Accounting methods, like other processes and strategies in your business, should be reviewed and evaluated on a regular basis. You should always have a controlled process in place for your business accounting because it’s an absolutely critical aspect of your company’s overall health.
The frequency with which you review and evaluate your methods will undoubtedly be unique to your particular business. However, auditing your process at the end of each month, quarter, and year is normal (and recommended). This way, nothing falls through the cracks or becomes a problem that is too big to overcome.
If your business is seasonal, you can tailor various factors such as the frequency of your evaluation to this cycle. For example, during peak season, you may need more accounting process reviews and fewer during slow months.
The tax laws are very complex. Our short blog articles cannot cover in full all the nuances of the rules. Your specific facts may hold various opportunities and possible risks that only trained, experienced, and highly qualified tax specialists can spot. We encourage you to find such help, rather than trying to figure it all out on your own. Consider giving this marketplace a try by posting your project and signing up here.
If you are a licensed tax professional and are interested in helping others either part or full-time, or ad hoc, come on in! Happy to have you. Our marketplace has the full suite of tools to communicate with clients including compliance calendars, task and message management, and billing. You can also quickly connect to knowledgeable colleagues who can complement your services with the ones you do not provide. Register here.