July 16, 2020
Why You Need to Answer Your Accountant's Questions
We get it. No one likes talking to their accountant. They're always saying things like "fiscal responsibility" and "accrual basis," plus the only time they ever seem to want to call is when you owe money to the government.
Buried in that arcane language and pedantry, though, is usually a strong desire on the part of your accountant to make sure that you won't be audited, and if you are, that nothing will come of it. Hidden behind all that officious talk is also the goal of trying to save you money on taxes and to make sure you are only paying the tax that you need to, not a penny more.
Most traditional accounting-client relationships are very limited; you often will only hear from your CPA around tax time or when there are taxes needing to be paid throughout the year. Often you will need to be the one pursuing their attention in order to get service. Basically, you'd only hear from them if you owe money or something horrible (like tax returns) is about to happen; not a recipe for a great relationship.
Here at Formations, our mission from the start is to remove the worry and anxiety tied to your taxes and accounting. We automate and make efficient every aspect of your business until it's like you have an assistant that keeps up on every facet of your finances for you and provides the data and savings you require to excel at your business. Occasionally we run into issues that make it more difficult for us to do our part. That's when we need YOUR help to make sure we can give you the most value for your dollar.
Here are some of the issues that can only you can resolve:
- Bank connections not working with accounting software
- Unidentifiable transactions, either because they are checks with no info or the transaction came from the bank with incomprehensible language
- Tax payments upcoming
- Payroll not running at the level necessary for compliance
- W9 requests for your vendors
The solutions to all of these issues are manageable and we at Formations will make recommendations for your account that will ensure you are only required to provide as little information as possible personally. This includes leveraging banking partnerships to make the bank feeds in our system more automatically classified, calculating payroll needs, and communicating that regularly, sending details on the transactions we need help with, etc.
By leveraging the technological capabilities of our systems we can make sure that when we're contacting you it's not solely for the bothersome stuff as most of that will be taken care of without much care from you. This frees our Customer Success Teams' time to spend on analysis of your finances and making recommendations that will maximize the ability of your S-corp to save you time and taxes, year-round.