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How Does ARI Interface With Tax Preparers

By Cristina Cossette October 16, 2024

The integration between outsourced accounting firms like ARI and tax preparers is a cornerstone of efficient and effective tax planning and preparation. Accounting firms often work hand in hand with tax accountants to ensure a seamless customer experience.

Here are seven ways an outsourced accounting firm interfaces with a tax accountant:

1. Sharing Financial Data

We maintain accurate financial records throughout the year. To facilitate this,  we organization and compile the necessary financial data, making it easier for tax accountants to access and review records when tax season arrives. We use secure, cloud-based platforms and accounting software that allow for real-time data exchange. This ensures tax preparers have access to the most current financial information, reducing errors and streamlining the preparation process.

2. Providing Regular Updates

We provide monthly and quarterly financial, cash flow, expenses, and income statements to the client. This helps your tax accountant remain aware of your company’s financial health throughout the year, not just at tax time. Regular updates between the client and an outsourced accounting firm are essential to keep everyone informed and aligned.

3. Facilitating Tax Planning

Collaboration enables tax accounts to engage in proactive tax planning. By having access to up-to-date financial information, tax accountants can recommend strategies to minimize tax liabilities or tax advantage of tax benefits within the legal framework.

4. Ensuring Ongoing Communication

Open lines of communication are crucial not only between ARI and you but also between you and your tax preparer. Firms may use shared software, portals, or communication platforms where both your accounting team and your tax accountant can easily exchange information, ask questions, and provide updates.

5. Coordination During Tax Season

When it comes to tax filing, ARI prepares and organizes the necessary financial documents, and we work closely with your tax accountant to ensure all relevant financial information is accurate and complete tot facilitate tax return preparation.

6. Compliance and Review

ARI ensures compliance with accounting standards and regulations throughout the year. When tax time arrives, the tax accountant reviews the financial data to ensure it meets tax compliance requirements and identifies any potential issues.

7. Continuous Improvement

Collaboration between ARI and your tax preparer requires ongoing analysis and continuous improvement. We periodically assess what is working well and what processes need improvement.

 

The key to successful integration lies in effective communication, mutual understanding of each other’s roles, timely sharing of information, and a commitment to working together to achieve your company’s financial goals while complying with all financial and tax regulations.

If you would like to explore whether outsourcing your accounting function to ARI is the right move for your business, contact us today. 

In the meantime, discover the 10 Benefits of Outsourcing Your Accounting Needs. 

Also, you might be interested in seeing how ARI and its employees are active in the community. 

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