Why Should I Hire a Business Accountant?
Hi all…Jess here! Welcome to our blog. All of us here at The Valley Group will be checking in every weds, to give you tips, tricks and little bits of information on successfully running your business. And full disclosure…probably lots of puppy pics too! So here it goes…our first post!
Tell me if you have been here?? It’s tax time and you sit in front of the computer, with a blank spreadsheet, your bank account info, sales invoices and a shoe box full of receipts! It’s time to start organizing your business finances…but where do you start? How do you decide if that piece of equipment you bought should be expensed or depreciated? What is depreciation? What’s the difference between my gross sales, net sales and net taxable sales?! How do I know what expense account to put that gadget I purchased in? SOOOOO many questions, so little answers!! Sound familiar????
We are all business owners because we are amazing at what we do. The general contractor that can build the prettiest house or the hair salon that gives the best hair cuts. But just because you excel in your chosen field and possess the drive and ambition to be self-employed, does not mean that you automatically know how to run a business. There are 3 main components to running a business, the skill, the financials and the customer service. Lacking one of these major factors usually ends up resulting in a business failing.
While the skill and customer service are what made you open your business, the business accounting portion of being self-employed is what usually gives business owners the biggest head aches. So in steps your trusty amazing business accountant!
So why should you invest in an accountant for your business? Here are a few really good reasons why:
1. We go through years of training, rack up a ton of college debt and spend countless hours working in corporations and private firms, dealing with money, financials and analysis all day long!
2. Accountants know how to take your financial dreams and put them on paper. We create budgets that help you achieve your goals, monitor these budgets and let you know if you are accurately sticking to them.
3. We are tax experts. We know how to read regulations and interpret them for you and your business. We can do this on a state and federal level.
4. Accountants alleviate the headache of trying to figure out how to maintain your books, allowing you to put your time where it really makes you money, directly into your business.
5. Confidence that your sales/use tax, quarterly estimated taxes and yearly taxes are being filed correctly will give you piece of mind.
6. We can provide you with financial operating reports that will give you peace of mind in your business and your bank account.
7. We know how to handle delicate account payable and receivables, ensuring bills get paid and money is coming in consistently.
8. When it comes to tax season, filing becomes a breeze. Your personal business accountant will print out the necessary reports and either prepare or work with a tax expert to prepare your tax return. All you have to do is review and sign it!
9. Accuracy is key to us. Your accountant will make sure that all of your money is accounted for correctly, they will reconcile your books consistently and ensure that you are not missing any income or expenses if an audit should ever happen.
10. Because if a pipe burst in your wall at home, you would hire a plumber to come fix it instead of doing it yourself, right? Then why wouldn’t you use the same frame of mind when it comes to your business?