It should go without saying, but every dollar can matter for business owners. Not knowing where your business stands on a monthly basis can be the death knell for your business as a whole. And while it might save you some money to do the bookkeeping yourself, it might also be holding you back.
That is why hiring an accountant may be imperative for your business—someone who can develop an intimate knowledge of your business and help you plan for those financial twists and turns that every company faces.
Here are a few things to look for when looking into a general accounting practice.
Accounting and Record-Keeping
These are some of the most basic principles of accounting. Business owners can typically manage their day-to-day records, but an accountant can help you set up your accounting systems and show you how to use them.
Having an efficient system in place allows you to evaluate profitability properly as well as modify pricing. Additionally, you can monitor your expenses, spot trends, track a budget, and reduce accounting fees that are required to produce tax returns and financial statements.
Speaking of tax returns, having assistance when filing your taxes can make a massive difference for your business. Accountants can generally provide assistance when it comes to tax planning and tax compliance. The compliance aspect means obeying the tax laws while planning refers to reducing your tax burden.
Having a tax professional in your corner can save you some serious money come tax time and help you avoid overpaying or paying too much money in other areas.
If you are looking to obtain a loan in the near future, having an auditing service to help you prepare financial statements can be a lifesaver. Not to mention the fact that if you face an actual audit, an accountant can help ensure that your company is as prepared as it can be to face that financial scrutiny.
Having a certified accountant on your side can make a world of difference for your small business.