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15760 Ventura Blvd, Suite 610 Encino, CA 91436
FREE CONSULTATION818-436-2775
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Personal, Affordable Payroll Services, Bookkeeping, and Tax Processing for Small Business throughout Los Angeles County.

Other Things Accountants Do Besides Taxes

Most people associate accountants with taxes. They fulfill many other roles to help keep businesses running properly and efficiently. Accountants handle many of the back office activities that are a critical part of business operations. Here are some of the many things a tax accountant Los Angeles does:

Process payroll
Processing a company’s payroll is a very important function. Employees must be paid on-time and in-full. Payroll taxes must be correctly calculated and paid following a specific schedule. Fines can be imposed if payroll is not implemented correctly. More and more companies are choosing to outsource their payroll processing to ensure they will be in full compliance with any changes in tax law.

Receivables and payments
Business accountants are responsible for collecting receivables and making payments. Receivables represent all cash due to a company from sales and other sources. A tax accountant Los Angeles is responsible for invoicing customers, recording transactions and depositing money into the correct account when it is received. To ensure all bills can be paid, an accountant must monitor the balance in the company’s checking account. Checks are drafted for payment of goods and services and they are sent to the appropriate company officers, if needed, for signature.

Procurement and inventory
Tracking inventory and anything else a business sells is another responsibility of a business accountant. They must also stay on top of purchase orders. Businesses frequently make many purchases during a year. Many of these transactions are done on credit. Accountants must track all liabilities to ensure they are paid on-time.

Asset accounting
Many businesses have long-term assets. These assets can be property and equipment the business needs to operate. Equipment can include computers, office furniture, vehicles and tools. Businesses must keep records of these items to determine depreciation and account for them at tax time.

A tax accountant Los Angeles can be a valuable partner to any business. In addition to helping a company with its tax returns, they process payroll, manage receivables and payments, handle procurement and inventory and track company assets.