There are some in-house tasks that can be delegated to your regular employees. This could include grounds upkeep, nightly cleaning or speaking with customers on the phone or responding to email inquiries. Then there are tasks that should be assigned to experts on staff or third-party individuals you’ll use on a regular basis. An accountant is one of these people and Mayank Gupta has spent more than a decade handling the finances for various employers. These years of experience have lent him plenty of insight into proper, legal and timely ways to track financial endeavors and we’ll be sharing some of those tips in this article.
Many people will turn to a certified public accountant (CPA) or other financial expert during tax season. So long as you bring the appropriate paperwork, an accountant will be able to make heads and tails of your income and expenditures and ensure that your filing is done right. Mayank Gupta, who was previously the senior manager of accounting at General Motors in India, says that some people are shoe-ins for seeing a CPA. On the other hand, unloading a year’s worth of business on a private office during tax season might not pan out. Since Gupta was in charge of preparing financial statements that met generally-accepted accounting principles in both the U.S. and India, it’s safe to say that some outside accountants won’t be able to complete extraordinary requests before filing deadlines.
Further muddying the waters, says Gupta, was tax reform that took effect in the U.S. in 2018. According to Reuters, the move was designed, in part, to “dissuade U.S. companies from moving profits overseas.” The flat tax rate that came with passage is of interest to Mayank Gupta – and it should interest corporations who are balancing massive amounts on financial ledgers. Gupta, who previously managed revenue for a company that was once valued at $400 million, says that the only way to keep a financial house this large in order is to have an in-house team of accountants dedicated to each arm of the company. This will allow one group to watch what the other is doing while ensuring that no comma or decimal point ends up in the wrong place – as a basic example.
If your company needs to prepare, file and publish annual or quarterly reports, the only way to do so is with experts at the helm. Entrepreneurs and small businesses can also benefit from hiring outside help, but the overall takeaway here is that constant oversight of income, taxes, investments and any other business finances is the only way to stay on track.