Benefits of Hiring a Full-Service Accounting Firm
Bookkeeping and accounting are necessary tasks for every business, big and small. Depending upon your specific needs, your company size, the number of monthly transactions, and payroll operations, your accounting needs will vary. Also, based on your business’ accounting systems, policies, and reporting procedures, your financial aspects shape together to form the financial arm of your company’s assets. Long Island Tax and Planning is ready to support your every financial need, every step of the way, throughout your business ownership record.
Most businesses are heavily concerned with compliance, – bookkeeping, accounting, recording, and transaction tracking – bill paying, payment calculating, tax managing, and other various expenses depending on your specific industry. Financial planning becomes the key to your diversity level, which you can spread across your investments, minimizing taxes and other regulatory fees. Business success and wealth management become critical aspects to securing your financial future.
For each of these services, you may find yourself or your HR employees approaching different experts – financial planners, business consultants, wealth advisors, and retirement planning counselors, working with each one of them independently, beyond the scope of your regular accountant. It is crucial to maintain concise records, which can become complicated when you hire multiple companies to help you manage your money. That is why it is a smarter move to hire a full-service accounting firm, especially one who is locally trained in the tax and financial regulation codes of New York State.
Why Choose A Full-Service Accounting Firm?
A full-service accounting firm offers a comprehensive suite of services that covers various aspects of your business, backed by combined years of expertise and full domain knowledge between all employees in the company. Let’s look at the critical areas of tax-efficient investment management and financial planning. This is where your own professional CPA firm provides you with a complete 360-degree management and planning solution, leaving you free to focus on your collective business targets. According to AICPA, “The American Institute of CPAs’ State Regulation and Legislation Team tracked over 400 bills affecting the CPA profession at the state-level in 2018.” This means greater changes, and new rules and regulations, which will already be understood by professionals at full-service accounting firms are on the way.
- Payroll Management: A professional, full-service accounting firm helps you stay informed and updated about the constantly changing federal, state, and local laws based around tax regulations. This end of the service ensures that your payroll processing runs smoothly in tune with the necessary financial regulatory legal changes as they occur. Here at Long Island Tax and Planning, we understand just how important it is to keep your employees paid, as well as ensuring the proper taxes are applied.
- Bookkeeping and Write Up Services: Accurate and timely financial statements are required to represent your business when dealing with lenders, partners, potential customers, broker-dealers, and other associates. A complete full-service accounting firm provides you with comprehensive bookkeeping and write-up services to keep your accounting practices and financials up-to-date. We stay ahead of the game by ensuring that we are up-to-date as well.
- Business Consulting: This is a key area if you are planning to expand and consolidate your business(es) or when you need help overcoming challenges on the path to growth. A full-service accounting firm is well-equipped to provide you with expert advice on various aspects of business management including planning, industry analysis, and selling or restructuring your business.
- Selecting a Business Entity: Making the right decision when selecting your business entity – LLP, LLC, sole proprietorship, partnership, S- or C-corporation, is the most important choice you will make during the formation stages. Having a full-service accounting firm, you will be apprised on all the financial and tax implications within each choice. At Long Island Tax and Planning, we can help you form any business entity that is chosen with New York state, guiding you through the process from day one.
- Estimating Taxes: We understand how the latest federal, state and local tax legislation and other developments affect your personal taxes or business taxes and we are constantly identifying new ways to reduce federal, state or local tax liabilities so there are no surprises when you go to file your taxes.
- Saving on Taxes: Expert business tax planning advice makes you well prepared to face tax season with confidence. Achieving the lowest federal, state, or local tax liabilities, taking advantage of available tax credits, and minimizing taxes can be possible on your own, but with the help of a full-service accounting firm, success is secure.
- IRS Audit: The complex IRS Audit procedures require highly skilled and experienced guidance to ensure your company is skillfully represented in any IRS or tax authority dealings. A full-service accounting firm always has expert financial professionals who are ready to handle any issues that arise as the IRS completes their audit. Along with experience, you will find accountants who are trained to work with the IRS, simplifying difficult tax issues with ease.
Wealth Management and Financial Planning
Retirement has a lot to do with accurate wealth management throughout life. Two critical areas of wealth management and retirement planning for both you and your employees are assessing retirement plan types and succession planning. At Long Island Tax and Planning, we are proud to serve as a full-service accounting firm, with a comprehensive range of financial solutions for all business sizes, large and small. This makes us far better equipped to provide complete asset and investment management solutions over the offerings from a simple accounting service.
A full-service accounting firm will take care of cash flow management, raising capital, or restructuring your debt. Plus, a more experienced and comprehensive firm will also help you prepare your company for the unexpected with insurance plans such as Life, Disability, Long-term Care Insurance, and Protection Planning for you and your employees as well. This combined knowledge of your company’s complete bundle of assets will help you foresee both the full retirement options for your employees and give you the opportunity to streamline your recruitment process as well. Therefore, you will be better prepared for the transition.
There are many aspects involved when it comes to maintaining your company’s financial assets and financial business operations, which is why you and your business will benefit from choosing a full-service accounting firm such as Long Island Tax and Planning for a dynamic and proven approach to providing top-level services to a range of business ventures. With a highly trained staff, we are ready to help you achieve your next financial goals.
All you have to do is contact Long Island Tax and Planning Today…
…For a Free Consultation with one of Our Professional Representatives!