The Benefits Of A Professional Accountant For Your Small Business
Posted by: Brookside Admin
When you're just starting out as a small business owner, you typically look for any opportunity to save on costs and increase your bottom line. While there are certainly some areas where you can handle responsibilities yourself and save money, trying to handle your own company's books usually isn't advisable. Instead, hiring a tax professional, like the CPAs at Brown Kinion and Company, offers a number of benefits, as noted in an article at WAHM.com. Here are a few reasons why you're better off hiring a professional accountant for your small business's finances.
- Increase resources
An accountant will be familiar with all of the intimate details of your business's ledger and assets. That knowledge paired with their expertise allows them to see opportunities where you can improve your financial position. They'll see each profit and payment, which is knowledge they can use to ensure your monetary resources are kept stable, or improved.
- Tax assessment
Tax laws change yearly and a CPA will understand these changes and how they affect your business. That means you'll be able to be compliant on changing laws and make the best of them throughout the year so that you minimize your tax bill. A tax professional will also be able to spot potential deductions since they'll already be familiar with your books. In many cases, having a professional accountant almost pays for itself when it comes to the amount you save on taxes and the penalties you avoid.
- Business planning
As your business grows, the input of an accountant who knows your business inside and out is priceless. They'll be able to assess and consult on impending decisions, appraise plans and projects, and help you make a detailed plan for benchmarks you need to hit in order for a growth plan to be successful. Most accountants have experience with other businesses and that knowledge can help you avoid critial mistakes.
- Financial software
You have two options when it comes to managing your own business's accounts. First, you can take the time to learn a software program like Quickbooks and manage it every day. That's an option that many of our clients at Brown Kinion and Company choose and we provide a Quickbooks expert to help them each step of the way. The second option, however, may be more attractive to those that don't feel they have time to learn such an intricate program. Instead, you can enlist the help of a professional accountant, who will already be comfortable with financial systems. They'll be able to quickly generate reports and access features you may not know even existed.
Hiring an accountant is the right move for most small businesses. In the Tulsa, Bixby and Broken Arrow areas, give us a call at Brown Kinion and Company for a variety of small business services.