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BusinessFeaturedFinance

Why You Need An Accountant – For Small Business Owners

As a small business owner, you have a lot on your plate. There’s hardly any time left to focus on your finances, from managing day-to-day operations to keeping up with customers and clients. This is where an accountant can be a lifesaver.

Who Is An Accountant?

An accountant is a professional who helps businesses and individuals keep track of their finances. They can offer advice on financial matters, prepare tax returns, and help with budgeting and bookkeeping. In short, they are experts in all things money-related.

Several accountants are available at service, such as the accountant in Broadview, to help improve your business performance. Therefore, accountants are a must-have whether you are a small business owner or run a big company!

Why Do You Need An Accountant?

There are many reasons why hiring an accountant is a smart move, even for small businesses. Here are just a few:

  1. Save Time

As a busy business owner, you probably don’t have extra time to spend on financial matters. An accountant can take care of all the paperwork and number-crunching for you, freeing up your time to focus on other business areas.

  1. Save money

Hiring accounting professional can save you money in the long run. They can help you stay organized and keep track of your expenses, preventing overspending. They can also help you maximize your tax deductions and minimize your tax liability.

  1. Reduce Stress

Worrying about money is one of the leading causes of Stress. You can rest assured that your finances are in good hands and free up your mental energy to focus on other things by hiring an accounting expert.

  1. Make Better Decisions

When it comes to making decisions about your business, it’s essential to have all the facts and figures at your disposal. An accountant can provide you with the financial information to make informed decisions about your business.

  1. Comply With Laws and Regulations

There are a lot of laws and regulations surrounding businesses and their finances. An accounting professional can help you navigate the complex world of business compliance and make sure you’re meeting all the requirements.

  1. Grow Your Business

Accountants can be a valuable asset as you look to grow your business. Thus, they help you develop financial plans and strategies for expanding your operations, ensuring that your business is on solid footing as it grows.

  1. Prepare for Sale or Retirement

Suppose you’re thinking about selling your business or retiring. In that case, accountants can help you prepare by performing a valuation of your business and developing a plan for how to best distribute your assets.

  1. Protect Your Assets

You’ve worked hard to build up your company as a business owner. An accounting expert can help you protect your assets by setting up the proper financial structure and safeguards.

  1. Maximize Your Profits

An accountant can help you identify areas where you can cut costs and save money. Thus, they may also help you maximize your profits by advising you on pricing strategies and identifying tax breaks and other opportunities.

What services do Accountants Offer?

The accounting expert offers a wide range of services, from bookkeeping and tax preparation to financial planning and advice. Here are some of the most common services they provide:

  1. Bookkeeping

Bookkeeping is tracking all the financial transactions made by a business. Thus, this includes income, expenses, assets, liabilities, and equity. An accountant can help you set up a bookkeeping system and train you or your employees on how to use it.

  1. Tax Preparation

Taxes can be complex, especially for businesses. An accounting expert can help you prepare your tax return, ensuring that you claim all the deductions and credits you’re entitled to. Besides, they may also help you plan for future taxes, so a large tax bill does not catch you off guard.

  1. Financial Planning

Financial planning is setting goals and creating a plan to achieve them. An accountant can help you develop a financial plan for your business, taking your current situation and future goals into account. They can also advise you on investment opportunities and retirement planning.

  1. Business Advice

As an experienced business professional, the accounting expert can offer valuable advice on various topics. They can help you make strategic decisions about your business, such as expanding your operations or selling your company. They can also offer guidance on financial matters, such as raising capital or managing cash flow.

  1. Audit Preparation

If your business is selected for an audit, accountants can help you prepare. Thus they can review your financial records and make sure everything is in order. Besides, they may also represent you during the audit, ensuring a smooth process.

How to Choose an Accountant?

There are a few things you should consider when choosing an accountant. First, you need to decide what type of services you need. Do you just need someone to do your bookkeeping? Or do you need comprehensive financial planning and advice?

Once you know what type of services you need, you can narrow down your choices. Here are a few things to look for in an accountant:

  1. Experience

When it comes to finances, experience is essential. Look for an accounting expert who has experience working with businesses like yours. Therefore, they should understand your industry and the unique challenges you face.

  1. Credentials

Make sure the accountant you choose is properly credentialed. In the United States, look for an accountant certified by the American Institute of Certified Public Accountants (AICPA).

  1. References

Ask the accounting expert for references from past clients. Therefore, this gives a good idea of the quality of their work and whether they’re easy to work with.

  1. Fees

Be sure to ask about the accountant’s fees upfront. So, choose an accountant who charges a fee structure that you’re comfortable with. Furthermore, some accounting experts charge by the hour, while others charge a flat fee or a percentage of your income.

  1. Location

If you have a brick-and-mortar business, it’s easier to work with a local accountant. However, with the advent of technology, it’s now possible to work with accounting experts globally.

  1. Communication

You need to be able to communicate with your accounting expert easily. Choose an accounting expert who is responsive to phone calls and emails. Therefore, they should also be willing to meet with you in person regularly.

  1. Skills

The accounting expert you choose should have the skills and knowledge necessary to meet your needs. They should be up-to-date on the latest tax laws and regulations. Therefore, they should also be proficient in accounting software programs.

What To Expect When Working With An Accountant?

Working with an accounting expert is a partnership. Here’s what you can expect from the relationship:

  1. Initial Consultation

Most accounting experts offer a free initial consultation. Thus, this is an opportunity for you to discuss your needs.

  1. Service Agreement

If you decide to work with an accountant, you’ll sign a service agreement. Thus, this document outlines the scope of work and the fees. It also protects both parties in case of a dispute.

  1. Regular Meetings

It would help if you met with your accounting professional regularly, at least once a quarter. This allows you to review your financial statements and get advice on various business matters.

  1. Timely Service

Your accountant should provide timely service. They should return your phone calls and emails within a reasonable timeframe. Therefore, they should also meet deadlines, such as filing their tax return on time.

  1. Confidentiality

Confidentiality laws bind your accounting professional. This means they can’t share your information with anyone without your permission.

The Ending Note

If you’re a small business owner, you need an accountant. An accounting service provider can help you with bookkeeping, tax planning, and financial advice. They can also represent you during an audit. Choose an experienced and credentialed accountant who charges a fee structure that you’re comfortable with. Meet with them regularly to review your financial statements and get advice on various business matters.

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