Wednesday, March 24, 2010
Why Should You Hire A Small Business Accountant?
When I am retained by a small business, one of the first questions I have is "do you have an accountant that you work with?" Not that does your taxes, but works with you and your business on a regular basis. Most of us just have that person that does our taxes. As a small business owner you need an accountant just as much as you need a lawyer.
A small business accountant can help you figure out the best way to use your assets for the most beneficial financial advantage. The financial health of your small business is best left to a professional who can help guide the process and offer valuable counsel on what information is key for any business to be aware of. While small business owners are often usually experts in their own field or industry, rarely are they either accounting, tax or legal experts. An accountant can provide information that will shed valuable light on how to save and manage money for the best chance of success for your small business. Below are some reasons to hire s small business accountant.
Reason #1 - Business Assets
An accountant will become familiar with and handle the business assets, including the total ledger balance and its detailed credits, debits, profits and losses. Accountants are in a position to provide advice on how to keep monetary resources up or better them, since they have the specific insight into the financial position of your small business.
Reason #2 - Tax Assessments
Accountants are up to date on and have the appropriate tax law knowledge for small businesses. They can also help to verify compliance for you which will ward off taxation troubles. Accountants also know about various taxation breaks as they occur so that you can get the best value claim reward available.
Reason #3 - Technical Financial Systems
Many accountants are extremely skillful and updated on how to apply the latest technical aspects for accounting, such as with software that enables quick statements and reports, as well as access to financial information. This can also help a business owner in other areas of their business, with access to some of the most organized accounting systems.
Reason #4 - Business Planning
An accounting firm can act as advisor and perform business reviews to provide information that will be important for key financial reports that your company will rely upon to make other important business decisions.
Accountants can assist with appraising the viability of future projects with gain and loss forecasts. The expertise of a professional accountant can be instrumental in preparing business proposals and plans that will grow your company.
Accountants often have experience in similar business organizations to yours, which will provide worthwhile business experience advice for your company. An example is that the accountant could provide useful suggestions from evaluation calculations and by setting income targets grounded upon your particular fiscal situation and business organization targets.
Reason #5 - Networking and Referrals
Because of the respect that they receive in the business community, accountants can also provide valuable networking contacts that can help to easily grow your business organically.
Professional accountants have similar customers that can be utilized as relevant contacts that may be referred to other clients. This also helps with networking for selling, buying and with potential business partnerships as well as other ventures.
Those are just a few of the many benefits you can receive from engaging the expertise of an accountant for your small business. Accountants don't just crunch numbers; they can provide worthwhile and essential tax and business advice that is vital to your company and its future success.
If you need help finding a good small business accountant feel free to contact me at Out-House General Counsel or (951) 737-4040 ext. 2. I will help match you up with a good one.