Tax Compliance: Tax laws and regulations are complex and ever-changing. Ensuring compliance with these laws can be a daunting task for small business owners. A bookkeeper can help navigate the intricacies of tax compliance, ensuring that your business meets its obligations and takes advantage of any available deductions or credits. This not only saves you time and stress but also minimizes the risk of costly penalties or audits.
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Business Growth and Planning: As your business grows, so do its financial complexities. From budgeting and forecasting to securing financing and evaluating investment opportunities, a bookkeeper plays a vital role in supporting your business’s growth and expansion. By providing accurate financial data and analysis, a bookkeeper helps you make strategic decisions that drive long-term success.
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Management accounting focuses on the measurement, analysis and reporting of information that can help managers in making decisions to fulfil the goals of an organization. In management accounting, internal measures and reports are based on cost-benefit analysis, and are not required to follow the generally accepted accounting principle
Tax accounting in the United States concentrates on the preparation, analysis and presentation of tax payments and tax returns. The U.S. tax system requires the use of specialised accounting principles for tax purposes which can differ from the generally accepted accounting principles (GAAP) for financial reporting.
Depending on its size, a company may be legally required to have their financial statements audited by a qualified auditor, and audits are usually carried out by accounting firms.