As a business owner, you’re probably familiar with the number of hats you wear per day being nearly endless. Some days you’re the salesman, others you are the bookkeeper and sometimes you’re even the janitor! One of the most common mistakes that business owners make is thinking they know enough to “put on the hat” of being the bookkeeper, tax pro and accountant.
Benefits Of Hiring An Accountant For Your Business
When tax season starts approaching, you soon find yourself loosing out on weeks worth of work just to prepare all your tax and accounting paperwork to file your taxes. Oh, and did you know you were supposed to be paying quarterly payments as well? That would have been nice to know a long time ago. One of the biggest reasons that businesses fail is due to improperly managing their finances, and that means taxes and accounting too.
Here are the benefits to hiring a trusted accounting and tax professional, and they may just make or break the future of your company.
Help keep costs down
Cash flow is perhaps the driving factor of the majority of your stress as a business owner. With so many moving pieces, it can be stressful making sure your money is coming in and going out properly, while managing to pay yourself too.
With the help of a trusted accounting professional, you will eliminate the risk of not budgeting properly for operational costs. Part of their job is knowing the financials of your business, and as a byproduct of such they will be well aware when there are areas that you can save on costs.
Provide financial advice for the business
Accountants have the necessary tools to provide and plan for different scenarios of the business. Perhaps you plan to expand your locations, or hire more employees, or even prepare to sell your business. Your accounting professional will walk you through financial projections of different business scenarios and help you avoid potential mistakes, and take advantage of common successful strategies.
Regardless of your business income, one of your biggest business expenses is most certainly taxes paid to Uncle Sam. A tax professional will ensure that you are taking advantage of all the potential business deductions, tax credits and other tax loopholes that allow you to save money on your biggest expenses.
Remove added stress
One of the driving forces behind the success of your business is most certainly your financial strength. This is an often overlooked area because, as mentioned before, you have an unlimited number of “hats” to wear as a business owner. Pushing your finances to the side to deal with urgent tasks is a great plan for business failure.
Being able to remove the added stress of how the financial wellness of your business is, will allow you to put even more focus on what you do best. You will have the peace of mind that your taxes are up to date, that your documents and books are in order, which in turn will enable you to avoid big tax mistakes that result from procrastinating your accounting work.
Prevent falling into legal issues
The last thing you want is for the IRS to be sending you letters requesting payment of your taxes. Did you know that you are required to pay payroll taxes if you have employees? I sure hope so because failure to do so could result in fines up to $10,000 and 5 years in prison.
This is just one example among many. Without the help of a trusted professional, chances that you overlook some of the rules and regulations are very likely. Often times these small rules and regulations that started as honest mistakes can slowly turn into illegal crimes.
Save on time and money
We already mentioned that hiring a professional accountant will help you keep costs low, but on top of that you will even save a lot of money too. While the initial idea of paying someone to do your accounting seems like an expense you may hesitate to pay, the result is added time to your calendar allowing you to focus acquiring more business.
If you had just a few additional hours per day or even per week, what would you spend them doing and how would that help your business? Hiring an accountant gives you those extra few hours, resulting in extra money and income to the business. The amount of money you spend on a top-rated accountant is very small in comparison to the amount of money you will potentially make from time spent on growing your business.
Your business is the goose that lays the golden eggs. If you don’t properly nurture the goose, the golden eggs will not be produced. The same concept applies to managing the assets of your business. Assets can include things like machinery, real estate, investments, land, inventory, computers, and legal papers and documents to name just a few.
How you manage these assets can make or break the future of your business and the speed at which it grows. These assets may even have potential tax benefits that you may be unaware of, which could save you a lot of money in the long run when relying on the help of a trusted accounting professional.
Finding a trusted tax and accounting professional
Four Leaf Tax and Bookkeeping has decades of experience among our experienced accounting and tax advisers. Whether you’re a small business or a seasoned company, you can be sure that the added help, service, and accounting advice will be second to none.
Along with our years of experience working with businesses of all sizes, we also have dedicated specialists for individuals. We work with individuals in planning for and filing their taxes properly, as well as helping you save and plan for retirement. Our focus is on our clients, and we ensure that you have access to us in the most convenient ways possible.
Providing accounting and tax services for both individuals and businesses gives you the peace of mind that your individual finances are on track, and that your business is healthy and thriving.