Going into business for yourself brings a lot of rewards, but managing the books and handling the finances isn’t usually one of them. If you’re trying to save money, you might try handling the accounting yourself, but it’s a complex process that takes time you could spend on other aspects of your business. Below are a few ways every startup and small company can benefit from hiring an experienced accountant.

3 Reasons Small Businesses Need an Accountant

1. Help Getting Your Company Off the Ground

Choosing a corporate form and registering your new company is the first step to starting a successful business. An accountant will explain the pros and cons of operating as a sole proprietorship, LLC, or incorporation, and they will help you choose the option best suited to your situation. Most importantly, they’ll establish accounting procedures that comply with government regulations, preventing serious and expensive problems down the line.

2. Managing the Day-to-Day Finances

An accountant will take a lot of stress off your hands by handling some important tasks, such as processing payroll, estimating tax calculation, and sending out wage and earning statements. At the end of the year, they will also close out your books and create financial statements, giving you detailed insight into the health of your company.

3. Identifying Growth Opportunities

When your business is doing well, an accountant can also help you decide where to reinvest the returns on your investments. They might offer advice on leasing or acquiring new equipment, find ways to maximize efficiency and cut costs, and prepare your annual budgets.

Thanks to their wide range of financial services and reputation for individualized service, businesses throughout Corbin and London, KY, rely on Cloyd & Associates PSC for effective guidance and expertise. Whether you’ve been in business for years or are just getting your company off the ground, their accountants will handle the details so you can focus on what you do best. Visit their website for a look at their services, or call (606) 864-8110 to speak with an accountant and make an appointment at their offices in London. To contact their Corbin location, give them a call at (606) 528-8776.