It’s important for any business to have a comprehensive financial analysis, forecast, and targeted projections completed early in preparation for tax filing purposes. Working ahead and being prepared will allow you to save time and possibly money on your next year’s taxes. For businesses in the greater New York City area, call on B & B Money Management to get started on a financial analysis now so you’re ready come April.
Here are just some of the benefits of doing a financial analysis now:
- Makes Bookkeeping & Tax Filing Easier: Carefully monitoring your business's financial health can make the difference between success and failure, especially when it comes to reducing your tax burden. A financial analysis will ensure you stay on track.
- Reduces Overspending: Knowing exactly how much money you actually have on hand will allow you to make important business decisions. A financial analysis shows where you need to expand and cut back based on your fiscal health.
- Helps When Applying For Credit Or Business Loans: Lenders will almost always ask to see your balance sheet, and they'll definitely run your credit report. Be ready with an up-to-date financial analysis so you can get the most out of your business loan.
- Calculates Quarterly Federal & State Tax Obligations: By doing a financial analysis, you’ll have an accurate idea of what taxes you will owe next year. You'll feel secure knowing that your bookkeeping is in order for prompt tax filing, and your employees will appreciate accurate paperwork and payroll.
- Determines Budgets & Ratio Analysis: Running an analysis on your finances will help businesses identify operating trends and provide support for potential acquisitions or mergers. Looking toward the future is important when you’re ready to grow.
These strategies will maximize cash flow, minimize tax liabilities, and keep your business on the right track to attain its financial goals. To get started, call B & B Money Management in New York at (646) 847-9587 or visit their website for more information.