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Three Tips for Staying Compliant with Filing

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Three Tips for Staying Compliant with Filing

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Mary-Rose-for-web-square.jpgMany businesses have a number of filing requirements, which can vary from state to state. There are not only annual and quarterly filing dates, but also, in some cases, monthly. If your business needs to comply with filing requirements in different states, this can be a daunting task. No one wants to miss a filing deadline and lose out on a Certificate of Good Standing, as this can add delays and additional costs when you’re looking for investors, grants, or other forms of financing. 

Here are three tips to help you stay compliant.

  1. Turn to an Expert
    It would be nice if filing requirements were as user friendly as smart phones, but unfortunately it often takes an expert to understand them thoroughly. Don’t expect to receive reminders about filing dates—many states assume that you read the deadlines on their websites and will file on time. In our office, we tag critical dates and either assist with filing or send our clients a reminder. Using a professional accounting services provider to handle managing and tracking your filing requirements will help make sure that your business is in compliance.
  2. Use an Accounting Services Provider with a Presence in Multiple States
    Because filing requirements can vary from state to state, using an accounting services provider with resources in multiple states can be beneficial to businesses with a presence in multiple states. If your accounting services firm works in multiple locations, they will likely have a good information sharing network to ensure that your business stays compliant in all its locations.
  3. Work Closely with your Accounting Services Provider
    Stay involved with the accounting function, even when you outsource it. Make sure you provide accurate and complete information to your accounting services provider, review regular financial reports, and take the time to understand the process and requirements. When you stay compliant with your filing, you avoid unnecessary penalties and are prepared for future loan applications.

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Mary Rose

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Mary Rose

Legal and Tax Disclaimer

This website is created by Supporting Strategies to provide general bookkeeping and accounting information only. Supporting Strategies does not provide tax, legal or accounting advice, and the information contained herein is not intended to do so. As such, the information provided should not be used as a substitute for consultation with professional tax, legal, and accounting advisors, and you should consult with a tax, legal and accounting professional before engaging in any transaction.