5 Reasons to Use a CPA Firm 2024

Utilizing the services of a Certified Public Accountant (CPA) for a business of any size is a wise investment. From reducing expenses to minimizing tax benefits and ensuring compliance, CPAs can help your company save valuable time, effort, and money. The immeasurable benefit a reliable accounting firm brings is the peace of mind you’ll have from the knowledge that every financial aspect of your business is covered. In the Mississippi mid-state area, Watkins & Co. CPAs are your trusted partners – teaming with us provides numerous benefits that reach far beyond the day-to-day financial services we offer. 

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Payroll and Employee Management for Small Businesses

As a small business owner, you consistently face numerous responsibilities and are pulled in a million different directions every day. The payroll and employee management aspect of any business can seem daunting, especially if you’re an entrepreneur who does not have a dedicated HR department. At the same time, maintaining a happy and productive workforce and staying legally compliant is vitally important for your company. If this all rings true for you, then you’re in the right place! Watkins & Co. small business accounting experts are here to offer valuable insights and tips on employee payroll and management. 

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How to Set Up and Maintain Organized Financial Systems

Owning a small business has its fair share of challenges. As a business owner, you’re pulled in a hundred different directions each day. One of the most cited difficulties – and yet one of the most vital – is keeping track of financials. The most successful methods all begin with implementing the right systems and tools and end with properly maintaining those processes. 

Our team at Watkins & Co supports small businesses every day and we’re here to share some of the most effective business finance organization techniques for small businesses.

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Using Accounting Software And Technology To Streamline Small Business Operations

Today’s economy and business environment requires a certain amount of adaptability and  change-oriented mindset. Small business owners across America have to find ways of streamlining operations to maximize efficiency in order to stay competitive, and current technology offers a significant opportunity to do just that. Technology and software solutions for small businesses can make the biggest impact in accounting and financial management. 

By utilizing accounting software, you, as a small business owner can automate repetitive tasks, improve accuracy, and gain valuable insights into your business’ financial health. The most successful method of streamlining small business operations is a combination of accounting software along with the services of professional small business CPAs. Watkins & Co offer comprehensive small business financial services to ensure that your operations are running as efficiently and effectively as possible.

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PROFITS ARE GOOD, CASH FLOW IS GREAT

Importance of Cash Flow in Small Business Accounting

Businesses struggling with cash flow often pose the question, “If my business is profitable, where is all the money?” The way cash moves in and out of a business is vital to understanding business finance and small business accounting. Many small business owners do not realize the difference between making and managing money. An aspiring entrepreneur often starts a business in hopes of creating an innovative new product or service without much small business accounting knowledge or management experience. As a result, important finance terms such as budgeting, forecasting, and cash flow are overlooked until bills pile up and expenses can’t be covered. Here are some things to consider in learning the basics of how cash flow and profits work.

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Difference Between a CPA and a Tax Preparer

When filing taxes as an individual or a business you have options.  If you have a simple return, you may consider filing your taxes yourself.  However, if you have a more complex tax situation you may consider seeking a tax professional nearby.  There are several different options when it comes to hiring a tax professional to handle your sensitive information.  There should be several things you want to consider based on your specific tax circumstances.

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