Starting your own business can both be a fun and a rather arduous task. While you might be excited to get your new venture off the ground, getting your head wrapped around the financial task of running a business might seem impossible. For this reason, it is often recommended that new small business owners retain an accountant to help get finances in order. In fact, by hiring on an accountant you can...
Survive Tax Season
Tax law can be complicated enough as it is when it comes to filing your own personal taxes each year so, predictably, filing as a business can be much worse. As such, hiring an accountant can go a long way in keeping your business out of trouble with the federal government. This is doubly true during the first year of business, where a misfilled form can result in your business collapsing due to fees and penalties you simply can afford.
Of course, avoiding mishaps isn't the only benefit of hiring an accountant to do your business's taxes; in fact, you might even be eligible for a wide variety of tax credits or deductions. Lucky for you, your accountant will inform you of just about any tax break that you might be able to get, which can help save your business as much cash as possible.
Be More Hands-On
Even if you do have a lot of know-how when it comes to accounting, you still might be better off hiring someone for you. Indeed, bookkeeping is a rather time consuming task, which can take you away from the day-to-day needs of your business. In fact, it can even hinder your growth in the long run, since the time you'd otherwise spend crunching numbers could be spent managing your business or seeking out business opportunities, such as new clients. Basically, an accountant can handle all this tedious work for you while you actually get on with running your business.
Your Business Is Booming Rapidly
It's every small business owner's dream to have their new business take off and grow rapidly. However, this success can have some downsides if you aren't prepared. The larger your staff and customer base gets, the more and more thought you'll have to put into purchasing supplies and managing company funds. This can all suddenly get away from you and be beyond the level of comfort you have when managing your business's finances. Luckily, hiring an accountant to step in can help alleviate a lot of the pressure which can give you time to fully enjoy the growth your business is experiencing.
Simply put, as a small business owner, there are very few reasons to avoiding retaining an accountant for at least a part of the year. So, if you're ready to get on with running your business, a simple call can put you on the right track. Contact a professional like Teri J Henderson, CPA, P.A. to get started.