FWT CPAs & Tax Professionals| Tax & Accounting Servicces

  Several business owners who really have no accounting or bookkeeping expertise may be puzzled by the terms in each job description. Knowing the difference between an accountant & a bookkeeper allows a business owner to select the services that are best for them and their company's needs.   A bookkeeper, by definition, is someone who keeps your books. You provide them the invoices and payment information, and they input the statistics into a book to give you an accurate & easy financial picture of the firm. It is the responsibility of the business owner to send all receipts and invoices to the bookkeeper in order for the books to be kept accurate.   The bookkeeper will just keep your books and will not be held responsible for tax assessments, financial-legal relationships, or anything else other than completing the arithmetic and keeping your accounts straight.   An accountant, on the other hand, has the same responsibilities as a bookkeeper, but they also h...

  Most businesses outsource CPA tasks of in-house accounting services for a variety of reasons. When top staff leaves, key accounting tasks are sometimes overlooked. The costs of hiring and training are reduced, if not eliminated when CPA tasks are outsourced. An employee violates significant company conventions and rules, such as fraud, dishonesty, or financial theft, resulting in his or her firing. Dealing with many authorities - When it comes to money, you need someone who knows what they're doing. What better and more trustworthy person to turn to than a reputable CPA? Obtaining a Loan - Do you really want to go it alone on this one? Individuals can be fooled in a variety of ways. Marriage may be difficult enough without having to worry about money all of the time. Divorce might be a lot tougher. A CPA can help with both. College Planning - You don't want your child or children to wake up one day wondering, "Why didn't you save money for me to go to college?" ...

  To sustain profitability from quarter to quarter any small business must keep correct accounts and be able to manage day-to-day spending. Here are a few elements to think about: ● Hire someone if you can't handle bookkeeping; you know who I'm talking about.  ● Remember that you must have a thorough strategy in place before you begin your bookkeeping. Often, visiting a CPA is a fantastic approach to get started with your accounting plans. ● Once you have an outline, you may decide which tasks are critical and which can wait until the end of the month or quarter. ● Keeping correct mileage records at the end of the quarter is difficult, and it must be done every day. ● Having only one staff in charge of your bookkeeping expertise is a recipe for trouble. ● If you feel you can't handle the burden or it's interfering with your personal life, visit a qualified CPA to see if part of the job may be outsourced to reduce your time needs. ● Don't be afraid to ask for assista...