Why Should I Consider Adopting an ERP System?February 7, 2023
Here are 5 ways an ERP system can transform your business: It’s easy to get connected, and at gotomyerp, we’re here to help. Sign up online or give us a call today.
CPAs get inquired about their business taxes and fiscal health more than any other small business owners. But there’s more to their job. They have to devote all their efforts to managing the finances of clients’ businesses and comply with industry regulations.
Several local and federal level statutes require CPAs to maintain a strict code of conduct and business compliance at all times. Although this sounds normal to a currently practicing CPA, aspiring accounting professionals may feel a bit daunted.
CPAs need to exercise caution when responding to different types of claims. They have to learn about a diverse range of business compliance factors that directly influence their offerings. Moreover, staying compliant also allows CPAs to build strong client relationships while enhancing their satisfaction and data privacy.
Professional accountants can start a CPA firm however they like. They can either opt for sole proprietorship for full autonomy or build a partnership. They can also get a license for running a multi-member LLC.
If you decide to sell stocks or change the type of business entity, you’ll have to submit specific business documents with complete financial records to obtain a legal license.
Another essential compliance code states that every CPA has to obtain an EIN. You’ll need the Employer Identification Number to perform various business tasks such as hiring new team members, opening a bank account, and filing biz taxes.
Contact the US Trademark and Patent Office to obtain a free-of-cost EIN today.
The next step in starting a compliant and successful CPA firm is to obtain necessary licenses and permits. This step keeps you on your toes about new and old policy requirements and helps you steer clear of penalties by the local or fed authorities.
Licenses and permits are required to open up a physical working space. They also enable you to protect your business’s intellectual property. However, the primary objective of obtaining a business license is to operate your CPA firm legally.
All legal, corporate, and other authoritative documentation procedures must be conducted through a professional, registered agent. You’ll need an adept, well-versed agent to correspond with local and federal regulatory bodies.
CPA firms, just like other legal business, have to submit annual reports to the IRS and other authorities for audit, tax filing, and business number consolidation. Whether you’ve been in the market for one year or ten years, annual reports must be submitted on time.
Oftentimes, the deadline to submit these financials is aligned with tax deadlines. This helps CPA firm owners deduce tax submissions along with yearly reporting. To make your annual reporting, data consolidation, and tax prep faster and efficient, invest in QuickBooks. This automated accounting software can perform all kinds of recordkeeping tasks without errors.
From IRS tax filing to balancing liabilities and assets to a zero, QuickBooks can help you perform critical accounting functions in a few clicks.
QuickBooks is a fully automated and secure accounting software designed and developed by Intuit. The tool is targeted toward small businesses, especially CPA firms, who want to gain a competitive advantage over competing firms. However, several big companies have also tested and integrated their operations on QuickBooks accounting software.
The software offers remote access, cloud storage, easy tax filing, data consolidation, customer relationship management, among many other robust business management features. It can help CPAs track expenses, make digital payments, and streamline payrolls.
Intuit’s QuickBooks Accounting tool is available in Enterprise, Premier, and Pro versions. Each version is designed to meet the specific needs of unique business models.
You can get in touch with gotomyerp, a leading QuickBooks hosting services provider in the US and Canada, for a detailed consultation.