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#1 Trying to Do it All
Business owners should focus on what makes their business profitable; the product or service it provides. Trying to manage finances can become overwhelming and distracting to the purpose of the business. This can decrease efficiency and lead to a decrease in profitability.
Let us assist and take some of the burden off you. Use us for outsourced professional financial support. We can provide miscellaneous accounting services such as accounts payable/accounts receivable functions, payroll services, sales tax preparation, bank reconciliations, and more.
#2 Not Understanding Finance
DIY accounting is an affordable and popular option for businesses. However, not properly recording general transactions such as paying a bill or receiving money from a client in a cumulative location can leave you clueless to the overall health of your business. Even if you have an accounting system in place, not understanding revenues, expenses, and what overall gross profit means to your business can hinder growth.
Let us provide daily & monthly bookkeeping and/or general ledger maintenance. This will allow you to properly capture how your business is performing. If your business does not have have an accounting system, let us help you find and implement one. We can also provide financial statement preparation, that will provide a snap shot of your organizations's financial health.
#3 Improper Records Management
If your business had to apply for a loan, got audited by the IRS, or had to report statistics or updates to a regulatory agency could you provide all the information requested in a timely manner? Do you know the proper records retention method or retention time for your industry?
Take advantage of Knight CPA Services, LLC's management consulting services. We can provide guidance and assist your business by implementing processes and procedures to ensure all your records are properly updated and kept securely.
#4 Not Participation in Tax Planning
If your organization falls into category #2 or #3 above then your business is probably missing out on potential tax breaks. Knowing the financial position of a business is key in preparing for income tax preparation.
Contact us today to start tax planning for your organization. Proper tax planning and projections can increase tax breaks and reduce end of the year tax bills
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