Even with the best concept and a detailed understanding of your market, the success of your business depends on your financial management abilities. In addition to tracking expenses and maintaining the books, you also need to file tax forms and prepare payroll. These tasks can become time-consuming. Hiring an accountant can alleviate stress, while ensuring the health of your company’s finances.

3 Reasons to Hire an Accountant for Your Business

1. Manage Cash Flow

Knowing where your money is going allows you to focus your resources, eliminate waste, and prepare for unexpected challenges. For instance, you may be losing money on a certain product or service, although the company as a whole is turning a profit. Accountants provide a detailed insight into your finances, which you can use to make decisions and plan your annual budget.

2. Handle Audits

An audit by the IRS or a state revenue agency can be extremely stressful, even if they’re just looking for additional documentation. Your accountant can guide you through the audit, and may even represent you with the IRS. Their expertise can help you avoid additional penalties and taxes.

3. Prepare Tax Documents

Depending on your industry, you may have to file taxes on an annual, quarterly, or monthly basis. Accountants maintain an in-depth understanding of the tax code and have the expertise to prepare your documents correctly. They can also create a long-term tax strategy designed to maximize your deductions and minimize your exposure.

For over 40 years, businesses throughout Virginia’s Shenandoah Valley have relied on Arehart Associates, Ltd. for a comprehensive range of financial services. No matter what industry you’re in, they have the expertise and tools to handle your bookkeeping, tax preparation, and payroll. Visit their website for an overview of their services and call (540) 949-0124 to schedule an appointment with an accountant.