As a small business owner or an entrepreneur, you may be used to doing everything on your own to save money. However, when it comes to financial issues, an accountant is an important professional to have on your team.
The simple fact is that a small business accountant can typically end up saving you money, which will cover the small fees your business will pay for their services. These professionals can assist in providing information on changes in the tax code, tax credits, and even tax deductions that can add up to thousands in taxable savings.
There are several ways that an accountant can help a small business at any stage:
- Assisting in protecting yourself and your business with the use of the correct business structure.
- Setting up your accounting practices within the business to comply with all the governmental requirements.
- Verifying you are using the right classifications of employees for all your staff as well as making sure your independent contractors are correctly classified for taxation purposes.
- Checking that you are using the right type of payroll and accounting software based on your business needs and suggesting modifications to make the process more accurate and efficient.
- Providing you with information on any tax credits or tax deductions for which you are eligible and completing any required documentation.
- Suggesting and advising you on ways to decrease the costs of doing business, boosting your overall bottom line.
- Developing short and long-term financial strategies for business growth and expansion.
- Completing your taxes correctly and completely to help to limit the chances of an audit and also working with the IRS is there is an audit or a need for additional clarification on financial issues.
- Consulting and working with you to understand your business cash flow and how and where expenses and costs are a concern.
- Advising on large purchases, such as commercial property, equipment or even when considering merging with, buying out another company, or selling your existing business.
For the small business owner, an accountant should be a year-round consultant. By meeting with your accountant regularly, you can maximize your profits and have a complete understanding of your business financial plan.