Accounting for Boulder Small Businesses

Boulder small business owners are unique. Boulder’s beautiful location, the diversity of the patrons and local regulations can make doing business here both exciting and challenging. For some business owners, however, this leaves them with less time to focus on their bookkeeping and accounting tasks. Luckily, there are options.

Scher Group, a Boulder CPA firm, can help small business owners and answer your questions when you need it. We can help you manage your accounting, taxes and payroll for your business. Before you consider hiring a bookkeeper or accounting services in Boulder, it helps to understand how a CPA firm can help you to grow your business and the services that they can provide.

Monthly Accounting Services

Some small business owners chose to hire an in-house bookkeeper, while others prefer to outsource the work. There are a few benefits of having an outsourced bookkeeper. These include:

Greater Expertise. Hiring a bookkeeper or accountant full time with expertise can be very costly. The employee may take additional classes to stay abreast of changes in the accounting and tax world, which increases the person’s knowledge, value and cost to keep that employee.

Employee Costs. An employee’s cost is more than just payroll expenses. It includes taxes, benefits, training costs, and even continuing education costs.

Less Turn-over. When an accounting employee is sick or takes vacation, the person’s responsibilities can be put on hold. This means you may not have access to critical financial information or processes, such as depositing of revenue or ability to cut a check. This becomes more problematic when if the person resigns or is terminated.

Liability and Peace of Mind. Within companies, unfortunately, there are cases of employee theft and embezzlement. The recourse for such action is sadly low. Outsourcing reduces the chance of employee embezzlement due to deceptive accounting practices. An accounting firm is bound by enforceable laws, ethics and lastly, insurance.

Tax Planning and Preparation

Bookkeeping and taxes tend to be managed by separate people in a business due to the nature of evolving tax codes. Bookkeeping includes day-to-day transactions, while tax planning looks at changes to the bigger picture for the business and the ways to minimize tax implications of those transactions.

Depending on the business, you may be required to remit quarterly federal taxes, sales taxes, and Boulder County taxes. A CPA can work alongside your bookkeeper, or as part of your monthly accounting services, to help you avoid a large, unexpected end-of-year tax liability for your small business.

Payroll Services

Whether you are paying yourself, subcontractors or employees, a payroll service can help simplify the process. Payroll errors can be very costly and can result in employee litigation and tax penalties. Payroll service professionals have a unique skill set that is difficult to find in an on-site employee as it requires consistently staying on top of labor laws and remitting applicable federal, state, city, and county taxes on behalf of the employee. Following proper laws on deductions and minimum wages and remitting payments on benefits are also critical and must be done accurately.

A CPA firm can also handle your end-of-year tax filings and processing of W-2 forms, and can reduce your liability and workload. It makes sense to outsource accounting services for many Boulder small businesses. Hiring high-level talent to manage your accounting, tax and payroll services in-house can be costly or be too much for some owners.

To learn more about how Scher Group can help you and your business with tax preparation and planning, payroll or other financial services, contact us or https://schercpa.com/.

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