Did you know that the tax compliance process is so time-consuming and expensive that individuals and businesses end up spending billions of hours and over $300 billion every year to comply with federal tax laws? This also includes filing returns and maintaining records.
Every person, irrespective of their profession has some impact of late or poor tax preparation and filing. That is why, they seek the support of experts. Over the years, the role of accounting and CPA firms has evolved – from merely completing the tasks to becoming an advisor. And hence, they should be able to make use of all the support available to them.
Many accounting firms have turned to outsourcing during peak seasons like the tax season. But what they often overlook is the background areas where they could use help. This leads to additional manhours, errors during filing, and even penalties.
But it does not have to be like this.
How does Finsmart Accounting help sail through this challenge?
At Finsmart Accounting, we believe that taxation in business is a much later part. While accounting firms tend to focus on and rush toward taxation for their clients, this can prove to be a wrong move. Making the books tax-ready is the first part of it. Our holistic service offering to make the books tax-ready includes:
Clean-up services for accurate financials: The first step to make books tax-ready is a thorough clean-up. And truth be told, accounting firms struggle with this issue for most of their clients. Our clean-up services are designed to help firms organize their financial records, correct errors, and ensure consistency. It helps in:
- Review and Correction: Our team meticulously reviews financial statements to identify and correct discrepancies way ahead of approaching deadlines.
- Reconciliation of Accounts: Ensuring that all accounts are properly reconciled, helps make sure there are no lingering errors in the books till the last moment.
- Categorization and Classification: Properly categorizing transactions helps ensure that expenses, income, and assets are accurately reflected, setting a strong foundation for tax preparation.
Regular Bookkeeping and monthly closures: Bookkeeping is one of the key functions in accounting. Often accounting firms do bookkeeping on their own with lasting errors. This hurts the balance of the books and increases the time needed to cross-check before the tax deadlines. Our regular bookkeeping and monthly closure services help in:
- Routine Monitoring: When you outsource your bookkeeping practice with us, you do not have to bear the load of monitoring for regular updates and catching and rectifying errors in real-time. Our team of experts are constantly on this and it helps critical issues from suddenly getting bigger.
- Monthly Financial Statements: Knowing the current status also gives a sneak peek into what the future holds. Bookkeeping with us will help firms keep track of the monthly financial statements and stay ahead.
Transition gradually to the Tax outsourcing process: When the groundwork is laid and the books are clean and up-to-date, the transition to the tax preparation process is seamless. This is the time to gather support from our team of expert tax preparers to handle it all for you. What does the Tax team do?
- Tax Compliance and Planning: We have a team of experts who are aware of the constantly evolving regulations. They understand the compliance needs and the nuances of the laws across all geographies. They also help identify opportunities for tax savings to the maximum potential.
- Accurate Tax Filing: This is where the pre-work comes into the picture. The more accurate your books are ahead of the tax season, the greater the chances of reducing errors, and audit risks. It also helps to ensure that all deductions and credits are accurately claimed.
- End-to-end Support: From initial clean-up to final tax filing, the team of professionals at Finsmart Accounting helps ensure that firms are fully prepared for tax season without any last-minute stress.
How does Finsmart Accounting help take the tax season stress out?
At Finsmart Accounting, we have been acing accounting outsourcing for the past 17 years. We take pride in:
- Expertise: We have a team of experienced accountants and tax professionals who are well-versed in industry standards and tax regulations.
- Comprehensive Services: From bookkeeping and clean-up services to tax, accounts payable and receivable, audit, financial reporting, and virtual CFOs – by partnering with us, you get the convenience of having a single provider for both accounting clean-up and tax services, ensuring consistency and reliability.
- Proven Track Record: We have helped 70+ accounting firms to outsource for the first time and have a 300+ steady client base across 7+ countries. We have been helping clients streamline their accounting processes and navigate tax seasons smoothly.
4 tips to keep your books tax-ready:
- Balance and reconcile your books and accounts
- Identify all income sources
- Make a note of additional contributions
- Organize all deliverables
The tax season can be overwhelming, but not when you are prepared the right way. With our end-to-end solutions, you get access to the expertise and it helps you be prepared for the busy season. As the tax season extension continues to present significant challenges in time, resources, and expertise, pick your team of outsourcing experts today.
Write to us at connect@finsmartaccounting.com for more.
Maanoj is Co-founder & Director of Growth Strategy & Alliance at Finsmart Accounting. He is an Outsourcing Expert, a People Champion, and a Dynamic Leader with strong Business Strategy and Scaling-up experience. He has incubated businesses, sold & exited ventures; helped build strong enterprises in very diversified verticals like Fintech, HR & Consulting spaces in various CXO capacities over the last 20 years.
