Naturally, as a consolidated company, your business has to follow few tax obligations which must be in permanent order to avoid legal misunderstandings. We can mention income taxes, taxes on sales, retention at the source, tax of industry and commerce, among many others, and to keep this in check it’s important to receive a constant and close advisory from a reliable source, such a specialized team on the Tax Accounting Services matters.
To comprehend the importance of Tax Accounting Services, first we must talk about taxes. Taxes are studied designed elements created by the Government in order to contribute to the sustenance of public expenses, also to redistribute the income according to every entity’s economic capacities and, as a third aspect, taxes are structured to seek for an improvement on the country’s economic efficiency.
It means that even if taxes represent a financial duty with nothing concrete in return, it’s important to understand that taxes are a crucial recourse to the country, also part of its maintenance and a substantial element to progress. So, to this, taxes represent a final benefit to every company, making them more attractive to external investors.
This is why taxes are important and also a legal obligation.
Knowing the aforementioned, the Tax Accounting Services are essential to a company’s legislative and regulatory environment. So, the expert whose job is to keep the tax accountings must check and advice about a different matter other than just identifying and optimizing the company’s intern financial condition.
The Tax Accounting Services responsibilities extension goes from identifying and verifying the mandatory taxes of a company, to tax policies determination in order to execute bonuses or discounts. Moreover, is fundamental to understand how different are Tax Accounting Services compared to financial accounting, because the person in charge of the tax accounting must have a complete knowledge of all the management around the monthly or annual taxes and tax return that every company or organization has to perform.
In fact, some of the most recurrent tasks that an expert on Tax Accounting Services must accomplish are:
- Collect and analyze all the information related to monthly sells and services of the different company’s unities in order to determine, make and declare every taxation responsibility.
- Set guidelines, formats and characteristics which has to contain all the sells and services information to create the company’s form to declare its obligatory rent.
- To be the institutional counterpart in taxation matters before the auditing bodies, such as rent determination and calculation.
- Keep checked the legal documents and books compliance.
- The custody and actualization of the printed legal books which are required by the controlling entities.
- Also, to create the supportive and official electronic books and reports which are also a requirement.
Now you know about the importance of keeping on the line with the legal obligations of your company and how helpful it is to count with the support of the Tax Accounting Services, you should see how your business will be benefited by it:
Aid the annual and monthly tax calculations to review how prepared is your company to carry out its responsibilities. Also, checking the documents actualization, so you’ll be unworried about any legal issues on your business.
Tax balance sheets
Check and validate current and old tax sheets to prepare new balance sheets whose job is to support your company’s actual financial condition.
One of the main tasks of Tax Accounting Services is, also, to assist on all transactions related on different aspects, from acquisitions to post bankruptcy emergence.
Recognize and prepend all important taxes, procedures and managements to control the entire monitoring and emendation.
So if you want to improve your business’s financial condition while keeping it all in the legal regulations, it’s recommended to contact an expert whose support will help you get a wider look on the Tax Accounting Services landscape and, besides, will give you an early alert about any irregularity.