Everybody obviously wants to pay the least amount of tax possible, which is not a cent above what the law requires. However, the fact is that many people do actually pay more tax than necessary for a number of reasons.
Quite a lot of small business owners will try to do their taxes at the end of the year on their own because it “saves money”, instead of hiring an accountant. Unfortunately, that is a very short-term outlook and is precisely the reason that many of those people are actually paying more than necessary. We have said this before, but it is worth repeating, and that is that if you hire an accountant to do your taxes and he/she charges you – say – $1,000, but saves you $1,500, you just made a $500 profit!
A lot of small businesses also do their own bookkeeping, but much the same thing applies. In any case, after a hard day at the office, do you really want to go home and spend the evening doing the books? Probably not.
This is why, at Safe Harbor, we offer bookkeeping services in San Francisco to our long-term clients. This has a second advantage, and it is that if you use our bookkeeping services, it means that your end of year accounts will be straightforward, so you will save money on accountancy fees.
It is a fact that we very often find, especially with a new client, that the books have been kept in a way which is complicated, and that means that there can be a lot of unravelling of figures to deal with. If the books had been kept in a particular way that is right for that sort of business, then it makes the end of year accounts a lot easier.
Our bookkeeping services can record all your financial transactions, post debits and credits, produce invoices and statements, maintain and balance accounts and ledgers, and can also run your payroll.
Payroll Can Be Complex
Just running the payroll alone can be a complex task for many small businesses. This is because different workers can be on different rates of tax, or they may get certain benefits, even if they do exactly the same job and work the same hours. Add to that the fact that you may have workers who do overtime, and salesmen who earn commissions, and you have the situation where their pay check can be different every pay day. Furthermore, the better your business does and the more it expands, the more staff you take on and the more complicated your payroll.
All of this can be taken care of by using our bookkeeping services. You get rid of the hassle, and you can get on with what you do best – running your business and earning more money.