Which tax accounting service is best for your small business in New York?
The purpose of hiring an accountant, bookkeeper or a tax planning professional is to:
- Help you minimize taxes
- Stay legal and compliant
- Take care of books and records in a way that helps you manage and grow your business
In this article, I’ll be going through the pros and cons of each type of accounting service to help you make the best decision.
To see a YouTube version of this article, please watch the video below:
Option 1: Hire a Bookkeeper
A bookkeeper will help you keep track of your income and expenses and then work with an accountant to file your taxes each year.
- Bookkeepers usually charge between $200 to $300/month (or more for larger businesses)
- Works with an accountant to prepare your taxes each year
- Many times there’s a disconnect between the bookkeeper and the accountant
Option 2: Hire a Tax Planner
A tax planner is great at giving you advice on how to pay less in taxes each year, but often doesn’t always help you implement the advice.
- Prepares a tax plan to show you how to save money in taxes
- Can cost between $5,000 to $20,000
- The consultants list strategies, but often won’t help you implement them
Option 3: Comprehensive Tax Professional
A comprehensive tax professional is someone that can do everything (the accounting, bookkeeping AND tax planning).
- Because they can do everything, so there are no disconnects between one service to another
- Help you save money in taxes with tax planning services
- Helps you save time with bookkeeping services
- Helps you stay legal and compliant with accounting services
- Gives you peace of mind knowing they can implement everything for you
- Can cost between $500 (for small businesses) to $1,500 (for very large businesses) a month
Best accounting service for businesses in New York?
For businesses between $250K, $500K, $1 Million or more in yearly revenue we believe that the most value will come from partnering with a comprehensive tax professional.
By working with a comprehensive tax professional you’ll be able to save thousands of dollars each year in taxes and at the same time get peace of mind knowing all the accounting and bookkeeping services are being taken care of without you needing to spend extra time doing everything yourself.
If you want to learn more about how we can help you save thousands of dollars in taxes by making ONE simple change to your finances, check out this video here.