Being the owner of a startup or small business is no easy task—in between managing operations and keeping finances in check, you also have to deal with taxes. This is where a trusted accountant comes in handy. They will take on the extra administrative workload so you can focus on growing your business. Below are a few compelling reasons to hire one.
Why Work With an Accountant?
Some small business owners pass on getting an accountant to save on costs, only to regret their decision after a costly oversight. Since these professionals are well-versed with business and tax laws, they can effectively help you navigate through the tricky landscape of tax filings, as well as handle your company’s payroll—doing the sometimes complicated work of calculating overtime, paid time off, and dealing with other scheduling complexities.
Furthermore, working with a CPA lets you have a clearer idea of your company’s financial standing. With monthly and quarterly reports on hand, you can see whether your business is earning, strapped for cash, or heavily indebted at a particular point in time. They can calculate return on investment for certain products or services and determine asset-to-equity, so you can make well-informed decisions.
Even if you have an accounting background and a good understanding of finance, there are still circumstances where you can benefit from outside expertise—a person whose job it is to continuously update their own knowledge of current laws and practices. For example, if your business is audited, they can act as a go-between, providing the necessary paperwork to back-up your claims and ensure compliance.
In the future, you might also need to apply for a business loan. Most lenders will require financial statements, and in some cases, projections as well. These documents will be their basis for whether to fund your company or not.
As a small business owner, working with an accountant can be crucial to your operations. When looking to hire a CPA, count on Young Hoy & Burnett CPA of Texarkana, TX. Their licensed professionals have provided exceptional services—from business consulting to tax return preparation—throughout the Four States region. Call (903) 794-2211 for an initial consultation or visit their website to learn more about their offerings.