Four Ways To Avoid Tax Penalties and Maximize Profit

1. Improve Efficiency of Business Operations and Decision Making

• Entering checks and deposits.
• Invoicing customers.
• Reconciling the bank account.
• Maintaining other sub-ledgers.

2. Following a Professional Code and Accuracy

• Provision of Core Services: A CPA is best suited to maintain financial records and statements, analyze trends, and ensure the books are up-to-date and accurate.
• Accurate Accounting: Professional accountants have a set of tools that enhance the accuracy of their work. They employ a double-entry system, trial balances, balance sheets, and financial ratios to help businesses achieve accurate books and reports.

3. Save Money By Reducing Mistakes

• Tax Advice: Failure to file the proper taxes on time can attract considerable penalties for a business. Accountants offer essential insights like tax planning, business consulting, deadline management, and transactions that can mitigate your tax bill. These matters affect a company’s bottom line.
• Outsourcing: You can bypass the labor cost of hiring a bookkeeper and internal accountant by partnering with a firm offering demand accounting services.
• Optimize Your Time: Time that is improperly utilized equates to lost money. An accountant frees the schedule of an employee or a business owner, effectively saving money.

4. CPAs Are Experts

A Certified Public Accountant undertakes professional exams and is registered independently. As such, CPAs perform their work in conformity with IRS rules and global financial reporting standards. Here are some of their skills that can add value to your business:

• Industry Knowledge: The subscription to professional bodies offers them constant updates and changes in reporting standards. They also work as a network, which boosts their knowledge of the practice.
• Time Management: By partnering with a CPA, you can outsource the routine financial tasks that a CPA can manage and focus on growing your business.
• Gain Unparalleled Insight: An accountant has analytical skills that they can apply to analyze financial data. Business owners can tap into the professional relationship to gain valuable insights on improving their businesses. For example, CPAs can analyze year-over-year trends to determine if you are spending too much on payroll or if a business owner needs to raise their bill rates.

Why Estess CPAs?

Estess CPAs is a professional accountant firm that brings years of experience and reporting standards along with a supporting team of experts. Therefore, your business will gain from improved efficiency, reduced business costs, accurate financial reporting, and tax planning. We proudly serve the Belle Chasse, Luling, and the Greater New Orleans Area. We treat your family like ours and can’t wait to help you improve your operations. Estess CPAs has become an industry-leading tax preparation and advisor firm, offering accounting and bookkeeping services. In addition to helping small businesses run efficiently and save on tax liability, the accounting firm provides a wide range of services, including tax services, accounting, bookkeeping, and payroll services. Free consultations are available by phone, video conference, or in person. To find additional information about Estess CPAs’ services and locations, call (504) 433-5122 (Belle Chasse office), (985) 785-1470 (Luling office), or visit estesscpa.com.