Accounting to a non-financial person can be a mammoth task according to Accountants in Miami, CPA. Wading through invoices, bank statements amongst other duties can be quite tasking especially for small business owners who have a lot of other things to do. Even businesses that have an in-house accounting team still need to manage the functions of the accounting team to ensure they meet the business objectives at a minimal cost.
The global health and economic crisis triggered by coronavirus is a heavy burden for businesses. Even those for whom remote working is possible had to solve the problem of accessing the data they need to stay operational.
Start a small business is challenging and time consuming and often the accounting write up is not a top priority. After all, keeping your records organized is not your passion or your strong suit. Nonetheless, ignoring management reporting leads to accounting problems that take you away from that passion, away from doing what matters most to you.
In the old days, Accountants did all work and it had to be done onsite. Then we outsourced through business process organizations (BPO) to cut costs and increase productivity. Later, we near-sourced for longer work days that followed the sun. And we in-sourced to optimize employee competencies. Although each of these workflow evolution were beneficial, they still limited us.
When accountants clients faces an IRS audit, the stakes of having qualified advice from their accountant are clearly higher than if the client needed help on a simple IRS inquiry letter or notice. The client is also likely more anxious about the audit than they would be over a simple notice. Chances are that the client would recognize the different risks as well as the varying levels of complexity involved in both potential engagements.
1.35M taxpayers could see their IRS penalties automatically removed each year In 2001, the IRS implemented its first-time penalty abatement program to reward taxpayers who had a good compliance history. The FTA program removes certain late-payment and late-filing penalties for individuals, businesses and employers who have a clean compliance history. Since its inception in 2001, …