When starting a small business, you will have a lot of different choices to make. Most small business owners take on many roles themselves, from manager to accountant to marketer. This is especially true if you starting the business entirely by yourself and without the help of a franchise. It is important to get the help you need when it comes to your finances. Entrepreneur.com recommends that you should find a certified public accountant to help you get your finances in order. Here are four things your accountant can handle for you.
Setting Up Your Accounting Software
Even if you do not want to use an accountant for most of your financial needs, it can be helpful to have someone set up your accounting method on your computer for you and explain how to use the software that you choose. This can help you set up your system for billing, invoicing and paying your suppliers. An accountant can also handle many of these duties if you want to focus more on growing your business and keeping your customers happy.
Figuring Out Payroll
Whether you have just one employee or you are managing twenty, payroll can be a complicated process that takes hours to complete each month. In addition, you need to be sure that you are paying your payroll taxes on time and in the right amounts or you could be fined. An accountant can help you with payroll and make the entire process much easier.
An accountant can help you forecast your growth and help you figure out how much you need to have saved in order to expand or open a new branch. A good accountant can look at your past expenses and help you project your expenses for the next year or two. This can be helpful if you want to apply for a loan, since you often need these figures to qualify. If you are just starting your business, it can help to have someone that is used to projecting these numbers based on the area and business type.
Figuring Out Your Taxes
An accountant can help you with your business taxes and help you determine the best way to save money on your taxes overall. This may mean setting up a corporation or working in a limited partnership. You can talk to your accountant to get advice on the best way to reduce the taxes that you pay for both your business and personal income.
For more information, contact a company like Carmines Robbins & Company PLC.