As a business owner the numbers can get you. Taxes, retirement plans, deductions and payroll can quickly become your nemesis. An unorganized business is a recipe for failure and quite possibly bankruptcy. Focusing your time and energy on business development is essential but can be difficult when maintenance requires so much precise attention. There are only so many hours in a day and prioritizing is essential. Enter the accountant.
Tax time is often dreaded. The fear of error and penalty is a common one among small business owners. It is a common among anybody that pays taxes! Tax laws change from year to year. Wading through pages and pages of unclear information can be overwhelming. An accountant is a sure bet for maximizing deductions and profit.
An audit, especially for a business, is a lengthy and complex process. This is another time when having a seasoned professional on your side can save you thousands of dollars in fees and penalties.
Accounting software is an option many small businesses are turning to. Different packages are widely available and the features are robust. The downsides are the cost of purchasing the software, especially if additional user licenses are needed, as well as the time it takes to properly learn the software. Weighing the cost verses the benefit is crucial.
Factor in not only the purchase price but also the cost of integrating the software within your technology structure. How long will it take you to learn the software? Time invested is spent money, money that could perhaps be better utilized elsewhere. Will you need to hire another employee and supply benefits for the sole job of maintaining the software? Crunching the numbers can easily lead you to the decision of hiring an outside accountant.
The beauty of an accountant is flexibility. Most accountants, especially sole proprietors and smaller firms, will accept contracts for special or one time projects. Many are retained only during tax season. Often times an accountant can custom tailor a plan solely for your business structure.
Any business will experience ebb and flow. Having a dedicated “money man” can eliminate the burden and really help a business grow. Even better, the expense of an accountant for business purpose is tax deductible.
Utilizing an accountant truly is an investment in your company’s future. The experience an accountant possesses, not only in financial matters but also in general business planning, is an invaluable tool. Choosing the right accountant will require research but the end result will be well worth the time and effort.
When you hire an accountant you are also purchasing a piece of mind. Small business owners have many irons in the fire. Sometimes the best decision is to pass the work along to somebody with your best interests in mind.