C. E. Thorn, CPA, PLLC has been providing small business accounting services to the Raleigh area for 30+ years. If you are a small business owner looking to outsource your accounting, our firm provides small business accounting services such as monthly bookkeeping, financial statements, and end-of-year tax preparation.
Why Outsource Small Business Accounting?
- Maintaining your business accounting can be overwhelming
- Reduce the risk of costly accounting errors
- Financial statements utilized for end-of-year tax preparation
- Financial statements can provide an overview of your business health
For more information about our small business accounting and tax services, contact our C.E. Thorn, CPA, PLLC at 919-420-0092 or fill out the contact form at the bottom of this page.
Small Business Accounting FAQ
What accounting services does a small business generally need?
Many small businesses use a combination of bookkeeping, financial statement preparation, and end of year tax preparation. Some also need payroll support or help maintaining an income statement and cash flow statement throughout the year. Which combination makes sense generally depends on the size of the business and how it’s structured.
Can I handle my own small business accounting?
Some business owners with an experienced in-house bookkeeper or accountant choose to keep accounting in-house. Others find that outsourcing frees up time and reduces the chance of errors that could lead to penalties or complications during an IRS review. Which approach makes sense can depend on your available time, the complexity of your business, and your comfort level with the process.
Is it worth paying for a CPA as a small business owner?
This generally comes down to weighing the cost of the service against the time saved and the risk of costly errors going uncaught. A CPA can review your records for accuracy before they become a bigger issue at tax time. For many small business owners, having that review built into the process month to month, rather than once a year, is part of the appeal.
If I already use QuickBooks, do I still need an accountant?
QuickBooks and similar platforms are useful for recording day to day transactions, but the software only reflects what’s entered into it. It doesn’t catch errors or file your tax return on its own. A CPA can review your QuickBooks data periodically to help make sure it reflects what’s actually happening in the business.
What's the difference between bookkeeping and accounting?
Bookkeeping refers to recording day to day transactions such as data entry, invoicing, and bill payments. Accounting takes that recorded data further, classifying and summarizing it for a specific purpose, such as preparing financial statements or a tax return. Many small businesses use the two together rather than choosing one over the other.
How is small business accounting different from personal tax preparation?
Small business accounting is ongoing and generally covers bookkeeping, financial statements, and business tax preparation throughout the year. Personal tax preparation is typically a once a year filing. For our monthly small business accounting clients, we’re also able to prepare the owner’s individual return alongside the business return.
How do I know if my business is ready to outsource its accounting?
A few signs worth considering include falling behind on monthly recordkeeping, uncertainty about whether your books are accurate, or spending more time than you’d like on data entry instead of running your business. If any of these sound familiar, it may be worth a conversation to see whether outsourced accounting is a good fit. Call C.E. Thorn, CPA, PLLC at 919-420-0092 to discuss your small business accounting needs.
Contact Us for Small Business Accounting Services in Raleigh
If you are a small business in or around Raleigh, NC in need of small business accounting services,
call 919-420-0092 or fill out the form below.
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