You were smart enough to start your own business, and you handle all the intricacies that involves. So, you may be thinking you can also handle your own accounting and bookkeeping. Even if you can, there are good reasons to consider hiring a professional to manage your finances. Let’s look at some of the reasons why you need an accountant for your business.
Why Hire an Accountant
If you ask an accountant whether you need a business accountant, of course they will say yes. But if you ask most small business owners, you’re likely to get the same answer.
Setting Up Your Business
At the beginning of setting up your business, an accountant can help you with a lot of the structural or organizational details. From writing a business plan to determining the structure that will work best for your business, there are many decisions to be made that will affect how you handle your finances and pay taxes. Will your business be a sole proprietorship? An LLC? So, you need to incorporate? An accountant can help you consider the pros and cons of each option.
Determining Your Business Structure
Are you completely sure which permits and business licenses you need to obtain? How about the requirement for hiring and paying employees? Do you know what payroll and bookkeeping software you should use? What bank accounts to open – or even if you are required to have accounts separate from your personal accounts? These are issues that a business accountant who also serves as a small business consultant can help you with. They can help you set up systems for bookkeeping and record keeping that will make managing your business easier in the long run.
Filing Taxes for Your Business
From self-employment taxes to payroll taxes to sales taxes to quarterly reporting of taxes, there is a lot to know about business taxes. This is not an area where you want to wing it, especially if you do business in multiple states. Avoid audits and costly penalties by working with an accounting who is experience in filing business taxes.
Don’t Wait Until Tax Time or the End of the Year
CPA Services of Florida can help make sure you are managing your finances correctly, paying required quarterly tax payments and are preparing for tax season year-round.
We offer proactive accounting services for small to medium business. We have more than 30 years of experience in accounting and small business consulting, and we are here to help with your business and personal accounting needs. Call us for tax help today at 941-924-1120.
See also:
New Business Accounting: What You Need to Know When You Start a Business