Image credit: Pixabay.com
If you recently started a small business, you are probably exhausted and ready to delegate some of your tasks to skilled people you can trust. For your financial needs, it may be time to hire a professional accountant. Often, entrepreneurs have a diverse skill set but may not have the specific skills a professional accountant brings to the mix.
Whether you are just starting out or have been working at building a startup for a while, learning basic skills and hiring an accountant could help your business run more smoothly. Check out these insights from The Shift Life Coach to better understand why an accounting pro can benefit your business.
Accountants Can Keep You on the Right Track
Even if you are someone with decent math skills and usually handle your annual taxes, hiring an accountant is a wise move from a business standpoint. Professionals in the field are well-versed in tax exemptions and the legal factors that impact your business finances. Tax law changes frequently, particularly when it comes to payroll and other employee regulations. It makes sense then to have a certified public accountant on your team to help you stay on the right track with your expenditures, tax responsibilities, and payroll obligations.
Hiring an accountant takes the guesswork out of your financial processes. Credentialed accountants stay updated on all-things finance; having a skilled professional on your team can allow you to focus on other aspects of business, like product development, marketing, and customer service.
If you’re running a small business with only a few employees, you could take up the task of doing your own accounting, but you’ll likely need to learn more about the process. One possibility is earning an online accounting degree from an accredited institution. Online programs offer flexibility and affordability as you learn new skills in finance, taxation, business law, and management.
Your Accountant and Business Formation
Your business requires a designation before you open your doors or take in any income. However, it can be complex to choose a business model; you want to establish yourself to offer the best protection for your personal assets while also meeting your needs for simplicity and financial savings. An accountant can help you determine the best course of action here.
Many small businesses opt to file as a limited liability company (LLC). Filing as an LLC can offer your new business startup deductions as well as long-term advantages when you file your state and federal taxes. LLC formation protects your personal assets from being exposed to litigation in the event of a catastrophe in your business, and as a side benefit, it gives you greater flexibility and a reduced paperwork burden. Each state has different regulations for LLC formation, so prior to filing, be sure to examine the rules for your region. Your accountant can help you evaluate the benefits of varying formation types to see which is best for your business needs. Accountants can offer a lot of great advice to help your business grow and succeed.
Accountants Can Provide Wise Advice
Accountants can offer your business more than just year-end tax preparation. From payroll to fiscal advice about your funding resources, accountants are an invaluable asset to a small business. When you hire a professional accountant, you also get a fiscal manager who understands the ins and outs of business finance, types of loans, and varying types of accounts that could benefit your business. There are plenty of reputable professionals who are bonded and have many years of experience.
Prior to selecting an accountant, ask for references and investigate their work history to ensure that you get a professional who can meet your needs. Inquire into the accounting services of other local businesses to find out who has a good reputation for being reliable and trustworthy.
Improve your life and create lasting change by working with The Shift Life Coach. Learn how to get started today!