When running a business keeping track of all of your finances and information can be extremely overwhelming when you’re trying to run all the other aspects of your business as well. Bringing in an accountant to join your team can give you the time to focus on other things and let them handle the finances.
What does an accountant do?
Accountants are responsible for keeping and interpreting your financial records. They help you understand the taxes and laws involved with your business. They can help you at all stages of your business, whether you’re just starting up or you’ve been in business a while, having an accountant on your side can be a huge help.
Starting a Business
Accountants can help you when you are first starting your business. They can help you decide which business type is right for you. Choosing between a sole proprietorship, partnership, corporation, S corporation, or an LLC can be confusing and overwhelming, especially if you are worried about all the other things associated with starting a business. They know all the specifics and information on each type so they can direct you to the best choice for your business.
Planning Ahead
Having an accountant on hand can help you plan for your future as well. They can develop a strategy to best manage your finances and budgeting. Predicting cash flows and planning for taxes are also helpful things an accountant can help you with. They keep all your information and numbers organized for you when you are audited or when tax season comes around so you don’t have to stress.
All Your Reports in One Place
Accountants can provide you with reports about your business so you know exactly where your business is at. Having these reports in one place makes finding the information you need easier and much less stressful. They are able to give you an in-depth look at your finances with ease. Looking at your cash flow statements or profit and loss reports becomes simple when you have an accountant keeping track of it all.
Helping You Grow
An accountant can help you decide what next steps to take in your business. Whether it’s buying/selling equipment or property or figuring out if you can hire more employees, an accountant can help direct you to your goals while keeping you within budget. They can help you figure out which costs to cut to save you unnecessary spending.
Filling Your Taxes
When starting a small business you may not know what taxes you qualify for and that could lead to issues with the government. An accountant can tell you which forms you need to fill out, which deductions you qualify for, and how to stay on the government’s good side. They will keep you up to date on any new tax laws or changes that will affect your business.
Conclusion
Hiring an accountant can help you breathe easier. By taking over your finances, accountants help you stay organized and make sure you are doing what you need to do.
DFS works with small businesses like you to help you get where you want to be. We can help you get started or get your business in order. No matter where you are in your business journey, we want to help, so reach out and let us how we can help.