Thursday, March 13, 2008

Many small businesses benefit from outsourcing their tax preparation and bookkeeping chores

NEW YORK - Ron Finklestein found a good reason for not compiling his business tax return: $1,600.

That's how much Finklestein says he would have overpaid the government if he had gone ahead and submitted a return he had completed as an experiment. When he ran it past his accountant, he discovered he hadn't claimed all the deductions he was entitled to.

Many small business owners try to compile their companies' returns, and they also try to keep the books too. Many, like Finklestein, discover it's better to turn the financial part of the business over to someone with a head for finances - the work will be done faster and better. Moreover, outsourcing finances allows owners to focus on building their companies.

Finklestein, an author and business consultant in Akron, Ohio, only recently handed over the task of keeping the company's books to his accountant, a step he needed to take to have a better handle on how the business was doing. He wasn't consistently updating the books, and so he didn't know what the state of his cash flow. With his accountant in charge of his finances, he's able to make more informed decisions.

Read More Article...

No comments:

Outsource Bookkeeping Services Outsourcing Services