If you run a new small business, you might feel like you’ve had to become an expert on entrepreneurship, marketing, sales, and financial management all at once. But trying to oversee all these areas of your business by yourself can be overwhelming and lead to avoidable mistakes. Here I will detail 5 ways accountants can help small business owners.
Outsourcing some of these responsibilities can fast-track your success. Instead of handling your company’s finances on your own, you can hire an accountant for assistance. An accountant can help you with everything from filing your taxes to keeping your personal and business finances separate.
Managing payroll can get tricky, especially as a small business owner with an endless to-do list. But this is one task that you can’t neglect — after all, your employees need to be paid on time. Your accountant can help you set up a same-day direct deposit service to make sure that your employees always get their paychecks on time.
This will eliminate issues like missed or late paychecks, as well as the inconvenience of re-issuing misplaced or erroneous physical checks. To establish a payroll direct deposit for small business, you’ll need to enter your employees’ hours and input your payment schedule. Your employees will get their checks on the same day — it’s as simple and flexible as that!
Making sure your employees get paid should be a main priority. Managing payroll is among the top 5 ways accountants can help small business owners.
Support During Tax Season
No matter how organized you are, tax season is stressful for every small business owner. Filing your taxes as an entrepreneur can be quite complicated, and if you’re not careful, it’s all too easy to make a mistake in the process. This is where your accountant comes in. As long as you compile all of the necessary invoices, expense reports, and other paperwork for your business, your accountant can handle practically every other aspect of the tax filing process.
In order to keep your home office tidy and prepare for tax season, How to Get Organized at Home recommends setting up a color-coded filing system. When tax season rolls around, you can schedule a meeting with your accountant, pack up the relevant documents, and simply hand them over.
Small business owners always seem to be pressed for time. There’s no escaping the fact that running your own business often means working long hours. Again, many entrepreneurs could also save themselves time by outsourcing certain tasks.
However, as a small business owner, you probably prefer to be the one in control, so delegating tasks to others rather than doing them yourself can be nerve-wracking! If that’s the case, make time to learn the steps to effective delegation for small business owners.
Rest assured that you can trust an experienced accountant with your business’s financials. Once you hand these responsibilities over to your accountant, you’ll have more time to spend working on the projects that you love.
Successful entrepreneurs think ahead. As you take care of the day-to-day responsibilities involved with running your business, you’re also considering what’s coming next. For many business owners, balancing current projects and initiatives while planning for the future is a tall order.
An accountant can guide you through financial forecasting for your business. They can help you determine what you need to do to scale your business, rather than simply grow. When you need to adjust your business budget, Creative Business Inc. recommends evaluating threats to your business as well as opportunities for expansion, and an accountant can support you as you navigate this process.
And most importantly, a savvy accountant can warn you if your business might be in crisis mode. Basically, if you want to outline your vision for your business’s future and develop a roadmap that will allow you to get there in a sustainable way, you need the services of an accountant.
Getting audited is a concern for every small business owner. Even if you know that you haven’t done anything wrong and that the situation is probably the result of a minor mistake or miscommunication, it can still be anxiety-inducing. Want to decrease your chances of being audited? Hire an accountant! And if you do end up being audited, your accountant will help you get through the process without taking a hit to your business.
5 Ways Accountants Can Help Small Business Owners – Summary
As a small business owner, you have enough on your plate, and working with an accountant who specializes in helping entrepreneurs can free up your time. Instead of worrying about sending paychecks out on time, filing your taxes properly, and creating accurate forecasts for your business, you can turn to your accountant for assistance.
With the right accountant, you can enjoy peace of mind when it comes to your company’s finances.
Hopefully this article detailing the 5 ways accountants can help small business owners was helpful! For more articles like this check out the small business section of our site.