Most small business owners are more concerned with running their businesses than running a fine-tooth comb over their books. But even simple mistakes in your accounting practices can lead to big trouble with the IRS, including audits, thousands of dollars in penalties, and potentially even jail time.
Whether you have hired an accountant to cover your books or just purchased an automated accounting system, you still need to pay attention to what is happening with your financials. Your accounting solution is only as good as who is working with it. You also want to avoid audit red flags that catch the attention of the IRS. Be careful that you don’t go overboard on business deductions because the IRS will analyze how well your net profits match up with your lifestyle.
The functionality within Microsoft Dynamics® NAV can eliminate the tax season stress that many of us are feeling these days. You can easily monitor fiscal performance, meet business and regulatory requirements, and help streamline the daily operations within your business. With better overall insight into your financials, you can spot trends and make better business decisions that put you ahead of your competitors and out of reach from the IRS. Many companies consider the option of outsourcing their accounting, but keep in mind that the more control you have over your financials, the more control you have over your business. More control equals less stress and more flexibility for your business.
We here at Gilbert & Associates are certified in Microsoft Dynamics NAV implementation, training and support with specialties in Manufacturing, Wholesale Distribution, and Financial Management.
By Gilbert & Associates, a Seattle Microsoft Dynamics NAV Partner