It is absolutely mandatory that you provide your tax accountancy firm with annual confirmation statement annually. A London company can save a lot of money, time and effort if it takes annual refresher training for their entire staff, not just the CPA. Everyone knows how tedious the task of recording income, saving deposits and filing tax returns can be. If you are in the accounting profession, you know that this task takes up much of your time.
Traditional Bookkeeping Program
For this reason, there are several different ways to record your yearly financial records. Some people prefer to use a traditional bookkeeping program such as QuickBooks or Quicken while others prefer to use an online accounting program such as H&R Block. Whichever method you choose, the important thing is to be organized and have a proper system for recording all of your financial transactions.
Tax Accounting Firms
In the UK, most large tax accounting firms will provide an internal audit management service. This service is provided to your firm at no additional charge. The tax accountant assigned to your firm will manage all of the audits, reviews and collections on your behalf. It is vital that the tax accountant is properly trained in order to perform this task effectively.
Financial Records
The statement generated by the tax accountant will be used by your firm to determine the accuracy and completeness of your financial records. If any information is not correctly recorded, the validity of the entire account is in jeopardy. If the information is incomplete, it can affect your ability to make tax payments. Tax accountants cannot legally refuse to help you unless there is reason to believe that they could decline your request.
Interview Several Prospective Accountants
Before you hire a tax accountant, it is crucial that you take the time to interview several prospective accountants. During the interview process, you will want to ask the following questions: How much experience does the tax accountant have? What financial records do they currently maintain for your firm?
Paper Work
There are some firms who will consider the completion of the paperwork by tax accountants prior to the opening of the business. Other firms will request the paperwork after the business has been opened. Regardless of when you request the information, it is vitally important that your tax accountancy firm is able to meet your legal requirements. It is also essential that you have confidence in the tax accountant that you hire.
Comprehensive Tax Reports
If the accountant you hire does not meet your expectations in terms of completeness and accuracy, then it may be necessary for you to obtain your accounting reports from another company. It is vital that you work with a firm that can provide you with both comprehensive tax reports as well as an individual tax report for each client that you represent. It is important to remember that your clients are entitled to receive these reports from a competing firm, and not a tax accountancy firm. You will be required to provide written documentation proving that you are not responsible for the discrepancies between your accounting reports from the competing firm and the tax information that are certified by the tax accountancy firm on your personal financial statement.
Prospective Tax Accountant’s
In addition, when you are reviewing a prospective tax accountant’s financial statement, you will want to inquire about the frequency of such reports being prepared and the costs associated with producing them. As you will recall, this will be information that you will need to provide the IRS with if you are audited. If you discover that the tax accountant is not submitting accurate tax statements to the government, then it may be in your best interest to find a new accountant. There are many companies on the market today that specialize in preparing federal income tax statements. These tax accountancy companies will prepare your reports from which you will be able to rest assured that your financial situation is accurate. There is a great deal of work that goes into completing the paperwork, but it will be worth the effort if you can avoid potential audits.
