Accountant In Locust Valley

Looking for Accounting Services in Locust Valley, NY? Important Factors to Consider Before Hiring an Accountant

Garcia & Associates, C.P.A. PLLC provides outstanding accounting services to the Nassau County, NY area. Our combination of expertise, experience and dedicated staff ensures each client receives personal and professional attention. Offering personal tax account services, bookkeeping, audit defense among our services in Locust Valley, Garcia & Associates, C.P.A. PLLC is your trusted partner to help guide your tax and financial decisions.

Why Should You Work with an Accounting Professional?

Many people like to save money where they can but when it comes to your tax and financial matters it is always better to work with experienced professionals. Let’s face it, there is enough to worry about without having to add figuring out tax laws and financial accounting. An accountant in Locust Valley is much better equipped and experienced to guide you in accounting matters for your business. An accountant can help minimize the risk of being audited and will make sure the appropriate forms are filed each quarter. Your accounting firm can handle bookkeeping for you or help you set up internal processes to ensure proper records are being kept and maintained to make things easier at tax time.

4 Types of Accounting

The four main types of accounting include corporate, public, government, and forensic accounting.

1- Public Accounting

Public accountants work with companies, corporations, or individuals. Their function is to help ensure a client’s financial statements, records, and filings are accurate. Accountants work closely with tax regulations and financial reporting and must maintain current knowledge of generally accepted accounting principles (GAAP) and the tax code in Nassau County, NY. They must also understand, and be able to apply, industry-standard accounting frameworks and best practices.

2- Corporate Accounting

Corporate accounting involves the use, handling, and filing of a company’s financial data. This data is often for the purpose of external reporting and tax compliance. Corporate accountants must adhere to certain widely held accounting methodologies to maintain accurate records and to ensure their financial and tax submissions are in compliance with appropriate rules, regulations, and standards. 

Among these common types of accounting principles, standards, and procedures are Generally Accepted Accounting Principles (GAAP), International Financial Reporting Standards (IFRS) and the Internal Revenue Code (IRC). The average business, especially a small business will not be able to keep up with these and it is best to find an accountant in Locust Valley who is experienced in state and local laws.

3- Government Accounting

Government accountants work within the area of local, state or federal government entities. They often work within frameworks that differ from those employed by public accountants. Government accountants are also more strictly vetted, and in some instances are responsible for keeping privileged or confidential information.

4- Forensic Accounting

Forensic accountants collect, recover, and reconstruct financial data when it is difficult or impossible to obtain. In addition to understanding accounting principles and practices, forensic accountants must be resourceful, creative, and able to solve often-complex problems. When dealing with complex business situations forensic accountants are sometimes called in.

What Can an Accountant Do?

Whether you’re just in the planning stages, or already have employees advice from a professional can be helpful. Looking for an accounting firm in Locust Valley will ensure your tax and financial needs are met.

  • An accountant can advise what type of business structure to create if you are a start up. Should you set up as a sole proprietorship, corporation or an LLC? They can also handle the paperwork to get your business entity registered and up and running.
  • An accountant can issue invoices and keep track of bookkeeping.
  • An accountant can manage payroll. Your accountant can track and calculate employee pay, plus file quarterly payroll taxes.

What are the Types of Accountants?

Though there are many specialized areas of accounting and functions they play, some distinctions to keep in mind are:

Bookkeeper. Bookkeepers handle a range of activities for your business, from bill payments to weekly reports. While bookkeepers are skilled and qualified to handle plenty of financial responsibilities, they’re not required to hold licenses that allow them to represent you to the IRS or prepare your taxes.

Enrolled Agent. Enrolled agents must pass an examination that covers individual and business tax laws. They’re allowed to prepare your tax returns, but they are not allowed to sign them. They must also meet continuing education requirements to maintain their licenses, and they can represent you before the IRS if you’re audited. 

Certified Public Accountant (CPA). CPAs are certified through the state through specific examinations and licensing requirements. They’re allowed to prepare and sign tax returns for individuals and businesses and can represent taxpayers before the IRS for audits. It is good to keep this in mind when you are searching for your accounting needs in Nassau County.

Looking for Personal and Professional Accounting Services Near You?

If you are looking to speak to someone about your personal or business tax account, the professionals at Garcia & Associates, C.P.A. PLLC are looking forward to taking your call. Our accountants provide personal and professional attention and are ready to discuss your tax and financial situation. Please give us a call at 718-533-0300 or visit https://www.garciagroup.com and submit our online contact form. We take pride in our reputation for quality service, integrity and professionalism.