“Maybe it’s not as complex as a small business that has 10 to 15 employees, but if someone is self-employed, there may be specific advantages and expenses you may be able to take advantage of.”Įven if you are a one-man band, consulting with an accountant who understands business taxes and tax planning for small business is useful, because they can identify what deductions your business is eligible for and what to avoid. Do you need an accountant if you’re self-employed? Accountants can also guide your small business in more profitable directions that give you “the biggest tax bang for your buck,” Cordano said. Working with an accounting professional who understands tax laws and bookkeeping is your best option, especially when compliance is at stake. “There can be a lot of loopholes that you’re not going to be aware of, especially with tax laws changing,” Cordano told Business News Daily.
Just sifting through payroll and bookkeeping processes can be overwhelming, said John Cordano, ChFC, CLU and financial advisor with California Financial Advisors. If you need help setting up your accounting system, maintaining financial documents, auditing your business’s books or financial statements, or creating financial goals for your company, you should hire an accountant.Įven if you have the best accounting software, it can be complicated, it can be complicated and confusing to manage your business’s finances when you don’t have a background in business accounting. Should you hire an accountant for your business? A good accountant should be involved in your business on a regular basis, not just at tax time, and they can significantly add to your bottom line by setting up and structuring your plans and operations efficiently. If you maintain your own books, find an accountant who will work for you periodically (weekly, monthly or quarterly), produce statements and evaluate the health of your business. If you are looking for a bookkeeper to handle the mundane daily or weekly bookkeeping duties as well as an accountant, you’ll want to look for an accounting firm that provides both services. Some accountants are willing to do bookkeeping, while others focus on broader business tasks. The first step in choosing an accountant is to determine what you want yours to do for you. Prepare your tax returns quickly and accurately.īut how exactly do you find the right accountant for you? Here are some questions to ask and places to look when choosing a good accountant for your small business.Put together the financial reports you need to get loans and investment.Point out potential areas of growth by analyzing pricing, cash flow patterns, inventory management and types of business financing.Maintain your cash flow at acceptable levels.Recognize problems (such as disappearing inventory, increased costs for products or equipment, or customers who aren’t paying on time) before they have a chance to bring down your business.Identify every tax deduction you’re entitled to take.
According to the Service Corps of Retired Executives (SCORE), a nonprofit organization that provides free consultation and guidance to entrepreneurs, your accountant can do several things for you: Some may also provide bookkeeping services. Their job is to make sure your data is correct and your taxes are paid correctly and on time. The advice that an experienced business accountant has to offer your company might just be the difference between success and failure, and their expertise can help guide your decisions as your business grows.Ī business accountant examines your company’s finances and prepares financial reports.
Managing your company’s finances can be difficult if you aren’t familiar with debits, credits and recording transactions, but who says you have to go it alone? An accountant can provide the financial expertise and guidance you need to run your business effectively.Īlthough hiring an accountant is optional, it can be a big help to have one when it comes to reviewing financial records and filing taxes.
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