Many small business owners think they’re saving money by handling their financials themselves. While it’s a real asset to learn bookkeeping basics, cash flow management, and your tax obligations, hiring an accountant to oversee your finances has many benefits. Leaving your books to a pro will free up time so you can focus on serving your clients and implementing plans for growth.
Accounting is a complicated task that requires specialized knowledge, especially when it comes to taxes. A good accountant will be able to help you file your tax return on time and in the right manner. They can also help you understand how the tax system works so that you don’t have unexpected surprises come tax time.
Hiring an accountant can help save time—and money! Because they’re familiar with all aspects of accounting, they can do tasks quickly and efficiently without wasting any time trying to figure out what they need to do next or how it should be done.
So if you are looking for help with accounting services or bookkeeping services for your business, we encourage you to contact BookkeeperLive today!
1. Finding Money
How often do you look at your business bank account? Once a week, once a month?
If it’s not enough to make sure that your company is staying afloat and making money, then what is?
The truth is that keeping track of your financials can be difficult. It’s easy to get distracted by the day-to-day running of your business, and before you know it, you’re behind on your bookkeeping—and potentially thousands of dollars out of pocket.
But there’s no one better suited to discovering “found” money than an accounting professional. Hire an accountant to sort your books and systemize your bookkeeping; better record keeping is the easiest way to allow you to quickly see – on a monthly, weekly, or daily basis – where your money is going so you can cut costs. Keeping your accounts up to date will also help you understand which of your business investments yield the greatest returns so you can be more strategic about spending. An accountant can spot trends that you can take advantage of to earn greater profits – and even find savings with vendors, staff, and operating expenses. Hiring someone to manage your accounts will also reduce the costly errors that are commonplace when business owners try to manually track their expenses.
2. Avoiding Penalties
Taxes are a drag. But they can also be your friend.
If you’re a small business owner, you probably have a lot on your plate. You’re running the show, and it’s easy to let things slip through the cracks: taxes included. But it’s important to remember that taxes aren’t just about paying money to the government; they can also be an opportunity for you to save money!
Your accountant may be your trusted advisor when it comes to staying up-to-date with the latest regulations for small business taxes. She can also provide you with expert advice on how to maximize your benefits and minimize your taxes each year. Don’t underestimate the cost savings of hiring someone to complete your tax forms correctly and submit them on time. Penalties for small businesses who neglect to file their taxes on time – or at all – can quickly add up; the longer you wait to file, the more interest you’ll be charged and the likelihood you’ll incur additional penalties. A business that is already struggling may not be able to pay a tax fine and find itself closing its doors. If your small business is ever audited, having an accountant on board will let
3. Giving Business Advices
As a business owner, you know that it’s easier to make decisions when you have all the facts.
Your accountant is no different. They possess business knowledge that can help you make more informed decisions about your company’s future. Rely on your accountant for advice when you draft or revise your business plan; those key insights on assessing profitability will help you move your business in the right direction – and avoid wasting time and money on strategies with a lesser chance of success. Look to your accountant to help you determine your most valuable clients, how much money you need to invest in a growth plan, and which marketing strategies yield the best ROI. Having someone you can rely on to help set targets and monitor your progress is an invaluable asset that can help you not only save money but earn higher profits.
You’ve worked hard to get where you are, and now it’s time to take the next step. You need an accountant who can help you grow your business, but not just by making sure your books are in order and that you’re on the right side of the tax authorities. You need someone who can do more for you than just those things.
After all, an accountant is not just a bookkeeper. A good accountant can help you increase your chances for long-term growth and success by providing valuable insight into how your company operates and how it can be optimized. They can also be invaluable when it comes to financial planning and strategy, which is crucial as you continue to grow as a business owner.
So if you are looking for help with accounting or bookkeeping services for your business, contact BookkeeperLive now!