Small business owners often look for ways to cut costs, especially in the startup phase of their business. However, DIY accounting could be more costly than hiring an accounting firm if for no other reason than missing valuable tax deductions. The benefits accountants offer small businesses go well beyond that, though.
Accounting for Startups
Starting a business is exciting. The dreaming, the visioneering, the possibilities, the newness of it all… It’s intoxicating. Then comes the time to crunch numbers. It can make you want to feel intoxicated in a completely different way. Accountants serve as good advisors and could be helpful in the following ways.
Business startup accountants can analyze the financial portion of your business plan.
Let a professional look over your numbers. Chances are that you didn’t want to start a business so you could do bookkeeping. Do what excites you and let a small business accountant do what excites them.
A small business CPA can help you determine the best business structure to use during your company formation.
Don’t just guess or trust Google to decide whether to incorporate as an LLC or an S-Corp. Get input from someone who understands and can explain the difference. That’s a decision you can’t easily change in the future.
Local business accountants can guide your startup through the loan application process.
Accountants speak financial language (the language of bankers) better than you do (most likely). Let us help.
A good accountant will help you choose accounting software for your small business.
There are lots of options on the market. We prefer Xero and QuickBooks and are happy to explain which would suit your business better.
A small business accounting company can train you to use accounting software.
Once the software is determined, we’re happy to train you to use it.
Accounting for Established Businesses
Perhaps your business degree gave you enough financial training to get past the startup phase, or maybe you purchased a new small business that doesn’t have an accountant on staff. In either case, CPAs are equally beneficial to established businesses. Here’s what we have to offer.
A certified public accountant will help ensure your small business complies with government regulations or requirements.
Chances are that you don’t know all the ins and outs of business regulations as it pertains to your finances. That’s okay. It’s our job to know, so we’re happy to inform you.
A small business accountant can help you distinguish how to manage employees and contractors from a financial and tax standpoint.
You know you have to pay people, but withholdings and the distribution of tax documents is different for employees versus workers you contract. Let an accountant navigate the murky waters.
Small business accountants will help you understand any financial statements you receive.
It’s about more than the current balance. We can point out nuances and items to watch.
A small business accounting company can manage payroll on your behalf.
Business owners often worry they’ll get something wrong on employee paychecks and that the IRS will come knocking as a result. For your peace of mind and the accuracy of your employees’ payments, let an accountant take care of payroll for you.
Accountants can provide budget guidance.
Income, revenue, expenses, accounts payable, accounts receivable, budgeting, future forecasting… that’s a lot of number crunching. Accountants do that for a living, so they do it well. Spend your time focusing on growing or managing your business, and we’ll crunch the numbers.
A small business CPA will help you estimate the company’s tax payments throughout the year.
Businesses pay taxes on a quarterly basis based on the estimated total for a calendar year. Get the advice of an experienced accountant for the most accurate estimate.
A small business tax accountant can translate the federal tax code and explain any changes that affect your business whenever new legislation is passed.
Need we say more?
A CPA can identify tax deductions that apply to your small business.
One of our favorite things to do at Pine and Co. is to save people money that would otherwise go to the government. We stay up to date on current tax laws, which include business tax deductions.
Certified public accountants routinely assist small businesses with filing taxes.
Let’s be honest. You don’t have time to figure out how to do your business’ taxes. It’s second nature for small business accountants, though.
Good accountants provide financial reports for your small business and walk you through each element.
Determining and evaluating KPIs, discovering areas where you may be leaving money on the table, and forecasting the financial future of your company are services any business owner should welcome. We have an entire service that does just that. Learn more about Success Watch by clicking here.
Business accountants are skilled at identifying cash flow patterns.
This is helpful to learn where you’re losing money or could make more money as well as for budgeting for future growth.
Good accountants help small business owners establish data driven goals.
Data-driven goals are more likely to make you successful than goals based on your gut feelings. Accountants tend to be data hounds. Let us help you measure success well.
A small business tax accountant can help you through an audit, when you most want a professional by your side.
If the IRS does come knocking, having an established relationship with an accountant will make the process a little bit more tolerable. We’re here to help and represent you.
Small business CPAs can provide your company with financial forecasts to aid with future planning.
Beyond the here and now, let us help you plan for the future.
In short, the benefits of hiring a small business accountant far outweigh the costs. Schedule an appointment for a consultation today.