Whether you do your own business bookkeeping or have a bookkeeper on staff, there will come a time when you need to hire an accountant. Your business finances are essential, and you don't want to let them get out of control.
Here are some reasons to get a professional accountant or accounting service working for you:
Your business may be moving along very nicely. You can pay all the bills and salaries, and life is good. Then all of a sudden you are faced with a cash shortage and can't figure out exactly what happened. It's time to call in an accountant.
Analyzing cash flow isn't always as clear as one would think. Your accountant will delve into your finances and be able to tell you what has been going on. They will also be able to sit with you and help work through the problems in hopes of getting your situation back on track.
Your business budget is an important tool. An accountant can help you prepare a budget and then keep track of actual finances to see how they compare to the budget. A report called Budget vs. Actual will be provided. This will help you know where you need to tighten up and where you can afford to spend more money.
Payroll can be a daunting task. An accountant or accounting service will do as much or as little of your payroll that you want. They can do the complete processing or just handle the payroll taxes.
If you are considering a business loan, an accountant can help you fill out your applications. They will be able to ensure that you fill out your financial information correctly and to your best advantage.
Of course, you want your business to prosper and grow. Growing pains will keep you busy for sure. As you grow, you don't want your finances to spiral out of control. It may be a good idea to have an accountant step in and help you make it through the busy time of growth.
Your accountant will prepare and file your tax returns when they are due. Whether your business files quarterly or annually, they will make sure it is done on time.
In addition to preparing your returns, your accountant can help you plan for upcoming tax payment obligations. They will have estimated amounts on your budget and will advise you of any changes they foresee as your business grows.
Some of these things tend to be a bit much for many small business owners. If you are feeling overwhelmed, don't forget to reach out to an accountant for assistance.
For small business accounting, contact a company such as Teri J Henderson, CPA, P.A.