For every business owner, it is important to ensure that your financial records are accurate and reliable and that your company is tax compliant. In order to accomplish this very important task, the team here at Tax Alternatives wants to ensure that business owners understand the importance of internal accounting protocols and controls.
We want to be sure that all our valued clients understand the significance of not only establishing business protocols, but upholding them as well in their efforts to prevent fraudulent activities and to identify accounting errors to avoid any risks. With that thought in mind, we want you to understand that whether these types of errors are accidental or even if they are intentional, the errors and inconsistencies can lead to a number of problems including, but not limited to:
- · Tax audits
- · Tax penalty fees
- · Scarred business reputation and credibility
- · Increased tax liability
- · Reduced business valuation
Effective Internal Accounting Protocols Are A Must Do
Business internal accounting protocols are a series of policies and procedures that a business owner sets in place to contribute to risk management and ensure accurate financial reporting. With internal controls in place, you can be sure to minimize accounting errors while providing you with the means to readily identify and resolve errors that do occur. A strong foundation of accounting and bookkeeping regulations is a surefire way of helping your business protect itself from internal fraud or theft. From cash, inventory, donations and transaction authorizations to accounting procedures and documentation, access to financial data, and account reconciliations, taking steps to protect all this sensitive data is imperative to a successful business.
It is important to ensure that all these critical responsibilities that ultimately contribute to ensuring your business is tax compliant and your taxes are filed accurately, are not all assigned to one employee, but rather shared by many. This allows for easier risk management and minimizes the chances for internal fraudulent activities. In addition, when it comes to signing checks, you may want to require two signatures to further protect your business from fraudulent use of funds. Electronic signatures may prove useful in ensuring this added protection. Further, business owners should stay atop their various bank accounts, loans, and credit cards ensuring the accuracy of all entries and transactions.
Tax Filing Can Be A Challenge
We would all agree that filing your business taxes can be quite stressful and challenging. That’s where the professionals here at Tax Alternatives come in. Our team of highly skilled and experienced tax specialists and professionals is steadfast in their commitment to meet the individual needs of all our valued clients. We take tremendous pride in providing only the highest quality tax filing services to all our clients tax season after tax season, year after year. Our team understands full well how confusing tax season can be which is why we highly recommend you put your trust into the hands of some of the absolute best in the industry. When you rely upon our team of experts, you can be sure that your company is tax compliant and all your taxes will be filed properly and in a timely manner. We strive to deliver all the security and peace of mind our clients need not only when it comes time to file your taxes, but all year long.
Bottom Line
Though the tax season has arrived, the team here at Tax Alternatives wants to remind our valued clients how important it is to ensure that your business is tax compliant all year long, not just during the tax season. For more information about our top-of-the-line tax preparation, filing and follow up services, be sure to reach out to one of our team members today. We look forward to serving you and to helping you to take every step necessary to make your tax filing a whole lot easier year after year!