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organizing your online sales finances for taxes


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organizing your online sales finances for taxes

Running an online sales business has opened a lot of doors for my family. It has provided us with the additional income that we needed to get through some hard times. My wife has been taking care of this business from the beginning and has done quite well with it. The one thing that she overlooked was the bookkeeping aspect of it. She has done her best to hold onto receipts and track spending, but she didn't do very well putting it all into a spread sheet for tax season. If this is something that you are experiencing, this blog can help you reclaim the organization you need to optimize your finances for tax season.

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If your business is like many, then you might just count on your accounting team—whether in-house or outsourced—to take care of bookkeeping and financial records. As long as you don't notice any glaring errors or discrepancies, then you might not ever think about hiring an audit firm to take a second look at all of your accounting paperwork. However, you might find that regular audits from an outside firm are actually a good idea. These are a few reasons why.

1. Catch Problems Before the IRS Does

First of all, you probably do not want to find out the hard way that there are problems with your bookkeeping. However, this is exactly what could happen if your business is audited by the IRS. Of course, it's best to know about problems and to correct them before the IRS finds out about them, and this is something that an audit firm can help with.

2. Determine if Your Accounting Team is Doing a Good Job

Even if you hired a well-known and well-respected accounting firm in your area, or even if you have an in-house team that you really trust, there is always a chance that the people who are handling your accounting aren't actually putting in the time and attention to detail that are required in order to maintain good, accurate accounting records. An audit from an outside firm can be a good way to double-check just how well your current accounting team is doing.

3. Find Out About Financial Crimes That May Be Being Committed

Lastly, you should know that an audit firm can help you with determining if any financial crimes might be being committed within your business. It could be truly upsetting news to find out that a business partner or trusted employee is doing something shady with your company's money, but this is obviously something that you need to know about. The good news is that an audit can help you find out about these things sooner rather than later

As you can probably see, audit firms can provide a valuable service for businesses like yours. For these reasons and more, it might be a good idea to work with an audit firm to have your accounting paperwork looked at from time to time. Fortunately, there are plenty of good audit firms out there, so you shouldn't have a hard time finding a firm that can help you with the job.