When you own a business, there’s no shortage of duties you’re responsible for taking care of on a daily basis. For example, managing your company’s finances is one of the most important and challenging. Hiring an accountant to help you in this department can bring significant value to your organization. Their expertise can benefit your business far beyond handling payroll and balancing the books. Here are a few ways they can contribute to your company’s growth and success.

What an Accountant Can Do for Your Small Business

1. Select the Right Legal Structure 

If you’re just starting out, choosing a legal structure for your business is one of the first decisions you’ll need to make. This will affect your personal liability and tax obligations; thus, it’s essential to make the right selection. An accountant can help assess your needs and identify which classification is most suitable for your organization. They’ll ensure you go with the structure that provides the best balance between legal protections and tax benefits. 

2. Analyze Financial Records

An accountant will carefully analyze all of your company’s financial records to see exactly how your cash flow is moving. Then, they’ll use the data they’ve obtained to make recommendations on where you can become more efficient with your expenses and investments. Once your cash flow is stable, your organization will be in the perfect position to start engaging in more high-growth opportunities. 

3. Accurate Tax Preparation 

Filing taxes can be a complex process for business owners to navigate on their own. With the help of an accountant, much of the stress will be lifted off your shoulders. They’ll not only make sure your return is prepared in compliance with IRS rules and regulations to minimize your chances of being audited, but they’ll also come up with ways to reduce your tax bill and let you keep more of the money you earn.

If you’re ready to partner with an accountant you can rely on, turn to Tudor Wilson & Associates CPAs, LLC. Offering more than two decades of experience, they’re dedicated to helping your business grow to its full potential. They’ve worked with countless entrepreneurs in Honolulu, HI, providing invaluable advice, support, and guidance on achieving financial goals. Call (808) 592-2000 to schedule an appointment, or visit them online to view their full list of services.