It’s no secret that running a business of any size means partnering with an accounting team of sorts, particularly during tax season. Offloading ledgers, spreadsheets and receipts containing the previous year’s expenditures and payments is an annual ritual for many small and mid-size business owners. They consider this yearly engagement with their accountants just a necessary part of doing business to ensure that their tax preparation gets done accurately and thoroughly.
Quality Accounting Firms Go Beyond Basic Tax Preparation
While the annual tax preparation ritual is often a must for entrepreneurs in every industry, many business owners don’t know that their accountants can offer extensive insight and expertise that goes far beyond the dreaded April 15th deadline. Many qualified accounting firms, while specializing in tax preparation, also offer a comprehensive range of other core capabilities that can be useful to entrepreneurs throughout the year. If you’re currently only using your accounting team for tax preparation, read on. Not tapping into the many other services that a front-running firm can offer may mean that you are missing out on some major business incentives within your organization.
Some Critical Services To Look For With Your Chosen Accounting Firm
Not sure what type of services to look for in a cutting-edge accounting firm beyond traditional tax preparation capabilities? You’re not alone. Many executives find themselves struggling to determine what to seek when looking to partner with a top notch firm. The ultimate key to success often lies with pinpointing a team of accountants that offer an all-encompassing, diverse litany of specialties. Some key services to look for include:
Business valuation: Understanding current market value and your own equity within the business can play a key role in helping you make the best investment decisions for your organization.
Succession & ownership transfer planning: No matter how well your company is thriving and growing, it’s critical to be able to put together a plan of action for future leadership. Whether offering a legacy to your family, or putting together the right leadership team of internal employees, understanding the legal requirements of succession planning can deliver the smoothest transition possible between various governance generations.
Real estate cost segregation: Cost segregation is a relatively new and legal method where business owners accelerate their tax depreciation deductions specific to their real estate ownership. Having an accounting team that understands this fledgling option can reap significant rewards and optimal overall ROI.
Bank covenant monitoring: Ever wish that you had a qualified team of experts working on your behalf regarding your business loans? Now you can. Many innovative accountants actually offer bank covenant monitoring to help manage all the details with any specific loan to keep your company in complete compliance at all times.
Employee benefit plans: Overwhelmed with the many ever-changing legal requirements of your employees’ benefit plans? Working with a trusted firm of accountants can help give you the information you need for health benefits, 401K plans and more to ensure that you are legally offering your employees everything that they are entitled to.
As a leading accounting firm, Dugan & Lopatka offers their clients far more than just exceptional tax preparation in Naperville, IL. Beyond traditional services, Dugan & Lopatka offers a wide range of specialty competencies as well for optimal client ROI. Visit the company’s website today at http://www.duganlopatka.com/ to learn more!