Questions and Answers

Frequently Asked Questions

Our consulting services provide professional answers to the most common questions in the fields of bookkeeping, payroll, tax consulting, accounting, and outsourced accounting services.

 

Opening a separate business bank account provides a clear separation between personal and business expenses and income, making it easier to manage cash flow and track business performance. A separate account also increases business credibility in the eyes of customers, suppliers, and tax authorities, and helps build a business credit history. Additionally, it simplifies financial reporting and tax filing processes, saves time and resources, and reduces the risk of errors in financial reporting.

 

A business plan is a vital tool that defines business goals, operational strategies, and financial forecasts. It helps focus business efforts, serves as a roadmap for growth, and is an important tool for raising investments or loans.

 

A payroll accountant stays updated on changes in labor laws and helps implement them correctly. They ensure the business complies with all legal requirements regarding wages, employee rights, and benefits, thus preventing fines and legal issues.

 

Using external services provides access to professional expertise without the costs of employing a full-time employee. This ensures compliance with changing regulations and laws, allowing the business to focus on its core activities while relying on financial and payroll experts.

 

The choice depends on factors such as income level, business risk, and growth plans. Small businesses typically start as self-employed, while larger or higher-risk businesses may prefer a limited company for legal protection and tax advantages. It's recommended to consult with an expert for personalized advice.

 

Access to professional expertise, cost savings, regulatory compliance, and ability to focus on core business. This solution provides flexibility and efficiency for businesses of all sizes.

 

It's advisable to hire an accountant when the business grows, financial management becomes more complex, or when help is needed with tax planning and reporting to authorities. An accountant can save

 

A payroll accountant specializes in payroll calculations, employee rights, and payroll-related tax payments. A CPA handles the overall financial management of the business, including financial statements, auditing, and comprehensive tax consulting.

 

The answer depends on the size and complexity of the business. For small businesses, outsourcing can be efficient and cost-effective. As the business grows, a combination of internal management and outsourcing services might be optimal.

 

Tax liability can be reduced through proper tax planning, utilizing recognized expenses, taking advantage of tax exemptions and benefits, and careful timing of income and expenses. Consulting with a professional tax advisor is essential for an effective strategy.

 

Every small or large business needs accounting services

The presence of an accountant is critical for any business, regardless of size, as they ensure proper financial management, legal compliance, and provide professional advice in taxation and economic planning. Their contribution is evident in small businesses, where they assist with efficiency and strategic decision-making, and in large ones, where they are essential for managing complex financial systems and regulatory compliance, thus promoting business growth and long-term stability.

Mazanim Financial is a leading and innovative boutique firm established in 2013, providing comprehensive financial solutions for small, medium, and large businesses.

With a professional team including certified public accountants, tax advisors, bookkeepers, payroll accountants, and economists, we offer our clients accounting services, financial and tax reports, personal reports, capital declarations, bookkeeping, payroll services, tax consulting, and representation in tax discussions with authorities.

The firm specializes in handling and representing all types of businesses – exempt dealers, authorized dealers, limited companies, non-profits, associations, religious councils, and local authorities.

At Mazanim Financial, we understand that each business is unique, and therefore we provide solutions tailored to the business needs of each client. The office emphasizes personal attention, high availability, and full commitment to our clients’ success, while working in an advanced technological environment that is constantly updated according to changes in the financial market and tax regulations.