Small business owners play a lot of roles in the office. Accounting services and other departments are vital additions as the company grows. Bookkeeping, payroll, and other financial services are the best place to begin. Below are a few benefits of working with a third-party accountant.

How Can an Accountant Help Your Small Business?

1. Tax Service

Tax time can be stressful for small businesses, and there’s no room for error. Professional accounting services are up to date on the latest IRS regulations and tax laws. They know specifics, like the Form 1040, that small businesses need. A CPA also helps you itemize deductions like company vehicles and travel expenses to lower your bill.

More importantly, they’ll ensure you file correctly and avoid an audit. If you are audited, you’ll have an expert to help you handle the process.

2. Payroll Management 

A lot of details go into each employee’s paycheck. A CPA ensures the right state and federal taxes are withheld, money is directed toward an IRA or 401(k), and employees receive the correct amount. Mistakes can complicate taxes for everyone and lead to fines, so this service is invaluable throughout the year. It’s also one less thing you have to worry about.

3. Financial Coaching

Understanding your company’s finances is crucial. Accounting services will track and explain what you’re spending money on, where profits are coming from, and ways you can save. They’ll build a plan to pay off small business loans, credit card debt, and help you budget so you best manage your funds in the future. It’s an essential part of recovering from losses and preparing to grow.

These professionals are especially helpful if you’re starting out. It’s easy for new business owners to make mistakes or accrue a lot of debt. A CPA will guide you through money options and establish a system to position you for profits. You'll also have time to focus on bringing in new clients and day-to-day operations once they adopt the workload.

Small businesses in Gig Harbor, WA, turn to Linda M. Shiraiwa, CPA PS Inc. for their financial needs. This CPA offers comprehensive accounting services, including tax help, bookkeeping, and payroll services. Linda will create a long-term custom plan for your needs, so call (253) 858-6030 to schedule a consultation. You can learn more about this CPA on her website.