If you are in the process of starting a small business with limited funds, the chances are that you have spent a great deal of time trying to decide how you can cut your expenses and stretch your seed capital. It is imperative to point out that many small business owners face the same challenge.
Do you have any experience in accounting? If so, this is one skill that can help you save a tremendous amount of money. A solid understanding of business finances can help you avoid adding an extra cost to your new business.
However, you should think twice if you do not have a reasonable amount of experience in managing the books of business. Learning on the fly can hurt your business now and in the long run.
In this article, we are going to cover the twenty-one special services accountants offer to small business owners. It is imperative for you to read the following list carefully. Having a full understanding of the items in the list will help you discover the value of having an experienced accountant in your corner.
During the Start-Up Process
There are many important things you need to do when you start a new business. Let’s look at how an experienced accountant can help:
2. Offer help with the financial analysis in your business plan.
3. Recommend accounting software.
4. Help you open a commercial account at a reputable bank.
5. Make certain your accounting procedures are in compliance with government regulations and requirements.
6. Offer sound advice on how to check daily business expenses.
7. Explain why it is vital for you to keep personal and business expenses separate.
During Your Regular Business Operations
After getting your business off to a good start, it is important for you to sustain the accounting system created by your accountant. Here are some steps your accountant may take to help you throughout the year:
8. Make certain that your independent contractors meet the guidelines set forth by the IRS.
9. Help you master your financial statements.
10. Take care of company payroll and payment processes.
11. Help you make the right decisions when it comes to estimated tax payments.
12. Handle your W2 and 1099 forms.
13. Take care of your books (close them out) and create accurate financial reports at the end of each year.
14. Submit your annual financial reports, taxes, and required paperwork to the Internal Revenue Service.
During the Growing Stage
Your accountant Coquitlam will play a big role in helping you expand your business. Here are some things you can expect from your accountant when you are ready to grow your business:
15. Provide guidance on property leasing, equipment leasing, and purchase.
16. Help you pinpoint areas for growth by analyzing inventory management, cash flow patterns, pricing and business financing.
17. Help you avoid getting audited by the Internal Revenue Service.
18. Help you get through an audit (if necessary). Ribeyre Chang Haylock says this is the most vital part of having an accountant.
19. Develop financial forecasts that will put you in a position to make wise decisions for your business.
20. Help you create a solid business budget that will expand your business.
21. Offer critical insight and invaluable resources that will help you sell your business at a fair price.
Starting a small business can be a big challenge for anyone. This is the primary reason why you should consider hiring an accountant. An experienced accountant offers the twenty-one valuable services listed above.
There are thousands of accountants around the country. You should do your due diligence before hiring one for your small business operation. Hiring the right accountant can help you become a successful small business owner.