September 12, 2019 by mark wahlbarg
Today the world has changed, market competition has intensified, information has been a valuable asset, and entrepreneurs have been rediscovering the true value of this professional by giving value to their deliveries.
Best Accounting Firm in Orange County, CA is a great partner of the entrepreneur.
Learn what your Best Local Tax Services in Orange County, CA, and accountant can do for your business and how to generate value from this information in your business.
Bookkeeping makes it possible to distribute exempt profits:
Profit distributed to shareholders provided that it is determined by the accounting writing is exempt from income tax of the partner. Without bookkeeping, the exempt amount is limited by the presumption of profit pursuant.
And this is true for all companies of Presumed Profit. If it transfers the profit to the individual, this income will be exempt from income tax if it has the bookkeeping of its operations.
It turns out that not all business owners apply for bookkeeping, and this greatly affects how the income tax on individuals is declared, correctly making the amounts received as profit will appear in the partner's income statement.
Having financial statements makes getting credit easier:
Over time banks have adapted to the lack of accounting information of SMEs. As this information is very limited, the availability of credit is not always satisfactory and meets the needs of companies.
Now, the entrepreneur handing over the financial statements to the bank, the bank may have two additional views on the business facilitating credit. The first is the view of the organization of the financial aspect. Since, as not everyone delivers the information to your company delivering will stand out from the rest. And the other is the view of your business, the ones in the reports that can give you visibility into your credit risk.
This will surely benefit you from credit availability consistent with your needs and possibly a lower interest rate, as the bank may price the risk of lending to your company.
The statements are essential for bidding:
Companies participating in public tenders to have an accounting-proven financial-economic qualification, for this, the bidding documents request the delivery of financial statements by the company, such as the Balance Sheet and Income Statement. With this information financial ratios are calculated proving the solvency and financial capacity of the company.
In this way, there are many areas of a company where you will need IRS Tax Audit Specialists in Orange County, CA.