CPAs are a valuable asset that can take the pressure off you so you can focus on what’s important – running and growing your company. But why should you choose business accounting services in St. Charles, IL?
An accounting team will not only help you with your accounting needs, but can also provide guidance on how best to manage your own company and take full advantage of the opportunities St. Charles offers to business owners. And because St. Charles is one of the most competitive towns in Illinois, CPA services will make sure you are getting every tax break possible!
How to Find a Professional
With so many CPA firms vying for your business, it can be tough to know where to turn. With that in mind, take a moment to review the following five features your CPA firm of choice should have, so you can find one that’s compatible with your needs.
- Must be licensed and registered in Illinois
- Location in or near St. Charles, IL
- Experience working with businesses similar to yours
- Availability & Personal Connections
- Assistance through thoughtful goal-setting skills
Accounting Pitfalls a Professional Will Help You Avoid
Lack of Organization
As a business owner, you may think that misplacing receipts for the “nice to have” expenses doesn’t matter. But consider how much of an impact it can make on your bottom line! Even if they’re legitimate and tax-deductible, a lack of organization at any point in your accounting process will increase the chances of both errors and potential penalties from audits.
The best way to avoid this fate is by having designated cards only used for these types of purchases–and recording each one as soon after purchase as possible.
Monitoring Receivables
It’s important to get paid for what you’re owed. If your receivables are not up-to-date, you might end the year with a report that doesn’t justify and then spend valuable time on listing outstanding balances, accruing debts, and paying too much in taxes. Resolve to pursue these unpaid balances diligently by updating records accordingly!
Forgetting Cash Expenses
It can be all too easy to overlook or forget your cash purchases as other business tasks take precedence. This oversight may lead you to overestimate your income and pay more taxes than required. An accountant will work with you and your team to make sure these over sites do not happen and that all your expenditures are properly accounted for.
Mingling Personal & Professional Expenses
One of the most common mistakes small business owners make is using their personal credit or debit cards to buy for themselves and their company. This can lead to tax headaches if not corrected in time, so be sure never to use your card/account for a purchase that would benefit only you on behalf of the company.
A prime example may include charging certain non-business related expenditures such as groceries onto a business’ corporate account (or vice versa). If this isn’t stopped before being acknowledged, then come tax season–a headache awaits!
Business Accounting Services Include
We support businesses through a variety of accounting services. We work with you to come up with the right services that work with your internal support.
- Financial statements
- Dashboard reporting
- Customized management reports
- QuickBooks setup, support, and training
- Support with complex transactions
- Accounting software consulting
- Customized accounting support and advice
Why Choose DHJJ
When it comes to organizing and managing your business finances, you don’t need to do them alone. At DHJJ, our number one priority is to give you the best business accounting experience possible. With renowned experts in the areas that affect your business, your taxes, and long-term financial wellbeing, we offer a different perspective on your business.
Together, we will evaluate your financial situation and pose the right questions to help you and your business move towards your goals and onward to growth.
Frequently Asked Questions
I Do My Own Accounting, Why Do I Need a Pro?
One of the ultimate goals of a CPA is to take the pressure off you, so you don’t have to worry about accounting. With CPA services in St. Charles, IL, you have access to an expert who will handle all your bookkeeping needs as well as provide guidance on how best to manage your company.
CPAs can also offer insight into everything from payroll and taxes to help you better understand how your business is doing. And because CPA services can provide such a wide range of knowledge, they’re an invaluable resource for small businesses.
What are the Benefits of Hiring an Accountant?
A CPA will be able to provide you with advice on how to set up and maintain the best financial practices for your specific needs, such as preparing taxes or helping you save for a future goal. CPAs can also help you avoid penalties, fines, and interest that may be due to the IRA or other agencies for late payments. With all of these benefits, it is no wonder that most people hire a CPA when they need one!
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