One of the most daunting parts of being self-employed is ensuring that bills are paid promptly and that accurate financial statements are available. Without a clear understanding of a company’s financial position, it can be difficult to make fiscally responsible decisions. While there are a variety of software packages that can help, it can be challenging to navigate them without a good understanding of accounting and bookkeeping practices. Fortunately, the professionals at Paramount Tax & Accounting CPAs can help by offering a wide array of regular or periodic financial management support. Here are just a few ways they help small to large size businesses manage their complex financials.
Most companies process payroll on a weekly or bi-weekly basis. While it may be easy to prepare it, dealing with errors and employee questions can make it a time-consuming responsibility for even a smaller sized company. An accounting firm can handle processing all quarterly payments and ensure employees are paid on time. Most also offer assistance in the event employees have questions or concerns about their pay.
CPA firms also provide day to day accounting for companies. Whether it’s maintaining accounts receivable and accounts payable, or creating monthly financial statements, a Salt Lake City accounting firm can ensure a company’s bookkeeping and accounting functions are maintained and run smoothly. Most CPA firms will tailor their services to meet the specific needs of any type business.
It can be challenging for a business to get financing, especially if the business is in its early years. A CPA firm can help by drafting a proposal that may increase the likelihood of being approved for a business loan. They can also create financial statements that will help give the bank the financial information they need to determine the viability of lending money.
One of the most overlooked aspects of a company’s financial management is its internal controls. Controls of this nature act as safeguards that help reduce the chances of fraud or embezzlement by employees, and ensure that there are no concerns regarding the validity of financial statements. CPA firms can also play roles in the day-to-day financial duties to help eliminate the need for additional employees to meet internal control requirements.
One of the biggest issues a business owner has to tackle is proper management of the organization’s finances. The team at Paramount Tax & Accounting can help any size business make easy work of the most challenging and tedious financial responsibilities. Visit http://paramount.tax to learn more about the services they provide, and take the first step in securing the financial stability of any company, whether new or old.