2020 was quite a year, to say the least. With new business strategies and continuous adaptation a constant throughout the past twelve months, filing taxes in 2021 may prove to be more than you bargained for.
If you don’t usually love filing your business taxes, this may be the year to consider hiring an outsourced accounting firm to step in and take the reigns. And for businesses that also received 2020 COVID-19 related aid, including grants, economic injury disaster loans (EIDLs), and the paycheck protection program (PPP) loans, another layer to your taxes that you may not have dealt with in the past will apply for 2020.
While in-house accounting may be a good fit for some, we encourage you to look into outsourced accounting options if any of these headaches sound familiar to you.
I need more time.
The time investment it takes you or someone on your team who is not trained in accounting to keep track of your books, reports, and assets is a lot. By outsourcing your accounting needs, you can save you and your team time, not to mention the efficiency an experienced bookkeeper brings to the table. Don’t waste your time worrying about your accounting department or lack thereof. Your time is valuable and should be spent on areas of the business that require your attention.
I think I could save money on taxes.
If you have a hunch that you could cut down on your quarterly or annual taxes, you may actually be right. A skilled accounting team can help you decrease your costs by identifying gaps in your business where cash may be escaping without your knowledge. They may also be able to help you write off expenses you’re currently overlooking.
Another advantage? You don’t have to pay an employee to do the work. Without paying an in-house staff member a salary or an entire accounting department, you can save on overhead costs, employee benefits, and other expenses, in addition to recruiting, onboarding, training… the list goes on. You get the point.
I need my reports and data to be more organized.
Don’t bog yourself down with reports you don’t understand or data that means nothing to you. A qualified accountant can help you organize your data and share with you the relevant numbers you’re interested in. Like professionals in any industry, it is very easy to get “in the weeds” with details and the little picture. Allow your accounting partner to handle the small stuff so you can analyze the numbers and better forecast future business.
I can’t be bothered staying up to date on new rules or regulations.
Working with an outsourced accounting firm means that your business will always remain compliant with current regulations within your industry. You will also gain access to significant accounting tools that you wouldn’t usually have in-house.
Don’t sweat researching what forms, tax breaks, or relief may apply to your business. Instead, you can trust your accounting partner to stay on top of regulatory changes and the necessary forms. You can also rest easy knowing that with the backups and security built into the systems outsourced firms use, your information will always be safe and accessible when you need it.
I want tax season to be less stressful.
If tax season is a big burden on you and your business, consider the advantages of outsourcing your work to an accounting firm. While the clock continues ticking down to April 15th, you still have time to hand off your accounting needs to an outsourced partner. Trust a professional who enjoys this work (we really do!) like our team at Gift CPAs. To learn more about how we can help your business, you can connect with our team today.