BENEFITS TO OUTSOURCED ACCOUNTING SERVICES
Accessing quality, trained professionals for a fraction of the overhead cost of hiring in-house accounting department, while paying for the services you need, when you need them.
Streamlined accounting systems that ensure full visibility of the core metrics required to make important business decisions quickly and efficiently.
Eliminates the guesswork from tasks like reconciliation, budgeting, payroll processing, and debt management, so your focus is on other important initiatives.
Provides the ability to scale up to handle a more significant workload when the business hits its peak. or scale back without the worry of losing your accounting capacity.
KEEP YOUR BOOKS IN ORDER
Number Ninjas can help you clean up last year's books and can create workflows to keep your books up to date in the future. Changing the process from end-of-year clean up to consistent clean books will allow you to review the health of your business in real-time, track profit and performance, and plan for the future.
You gain more than records for your tax return when you have up-to-date books:
You will have your books in order for your tax preparer.
You can conduct end-of-year planning and identify potential opportunities to reduce your tax bill.
You will understand your cash flow to make informed decisions.
You can make an accurate budget for the next year.
You will alleviate stress by having accurate and complete financial reports for tax season.
1099 Forms: Tasks to Cross Off Your End of Year Accounting Checklist
As a business owner, you want to stay one step ahead of the annual tax season, which includes the mandatory filing of 1099s for independent contractors. Avoid the first-of-the-year rush and start prepping now:
Review Your Contractors/Vendors List to be sure you have a Form W-9 for each. If you are missing a W-9, be sure to send the form with a timeframe to return. The W-9 captures the recipient’s legal name, address and Taxpayer Identification Number (TIN), which are necessary to complete the 1099.
Conduct a TIN Match to check if the TIN and the name combination match with the IRS records (to avoid penalties and B-notices from the IRS).
Fill Out Form 1099-NEC for contractors, vendors, or freelancer that you have paid $600 or more in 2021.
Review the Forms to be sure that the information for spelling, accuracy, and IRS record compatibility before distributing.
Schedule to E-File for efficiency and time-savings. The deadline for distributing 1099s and W-2s is the same – January 31.