June 8, 2021
By Saeed Ghaffari
Dr. Devaughn Dames is one of the most dynamic speakers, researcher, business consultant, writer, financial analyst, investor, and serial entrepreneur in the world. He’s a strong communicator with an exceptional ability to speak to large groups.
Virtual CFO and It’s Benefits
RTP- BizDevelopment provides a variety of financial consulting services. Among them are accounting, tax, and corporate financial services. Whether you are a local business, medium office, or multinational corporation, RTP- BizDevelopment has full staff of experienced and professional attorneys, CPAs, CFOs, and DBAs who can help maximize your business operations.
Accounting/Tax Services Consulting
If you are wondering whether you are a good candidate for an outside accountant for your bookkeeping or tax services, ask yourself the following:
- Are you employed, or do you own a business/company?
- Do you have an in-house financial advisor?
- How many bank accounts/companies do you have?
- How many man hours do you lose on invoicing, processing, and tax preparation, where you could otherwise be generating new clients for your business?
- Is your business local or international?
- Do you reside stateside, or are you a global traveler?
- What are your corporate and/or personal financial goals?
Not all billing cycles are financial quarters are created equal. Perhaps it’s not fiscally sound to employ a year-round full-staff accountant or CPA. Usually, businesses need full-time accountants from January until April 15 (or whenever the tax deadline is for that year). A company that experiences a major transition (merger and acquisition, headquarters move overseas, restructuring) is in the need of a CFO. Either way, outsourcing your financial services to RTP- BizDevelopment allows for more specialization and the opportunity to save money on a full-time, in-house financial consultation.
When you choose a dedicated team of professional experts to handle your accounting, taxes, and finances to manage your portfolio and statements, your business is instantly optimized. You, the entrepreneur, can concentrate on spending time on more pressing matters for your business: improving product and services, growing client relationships, raising capital, and growing revenue. On a personal level, when you don’t have to spend time on countless invoices, audits, and bookkeeping, you get the gift of time with your family and friends. After all, you work too hard to waste your time and money on paperwork. Let RTP- BizDevelopment handle it.
RTP- BizDevelopment works with each client to craft a strategy that personally suits his unique personal or business needs. We will assess all pertinent financial statements, relevant tax information, and the overall health of your company to recommend the best possible bookkeeping, tax structure and accounting advising. A team of qualified attorneys, bankers, tax accountants, CPAs, CFOs, and DBAs establish the client’s budgets and forecasts. This helps determine the specific service each client requires for his business goals. When accounting professionals assess financial statements, they can often envision, manifest, and optimize shortcuts and best practices that an otherwise entrepreneur cannot. This way, you can concentrate on growing your business, your clientele, and enjoying your life. Let experts at RTP- BizDevelopment handle the paperwork, especially during tax season.
Why use a dedicated RTP- BizDevelopment financial consultant?
We’re more than accountants and bankers. Let us cultivate a personal relationship.
The IRS manages federal tax laws that are passed by Congress. The IRS performs three main functions – handling tax declaration, taxpayer service, and enforcement. In addition, the Tax Authority conducts criminal investigations and oversees tax-exempt organizations and eligible retirement plans. The tax authority and workforce budget have shrunk, even as the tax law has become more sophisticated, and the agency has taken on new tasks.
As IRS resources decreased, the agency’s workload increased. As the number of taxpayers increases, the IRS must process more revenue, manage more deposits and refunds, and spend more resources to maintain taxpayer compliance. Changes in the economy and society have created other challenges to taxation and compliance. These include the globalization of corporate activity, the increase in the share of taxable income through partnerships and other bypassing entities and changes in the family structure. Recent changes have made it difficult for the IRS to determine whether taxpayers are entitled to tax benefits based on sophisticated criteria, including family living arrangements, family relations, and support tests.
The main source of the increased workload was the IRS’s expanded role in managing social programs. Today, the IRS manages a wide range of benefits for low and middle-income families with children. This includes earned income tax credit, children’s tax credit, child dependency tax credit, higher education tax benefits, and premium benefits under the Affordable Care Act. When Congress creates new IRS programs to manage it, it often does not provide additional funding for its administration.
Accounting plays a vital role in business management because it helps you track income and expenses, ensure legal compliance, and provides investors, management, and government with the quantitative financial information that can be used in making business decisions. Despite these dire consequences, many business owners go it alone when it comes to managing their money. A recent report found that 53 percent of small business owners never use an accountant. More shockingly, 27 percent of these respondents simply use pen and paper to track their money.
Although we should not conclude that these companies are worse off because there is no accountant, we cannot underestimate the range of knowledge and experience that an accountant can provide for a more smoothly run and efficient company. Accountants do more than tax deposits. They can make a comprehensive assessment of your money situation, goals, and set forecasts throughout the year to keep your business healthy and prosperous.
The importance of the role of professional accountants in business in ensuring the quality of financial reports cannot be overemphasized. Business accountants often find themselves on the front lines of protecting the integrity of financial reporting. Management is responsible for the financial information produced by the company. As such, professional accountants in business have the task of defending the quality of financial reports at the source where numbers and figures are generated!
Like their tax or audit counterparts, business accountants play important roles that contribute to the overall stability and progress of well-functioning businesses and society. Without the public’s understanding of all these varying roles and responsibilities of different accounting professionals working in a business, the general perceptions of their value may be wrong. It is not the entrepreneur’s job to understand each minute tax and accounting law.
A professional accountant specializing in business is an invaluable asset to the company. These individuals employ an inquiring mind about the business based on their knowledge of the company’s financial statements. Professional accountants ask tough questions using their skills and a solid understanding of the company and the environment in which it operates. Their accounting training enables them to adopt a practical and objective approach to problem solving. This is a valuable asset for management, especially in small and medium enterprises where professional accountants are the only professionally qualified employees.
Business accounting professionals assist in the company’s strategy, provide advice, and help companies reduce costs, improving their bottom line to mitigate risks. As members or board of directors, business professional accountants represent the interests of company owners (i.e., shareholders of a public company). Their roles usually include organizing the organization (for example, approving annual budgets and accounting for stakeholders for the company’s performance); appointing the CEO; and determining management compensation.
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