Many small business owners assume they don’t need to hire an accountant, especially in the early stages. However, as your business grows and you begin to hire more employees, managing your finances becomes increasingly complex and time-consuming. Here are some of the ways an accounting team can help small businesses thrive.

4 Ways an Accountant Can Help Your Small Business

1. Calculating Payroll

As your business grows, calculating wages and preparing paychecks only becomes more difficult and labor-intensive. An accounting team can take this responsibility off of your shoulders, ensuring each worker is paid on time and helping you avoid common mistakes that can result in fines and penalties from the IRS and state agencies.

2. Planning for the Future

Whether you plan to expand your business or invest in new equipment, successfully achieving your goal depends on a thorough understanding of tax law and your own financial position. Many accountants provide personalized consulting services, giving you the insight to maximize tax advantages and resolve issues before they arise.

3. Tax Preparation

The tax code is constantly changing, making it easy to miss valuable deductions or commit minor errors that could have expensive consequences. With their in-depth understanding of the code, your accountant will streamline your tax return preparation, minimizing your liability and leaving you more resources to invest back into your business.

4. Account Reconciliation

Comparing your record books to your bank statements on a monthly basis will help eliminate fraud and reduce waste. Having an accountant handle this lengthy process provides peace of mind, allowing you to focus on growing your business.

No matter the size of your business, Burch & Associates has the expertise to handle the financial details, while you concentrate on more profitable projects. Their accountants have experience with cutting-edge software solutions, allowing them to offer fully customized services to businesses throughout Lincoln, NE. Visit their website to learn more about their services, follow their Twitter page for more updates and news, or call (402) 483-4791 to schedule an appointment.