Current Accounting

Lessons Learned From Another Hectic Tax Preparation Season

The past several months of our time, as well as yours, have been filled with filing taxes and beating IRS deadlines.

The past several months of our time, as well as yours, have been filled with filing taxes and beating IRS deadlines. This is always a stressful time for our clients who have come to us in a crunch, asking how we can help and hoping that we can piece together the previous year’s financial information. Although we are here for everyone who needs us, there are some takeaway lessons that we want everyone to take heed of. We are an accounting firm in Charleston and we take care of tax time, but with many of the facts and figures that cross our desks, we shake our heads and wish that we could have done so much for their bottom line and saved so many headaches that come with waiting until the last minute!

Why You Need an Accountant in Charleston for Your Small Business

If there is one thing that we understand, it is that no one wants to pay more than they need to! But most of us attempt to save pennies by spending dollars. If you think that you are managing your business finances just fine until tax season comes around, we might beg to differ. Businesses that only use accounting services during tax season are missing the big picture and losing out. Having an accountant year-round allows you to maximize your efficiency and plan for growth instead of just reconciling a ledger.

What is a Fractional CFO?

Hiring an accounting service that offers a fractional CFO is one of the most cost-effective ways to use finances and accounting on an outsourced basis. A fractional CFO company will help you navigate the financial challenges that your company experiences. Some of the difficult situations they handle are:

  • Navigating audits
  • Cost-cutting efficiencies
  • Upgrading existing systems that no longer meet needs
  • Diminish low gross margins
  • Overcome cash flow limitations
  • Deal with high expenses

Most importantly, a fractional CFO does not focus merely on what comes in and what goes out; they help to sort through the big-picture of your organization to determine where you are financially and where you want to be. Once established, they can devise a plan to get you there.

Why Outsourcing Your Accountant Services is Beneficial

Any time that you can cut down on employee expenses, you absolutely should. If you have a bookkeeper or accountant on staff, you have to pay for their services full-time and deal with other issues such as sick and vacation days and insurance options. By hiring an outsourced company, you are only paying for the things that you need without all the headaches that can come from retaining people on staff.

It’s Not Just About Taxes

So, as we begin to wrap up the tax season for this year, the takeaway that many of our existing customers will have is that not knowing how you will fare during tax season is stressful. Putting your finances aside for an entire year is like opening your junk drawer; you can’t find what you need, it is a big mess, and it takes a whole lot more time to sort through things than if you had put things in order to begin with. At Current Accounting, it isn’t that we don’t want to take care of your taxes come tax season; we just recognize that you could be benefiting so much more from hiring our services year-round to manage all aspects of your financial health.

Don’t go another year kicking the tax can when you can make use of your financial information all year long. At Current Accounting, we help you to get your finances in order while planning for expansion and minimizing the fallout during tax season. Contact our accounting firm in Charleston to get started today!