One of the most challenging parts of managing a business is ensuring financial statements are up to date. Not having current financial information can make it impossible to get a loan when needed, and can be a deterrent for private investors who are looking to purchase stock in a company.
A firm that specializes in Accounting in Palm Springs CA can help keep a company’s financial information accurate and in order. Here are just a few of the many services they provide, and how it can help a business owner keep their books in order.
Quarterly Tax Payments
One of the biggest blunders most business owners make is failing to file required tax payments on time. Most are due on a quarterly basis and include payments for payroll taxes and sales tax. Not making this payment on time can lead to steep fines and interest on unpaid balances. An accountant will have the ability to track the amount of taxes due and make payments on behalf of the company to keep them compliant.
Financial Reporting Statements
One of the only ways to determine the financial health of a business is to utilize accurate financial reporting. Income statements and balance sheets allow a business owner to determine the amount of cash they have on hand and identify areas of wasteful spending. They are also useful in determining when a company is ready to expand and can help with the process of securing financing for future needs.
One of the most crucial parts of accounting in Palm Springs CA is account reconciliation. The process involves comparing what is reported as coming in and going out to real life numbers. This can help a company keep track of spending and allow them to identify financial leaks and possible fraudulent activity. Failing to reconcile accounts can lead to significant waste, and opens a company up for internal embezzlement.
If a business owner is looking to ensure the long-term viability of their business, they should hire a private accounting service to help maintain their books and produce accurate financial statements. The team at Miller & Mehr can help any size company manage their finances with ease. Find Us Here to learn more and ensure the financial stability of any size business once and for all.