As tax time approaches and business owners are seeking professional assistance with preparation. Determine if you need a Bookkeeper or CPA. As a business owner and accounting consultant we would like to assist you with your determination, we have provided scenarios below.
- A. If you are seeking a professional to assist you in getting your financial records up to date such as data entry and reconciliations, we suggest hiring a bookkeeper. Even though a CPA can and will assist you with updating your records, they charge a higher hourly rate, between $75 - $150 per hour, you seldom have the opportunity to have a CPA come to your office to provide the service, and to file your taxes will be an addition charge. Hiring a bookkeeper will save you 55%-80% or less than hiring a CPA and you can have the option of them working at your office. Bookkeeper can also refer you to a qualified CPA to file your corporate taxes.
- B. If your financial records are up to date and you just need to file your corporate taxes, we suggest you hire a CPA. Even though bookkeepers may save you a few bucks to file. You want to be sure that you taxes reach IRS without error to avoid penalties. CPA’s have continued education and experienced to provide adequate tax tips and their knowledgeable about tax laws required by the IRS.
We hope that we have provided you with assistance determining if you should hire a bookkeeper or CPA to assist in preparing your taxes this season.
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