As a small business owner in Florida, maintaining your growing enterprise’s financials can be challenging. You must stay on top of everything, from federal taxes to the LLC annual report in Florida. These tasks require time and accounting knowledge that not all business owners possess.
With a professional bookkeeping service, you can focus on your business’s daily operations while an accounting professional handles your business’s financials. If you’re unsure if a bookkeeper can help your business, consider these benefits they offer for annual reporting.
1. Get Critical Information About Your Company
To ensure accurate annual financial statements, bookkeepers prepare monthly balance sheets, income statements, and cash flow statements. Each document provides crucial information necessary for daily business operations and filing taxes.
2. Pay Taxes on Time
Accurate annual financial reports are essential for tax purposes. An experienced bookkeeper maintains a well-organized ledger and uses various financial reporting tools, like profit and loss statements, accounts receivable, and sales revenue reports, to ensure the accurate reporting of losses and profits to federal and state governments.
You can count on your bookkeeper to file your business’s annual taxes on time. They can also use their understanding of common and uncommon tax-deductible business expenses, which may help you pay less in taxes.
3. Submit Sunbiz Annual Report
Limited liability companies, profit corporations, and limited partnership businesses must submit a Sunbiz annual report in Florida. Though it isn’t a financial statement, companies must file with the Florida Secretary of State to update or confirm records with the Division of Corporations and Department of State.
A knowledgeable bookkeeper can help you avoid late fees by submitting your business’s Sunbiz annual report on time. Failing to submit an annual report by the third Friday in September using your company’s federal employer identification number and document number puts your business in jeopardy of administrative dissolution. Your bookkeeper ensures the document is filed online on time with the annual report fees.
4. Align Your Finances with Business Goals
Growing your enterprise requires capital, so business owners must understand their company’s annual finances. Since bookkeepers maintain well-organized financial records, you can easily adjust your business to account for expansion.
Bookkeepers also have extensive accounting knowledge and your budget. They can use their expertise to help you make informed business decisions to grow your enterprise without overspending.
5. Supplement a Limited or Non-Existent Accounting Staff
Not all small businesses have the budget for full-time accounting staff. However, an experienced bookkeeper can fill that gap by providing financial recording and business planning services. For instance, they can make budgeting suggestions for upcoming periods using budget variance reports that outline the differences between budgeted expenses and actual costs.
Receive Professional Bookkeeping Services Today
If you need assistance filing your annual report in Florida and streamlining your company’s financial obligations, turn to G&R Bookkeeping Services, LLC. Based in Cape Coral, FL, we help small businesses and established enterprises grow by offering several essential services, including payroll, business registration, and business planning. Request a consultation with G&R Bookkeeping Services, LLC today by calling (239) 424-9296.