The 2023 Tax Season is Upon Us!
Tax season can be a stressful time of year, but many resources are available to help your business make it through. First off, it’s important to have the right resources in place. Below is a list of teammates who can help make your 2023 tax season a breeze.
An Administrative Assistant Will Gather all the Tax Documents You’ll Need
An administrative assistant can be a great asset when it comes to gathering and organizing your tax documents. They can help to ensure that all the necessary paperwork is in order and filed properly, as well as answer any questions your accountant may have. Additionally, they can manage all deadlines and reach out for any receipts or information you need from the contractors you used last year.
Getting an admin on your team way ahead of tax season may have been your plan, but running a business is never as organized as you’d like. Getting more than one admin on your team to see you through tax season will relieve much of the headache of gathering information and filing paperwork. We recommend adding an admin to your HR team and an admin to your Accounting team if you feel overwhelmed.
A Bookkeeper Can Enter All Items Into Your Accounting System Correctly
Yes, a bookkeeper can be a great asset to your accounting system. They can accurately and efficiently enter all items into the system, allowing you to focus on other business areas. Additionally, they can provide useful insights on how to improve your system and make it more efficient. They may not be legally able to manage the actual tax filing, but they will save you hours of work and lower the costs of your accountant.
An Accountant To File Your Taxes
Accountants are responsible for preparing financial reports, analyzing financial data, and providing financial advice, as well as preparing taxes and auditing financial records. Additionally, an accountant provides professional financial advice for the upcoming year based on your 2023 tax season.
Why Bring an Accountant In-House – Even Temporarily – Rather Than Outsource?
Bringing an accountant in-house – even temporarily for the 2023 tax season – can be beneficial for many reasons. It can provide you with an experienced professional with the expertise to help you with a wide range of financial tasks, such as budgeting, forecasting, and cash flow management. Having a temporary accountant on staff can also help you reduce costs by providing advice on how to maximize efficiency and reduce unnecessary costs. Additionally, having an accountant in-house gives you the assurance that your financial information is secure and that your financial statements are accurate and up-to-date. This can help you make better business decisions and ensure that you are compliant with regulations.
“A company retains greater control over operations by keeping (accounting) in-house than they would exercise by outsourcing these roles to a contractor.” (Investopedia.org)
Having your accountant in-house, especially during tax season, can greatly reduce stress. By outsourcing your finances at this time, you have less control, and reporting is not immediate. Often tasks take much longer as questions go back and forth between the accounting firm and your own team.
Do I Need To Hire a CPA?
“While all CPAs are accountants, not all accountants are CPAs. In fact, according to data from the Bureau of Labor Statistics (BLS), and CPA licensure data, only about 50% of accountants in the United States are actively licensed CPAs.” (Franklin.edu)
That depends on how complex your finances are and how much time you have to dedicate to managing your finances. A CPA can provide valuable advice and assistance to help you manage your finances more efficiently and accurately. However, if you have a simple financial situation and are comfortable managing it on your own, then hiring a CPA may not be necessary. At Spectra360, we can help you decide.
The 2023 Tax Season Could Be a Great Time To Figure Out if Your Company Is Ready To Hire Full-Time.
At Spectra360, we help companies to bring employees on board, on a temporary basis or as direct hires. Often – especially at tax time – our clients bring on temps to manage a specific task but then find those people can boost efficiency. These efficiencies allow companies to bring in more clients and increase productivity. By working with Spectra360, we can help you assess your hiring needs and decide the best hiring method for you.
Get in touch today and request a free quote for any position in office & administration, warehouse & distribution, or production & manufacturing.