Why Every Small Business Should Hire An Accountant
Accountants can help out at various stages during the growth of your business. They can handle much more than just your payroll and tax returns. So when should you consider hiring an accountant for your small business and what are the advantages of having an accountant as part of your small business team?
Staying Up-to-Date on Tax Laws
Every business owner needs to make time to learn the laws that he or she is subject to, but where does one start when it comes to tax laws?
Staying up-to-date on never-ending tax law changes and business regulations is a full-time job in and of itself. So even if you’re a budget-conscious business owner, there’s undeniable value in partnering with an accounting professional to make sure you stay compliant.
This attention to detail will help you get the tax deductions and credits you deserve. You want someone who can help you comply with all the updates and tax laws, as well as provide you with accurate financials.
Reducing Your Tax Bill
It’s no secret that businesses incur many expenses. Some of the main expenses include contracted labor, employee salaries and quarterly tax payments. This not only includes federal and state taxes, but also sales taxes, which can quickly become complicated.
An accountant will be able to accurately estimate your quarterly taxes and help file monthly payroll taxes on your behalf. He or she can also advise you on the best methods for complying with sales tax regulations in the markets you sell to.
An accountant’s expert advice can reduce your tax bill and save you money on additional penalties and fees for underpayment.
Accounting Mistakes Are Expensive
Day-to-day mistakes in a small business can cost a lot of money. Likewise, accounting or tax mistakes can be even more costly.
An accounting error can range from something small, like not being able to make your checking account balance with your books, to something bigger, like not filing and paying your estimated taxes. Even worse, you can get into financial trouble by mismanaging your cash flow, which is a common and costly pitfall for many small businesses.
There are errors and omissions that can be even more expensive, such as missing out on important tax deductions and credits. This can greatly affect your bottom line and mistakenly force you into paying more money to the IRS than is necessary.
You deserve to keep more of your hard-earned money, and this means ensuring you don’t incur expensive accounting mistakes.
Don’t underestimate the importance of having an accountant on your team. There are good reasons for hiring an accountant at different stages of your company’s growth. From a business plan to company formation, loan application to tax audit, an accountant can make life easier for you at each step. If you don’t already have one, contact Crowley Accounting and Consulting Services today. You’ll be thankful to have an advocate on your side who can allow you to focus on what you do best and help reduce stress and uncertainty. The return on investment far outweighs the cost of hiring one.