bookkeeping, and doing reviews or audits that might be needed by investors or banks. Auditing is a very scary thing, although most businesses have nothing to fear if their records are correct, so it pays to have a skilled accountant that the business can rely on to know what they are doing when audits come around. Because the accountant chosen should know every facet of the business's accounts, the business owner should be able to sit back and relax when an audit is due.
Benefits of Hiring a Professional Accountant
The biggest benefit of hiring an accountant is that it offers a small business owner some peace of mind and ensures that the financial records of the business are not only accurate but also compliant with federal and state laws. By hiring a professional accountant, a business owner is able to file annual taxes, effectively manage business finances and keep the business' books for effective tax filings. An accountant is also able to audit business records, which can be essential in case the business owner wants to borrow a loan or look for more investors to invest in the business.
Points To Consider Before Hiring Accountant for Business Tax Audit Reporting
- Services offered – it is important that the accountant should provide different accounting services including tax filing, auditing and bookkeeping. Even better is that the accountant for the business knows the whole of the business structure.
- Type of accountant – basically, the accounting market is filled with CPAs and ACCAs. For this reason, determine which type of accountant you need for your business. Accountants who specialize in certain businesses are far better to hire than ones who are jack-of-all-trades.
- Qualification – accountants have different qualifications. Determining their qualification is important to be able to find out whether you can afford the accountant. The more highly specialized and experienced they are will also cost more.
Estimating the Cost of Accounting Services
It is very difficult to accurately estimate the cost of hiring a professional accounting service. This is because there are many variables involved and some of these include the size of the business, the complexity of the business' bookkeeping and the budget set aside for accounting services. In addition, the type of accounting services the accountant provides makes it difficult to estimate their cost. It should be understood that based on the services the accountant provides, the services may bill per hour. If you decide to hire a CPA for example, expect to pay the CPA an average hourly rate of $200. Many businesses prefer to keep an accountant of retainer, even though they are not very profitable, because they worry that they may need an accountant in a hurry. This option can also be tax deductible.