So you’re looking for an “accountant near me,” that’s great! One small catch: You’re now coming across a lot of new terms like CPA firms, bookkeeping, payroll, Quickbooks, and more. This may leave you scratching your head, wondering what you really need, especially as a small business owner.

At W. E. Stevens PC, we’re here to clear all this up.

CPA (Certified Public Accountant)
Whether you’re an individual or a business owner, you likely have tried your hand at completing your own tax return. That may have been through Turbotax, manual filing, or another method. This is great when you are a simple W2 employee or have other simple tax matters. However, what do you do when things get more complicated? More often than not, you turn to a CPA.

A CPA, or certified public accountant, is a licensed professional who has passed an examination administered by a state’s Board of Accountancy. They typically have more knowledge and experience than a traditional accountant due to the requirements to obtain and maintain a CPA license. They are also subject to a code of ethics. The AICPA requires that all CPA designation holders adhere to the Code of Professional Conduct, which lays out the ethical standards CPAs must adhere to.

Not only do we have multiple CPAs on staff at our firm, but our firm owner, Bill, is a member of the American Institute of Certified Public Accountants Tax Section and a certified Tax Planning Coach for the American Institute of Certified Tax Planners.

Whether you need assistance with your personal tax return or you have multiple businesses that need various accounting services, our experienced staff of accountants and CPAs is ready to offer you exceptional customer service!

Bookkeeping

Bookkeeping is the art of crunching numbers and ensuring that every transaction is accounted for and accounted for properly. As your business grows, you often find that you don’t have time to do everything anymore. You may also not have the training to do bookkeeping properly. An improper book could cost you a lot of money down the road, so it is important to have things correct from the get-go! That’s where an “accountant near me” search might have come up.

Outsourcing your bookkeeping is a cost-effective alternative to hiring an in-house bookkeeper. It also assists your accountant when it is time to analyze financial data and strategize for the future.

The following are five benefits of outsourcing your bookkeeping for your business:

• All financial transactions are accurately recorded.
• Spending analysis helps streamline budgeting for your business.
• Filing taxes is easier.
• Your records are accurate in the event of an IRS audit.
• Cash flow is managed correctly and accurately.

Realizing the importance of bookkeeping in running your business can provide peace of mind that allows you to do what is most important – manage the day-to-day operation of your business.

Tax Planning vs Preparation

As mentioned above in the CPA section, everyone must file a tax return, and business owners often find themselves filing returns for multiple entities. This is where it is important to do proper tax planning ahead of time.

Tax planning involves making shifts in a taxpayer’s financial and business situation to minimize their tax burden both in the short term and over time. This often requires working in advance, before the end of the year, to identify, evaluate, and implement solutions.

On the other hand, tax preparation is recording the history of what occurred for the previous year. We can’t rewrite that history; we can only determine what a taxpayer does or does not qualify for.  Since planning relies on making shifts to take advantage of tax breaks, it becomes impossible to do so after the fact.

True planning looks at both current and subsequent tax years. We keep an eye on the future by regularly discussing clients’ goals and wealth accumulation throughout the year. It generally includes combinations of several strategies to achieve optimal tax minimization. You can learn more about how our firm can help you plan ahead and only pay what you legally owe here!

Payroll

This one is mainly for business owners whose entity(s) are taxed as a corporation. You now have the lovely responsibility of paying yourself and your employees a wage. Doing this properly is an important step to operating your business, one that many owners don’t want to have to deal with or figure out. That’s another time someone may pull out their phone and search for “accountant near me.”

Payroll mistakes can be costly for your business. Here’s a quick overview of key points to keep in mind:

• Employee Classification: Be clear on the difference between exempt and non-exempt employees, as well as freelancers and contractors. Misclassification can lead to tax issues later on.
• Pay Calculation: Payroll involves various elements like overtime, commissions, and deductions. Remember, state policies may vary.
• Deadlines Matter: Missing payroll tax deadlines can result in hefty penalties and even license suspension.
• Recordkeeping is Key: Keep accurate and up-to-date records to avoid potential audits. Don’t forget essential paperwork like W-2 and 1099 forms.
• Stay on Top of Tax Forms: Ensure all necessary tax forms are filled out correctly and sent to employees promptly at year-end.

We have a full article regarding payroll here.

IRS/State Representation

Receiving a letter from the IRS or local state can feel alarming. The average person doesn’t have much experience or understanding regarding these entities besides simply filing an annual tax return. We understand that and that’s why we offer to represent you regarding an IRS or state tax issue. We’ll take care of the heavy lifting and only involve you when absolutely necessary, giving you peace of mind that an expert is in your corner helping. It’s always best to address these situations as soon as they arrive, so take action today and see how we can help!

In Summary

A search for a new accountant can seem intimidating, but with the necessary understanding, it becomes liberating. Whether you want to ensure you aren’t over or underpaying your taxes, need help with bookkeeping, or are in the process of an audit, know that at W. E. Stevens PC, we are on your side!

Call us today at (402) 932-8815 or visit our website at westevens.com to learn how we can best serve you.

Sincerely,

W. E. Stevens, PC

Serving you through a thoughtful client experience, wise long-term perspective, and very experienced staff