FAQ’s

Do you find that keeping your business' books up-to-date is taking away from your money making potential?

You are not alone, one of the major set-backs for medium to small businesses is the fact that their owners spend too much time on things that take them away from their true money making potential. Peterson & Associates CPA, Inc. strives to put business owners back into the driver’s seat of their businesses.

How often do you and your family members argue over business finances?

In Utah, many business owners have spouses or children manage the bookkeeping and payroll to save on costs. In fact, the reverse is quite true: most spouses and children are not informed on current practices and federal filing laws. All too often misfiling occurs and the filings are audited by Federal, State, or Local governments. Unfortunately, the inexperience is quite costly and extremely taxing on a family relationship. Peterson & Associates CPA, Inc. is up-to-date on current practices and can provide solid financial statements for better company decision making.

When someone mentions the idea of outsourcing accounting services, do you think of any of the following: expensive, restrictiveness, or lack of controls?

These are all problems that Peterson & Associates CPA, Inc. addresses.

As far as cost, most medium to small-sized companies burn through bookkeepers and incur high costs from retraining and time loss through turnover. Furthermore, the experience held at an accounting firm oftentimes cuts time down significantly through current technology trends and many years of experience (In many cases, the time difference is over twice that of in-house employees). Lastly, no payroll taxes need to be accrued and remitted for an outsourced accounting service provider.

When dealing with clients, it is amazing how free they are once the decision to outsource has been made. Bookkeeping and payroll can be a burden for someone trying to be competitive in his/her industry. When a business owner has access to an expert in business and numbers who is constantly reviewing transactions that business owner has a competitive step up. Timely and accurate reports remove restriction and typically allow for better decisions.

Lastly, business ethics seem to be associated with outsourcing. Through an accounting and CPA firm a company has access to an amazing array of internal controls. Peterson & Associates CPA, Inc. often makes on-site visits while working with in-house bookkeepers at the business location. Furthermore, Peterson & Associates CPA, Inc. has access to cutting edge technology that tracks and provides authorization for many accounting issues. Hiring an accounting firm, perhaps is one of the best ways to provide better controls over your assets.

Is my corporation or partnership too big for an accounting firm to manage the Bookkeeping and Payroll?

Many medium to small-sized companies make this mistake and hire in-house accountants when an accounting firm would be a better option. Peterson & Associates CPA, Inc. manages a range of companies with over 230 employees down to 1 employee. Additionally, several clients with bookkeeping needs are massive, one covering 15 locations in multiple states. More than not, it is wise to view multiple options before deciding to hire an in-house accountant.

Do you prepare your own taxes through cheep software or by hand to save money?

The number of people preparing their own taxes continually increases from year to year; unfortunately, so do the number of errors on tax returns. Tax law continually changes from year to year and to stay current is increasingly difficult. Interestingly enough, the number of people serviced by Peterson & Associates CPA, Inc.’s tax department also increases from year to year. In almost all cases, refund amounts are significantly increased upon amending prior year returns. How confident are you that you included everything needed to get the best tax result. Stop by the office and let us review your tax standing the last few years. We are very open and honest, and will let you know pricing for the project and how much more you can expect to receive in a refund.

Does April/March 15th catch you off guard each year? Are you wondering if there is something more that you can do?

If you are asking these questions, unfortunately you are not alone and a lot of people ask them year after year. Individuals and companies will generally ask these questions much too late. Once the year is over, the number of possibilities to favorably impact your tax return are greatly limited. At Peterson & Associates we strive to offer strong advice before the tax year is over; advice that if given at the right time could represent large amounts of money. Whether starting a new year, merging/selling a company, or just taking a look at where you are sitting with the IRS, we highly recommend that you get some solid advice on the changing tax treatments and how they affect your personal situation.

Is it wise to have the same company handle my taxes and my retirement?

Yes! Countless times, tax specialists frown upon decisions made by retirement managers on existing clients. Who better to handle your retirement than someone who you already trust with every other area of the finances? Several major advantages exist with merging your accountant with your financial planner. Many things can be replaced with technology, but good strong advice will never be replaced. A strong combination exists when the planning is done by someone who sees the bigger picture. Another advantage exists when a third party accountant is in the mix because he/she has the client’s best interest at heart. When helping the client succeed is the priority, there is no need for having someone trying to push a particular product

Does stability exist in an ever changing economy?

Obviously, the financial markets have struggled over the years, but rest assured, you can find stability. Peterson & Associates CPA, Inc. recommends you come visit us so we can see what is right for your situation.