While individuals with a single source of income and no deductions may be able to handle their own finances, those with more complex assets, such as business owners and investors, benefit from working with a skilled accountant. Not only can these professionals provide tax preparation and financial advice, but they can also help you save money and craft an effective long-term strategy. Below are just a few reasons to hire an accountant to manage your finances.

Why You Should Work With an Accountant

1. Keeps Up With Changing Tax Codes

Federal, state, and local tax laws frequently change, with new deductions being introduced while others are phased out. Accountants must attend continuing education programs to ensure their knowledge of the tax code is up to date, so you’ll always receive the most current advice.

2. Identifies Deductions

Thanks to their in-depth understanding of the code, accountants often identify deductions their clients might miss, significantly reducing their tax liability. They can also help you decide when to sell or purchase property for the maximum benefit, potentially reducing your tax exposure even further.

3. Saves Time

Accounting and daily bookkeeping can be time-consuming, occupying the time you would rather spend building your business. Allowing a professional to manage the company’s finances lets you focus on supporting your team and achieving growth.

4. Provides Audit Representation

The more complex your returns are, the more likely they’ll be selected for an audit. While accountants review tax paperwork before filing to minimize inconsistencies and the risk of an IRS review, they can also represent you if the agency has questions.

5. Generates Accurate Financial Reporting

Launching new products, expanding into a new market, or taking out a loan requires an in-depth understanding of your financial health. If you’re planning to make new investments or apply for financing, the accountant can generate reports that show the company’s current state and projections.

As one of the leading business accountants in Crossett, AR, Clark W. Terrell CPA has the expertise to give entrepreneurs and investors alike the financial advice they need. Visit their website to learn more about their array of services, and call (870) 364-5006 to schedule a consultation. Like the firm on Facebook for additional tips and updates.