Small business owners often overlook the importance of partnering with a good accountant until they find themselves spending too much time in the back office crunching numbers at the end of a long day.
We tend to hear comments from new clients along the lines of, “I wish I made the decision to work with an accountant sooner” or “I didn’t realize what accounting services included beyond tax prep.”
Great accountants provide valuable small business advice on money management, employment laws, profitability, and financing year round.
Beyond tax considerations, your accountant should be able to advise you on financial planning and management. Use your accountant as a sounding board when you are considering an investment for your business. Whether you have a issue with cash flow, credit, or collecting money, your accountant should be the first person you call before taking action.
Chances are you don’t have a full-fledged human resources department for your small business, but if you have employees, you are required to adhere to a slew of rules and regulations. An accountant can help you navigate through workers comp insurance, payroll taxes, and health and retirement benefits, especially as your business grows.
Accountants crunch numbers for breakfast. It’s what we do. Great accountants help small businesses increase profitability based on the appropriate benchmarks for your industry. Monthly reports can help small business owners optimize business performance and growth while monitoring any potential red flags.
If you’re seeking capital for your small business, a good accountant is invaluable. Your accountant should be able to help you evaluate various options for securing business financing. Additionally, your accountant should be available to address any question you may have about the process and gather any supporting documents for the application process.
Tired of tackling bookkeeping and accounting activities for your small business? It may be the right time to build a relationship with a monthly accounting service that focuses on more than just annual taxes. Check out our free Accounting Comparison for Small Businesses chart to get started.