As a small business owner, you’re probably accustomed to taking care of all aspects of your business. But unless you have the time, skills and resources necessary to manage all aspects of your business financial concerns, you should hire an accountant for your small business as soon as you can afford to. Here’s why.
Accountants Help Protect You From Tax Errors
Personal tax returns are complicated themselves, but business tax returns can be downright incomprehensible. There are lots more things to understand about business tax filings, such as what qualifies as a deduction and what doesn’t, how to calculate business use area of your home office, etc. Having an accountant prepare your small business tax return can help you to avoid tax return errors and can also help you to maximize your fair share of deductions. Though an accountant is not legally culpable for tax errors, you’re in much better hands when you choose to have a trained and certified accountant prepare your small business tax return.
Accountants Can Help You Make Expansion Decisions
As your small business profits grow, you might get ideas about expanding. You may even be thinking about opening up a second location,or even setting up a franchise. Expanding too soon or expanding too big in a short period of time can quickly cause your business to fail. An accountant will be able to work with you to objectively look at your projections so you can better make a reasonable decision about expanding.
Accountants Take The Financial Burden Off You
If you’re really going to grow your small business, eventually you’re going to need to delegate some of the tasks. When you have an accountant on your team, you won’t have to worry about many of the monthly tax responsibilities that go along with owning a small business. Your payroll taxes can be taken care of, your 941s can be filed, and your annual state reports and 940s can all be handled by a certified accountant. Not only is this a timesaver, but it prevents you from incurring penalties if you ever forgot to file.
Skimping on hiring an accountant would be a poor small business move. The first person you should hire after yourself, is an accountant. They will more than earn their worth. Don’t feel shy about contacting an accountant while your business is very small. Accountants understand that your small business today may be a giant corporation in a few years. For more information, speak with professionals like Myron E Triska Chartered Accountant.