Or are you already knee-deep in receipts and accounts receivable—drowning in bills, wage stubs and tax worries ?
Or even better, are you good starting your belittled occupation and want to get your books right from the start ?
In all of these scenarios, there ’ s no better time than veracious now to hire an accountant.
What Is an Accountant?
Before you get started, you probably have some questions about what an accountant is and what they can offer .
An accountant is a professional who handles the bookkeeping and prepares fiscal documents like profit-and-loss statements, balance wheel sheets and more. They perform audits of your books, fix reports for tax purposes, and handle all the fiscal information that ’ s part of running your business. In other words, they are the finance swot you need !
What Does An Accountant Do?
so what does that mean for you and your commercial enterprise ? How can an accountant ’ second way with numbers and super-human account skills make your life sentence easier ? here are good a few examples of how using an accountant can help your business originate :
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An accountant can advise on business structure. Is your modest clientele set up as a sole proprietorship or an LLC ? What’s the difference and what are the benefits of one over the other? An accountant can point your ship in the right steering and evening handle the paperwork to get you there .
An accountant can issue invoices. Your clientele has to make money somehow, so you need to be sure you ’ ra charging—and collecting from—your customers in a seasonably and master manner. An accountant can create and send bills to your customers so you can get paid .
An accountant can record sales. For your commercial enterprise to succeed, you need to know what you ’ re actually selling, how much you ’ ra sell and at what profit. An accountant can keep track of your small business ’ randomness sales and run reports. That direction you know what your biggest sellers are, which products to phase out, and how much inventory you need for future calendar month. An accountant besides answers a tons of other questions that will help your business grow .
An accountant can manage and pay invoices from suppliers. The bigger your commercial enterprise becomes, the more stuff you ’ ll need to make it run. Your accountant will pay your suppliers ( and keep track of those expenses ) so you know how profitable your business truly is .
An accountant can manage payroll. How many hours did your adjunct oeuvre in June and how a lot was she paid ? Your accountant can track and calculate her give, plus tell you how much you need to withhold for quarterly payroll taxes. An accountant can track accounts receivable. You know invoices have been sent to all of your clients, but have any of them been paid ? Your accountant can track who has paid ( and who hasn ’ metric ton ) so you know how much cash you have on hand—and if you need to send out late notices .
An accountant can keep you up to date with tax laws and changes. Taxes are crafty and with the 2018 Tax Bill, they may get even trickier for small businesses. An accountant can help keep you in complaisance with tax laws by calculating payroll taxes for your employees or keeping up with sales tax changes for each of your products.
Create weekly, monthly and/or annual reports on the financial well-being of your business. How healthy is your clientele ? How much cash should you keep on hand ? An accountant will create all the reports you need to make the right fiscal decisions for your commercial enterprise .
When Should You Hire an Accountant?
It ’ second fresh to have expert advice from an accountant throughout the life of your small business, whether you ’ re good in the planning stages, or you ’ re sol far in you already have employees. But advice from a professional can only be helpful if you ’ rhenium bequeath to take it .
Small-business owners wear lots of hats and can struggle with delegating some of their control to others. We understand that this occupation is your baby ! You made it from scratch. Or possibly you ’ ve had a badly know with person keeping your books in the by and don ’ t want to go through that again. These are all reasons you need a trusted, experienced, qualified professional .
What Are the Types of Accountants?
accountant responsibilities come in all shapes and sizes, but there are three distinctions you should keep in mind :
Bookkeeper. Bookkeepers are not all accountants, but accountants can be bookkeepers. Bookkeepers handle a range of activities for your business, from bill payments to weekly reports. While bookkeepers are skilled at handling enough of fiscal responsibilities, they ’ rhenium not required to hold licenses that allow them to represent you to the IRS or prepare your taxes .
Certified Public Accountant (CPA). CPAs are certified through the state through specific examinations and license requirements. They ’ re allowed to prepare and sign tax returns for individuals and businesses and can represent taxpayers before the IRS for audits .
Enrolled Agent. Enrolled agents must pass a comprehensive examination examination that covers individual and business tax laws. They ’ ra allowed to prepare your tax returns, but not sign them. They must besides meet continuing education requirements to maintain their licenses, and they can represent you before the IRS if you ’ re audited .
Small Business Accountant Versus Accounting Software
You can find anything on the internet. In fact, that ’ s credibly a adult contribution of your own business. So, of path, you can find batch of on-line or software solutions for your account and bookkeeping challenges. But if you use software on your own to manage your books, you don ’ t have an experience fit of eyes reviewing your employment. This leaves a batch of room for user erroneousness and increases your gamble of making dearly-won mistakes. What if you input an bill wrong ? What if you didn ’ thyroxine know a tax law changed ?
Without a hope pro taking a look at your work, there ’ s a adult find your error will go unnoticed—and you ’ ll end up paying the price .
You don ’ thyroxine evening have to hire a full-time bookkeeper or accountant to keep your finances organized and accurate. Outsource specific fiscal tasks to a professional who is experienced in handling business accounts.
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Get the Accounting Help You Need
All this seems like a lot of work. .. and it is ! Small-business owners can spend more than 120 hours a year keeping up their books and taxes. ( 1 ) That ’ s a lot of meter that could be better spent on your business, developing new ideas and doing what you love .
The step to bring on an accountant international relations and security network ’ thymine fair about the value of your time. It ’ second besides about whether or not you can handle your business finances vitamin a well as a professional would .
Let us put you in touch with one of our trusted endorse local Providers ( ELPs ). Find a top-notch accounting pro near you today !