I get the same question from the small business owners I approach all the time, which is “Does every small business need an accountant?” My answer to that question is “Yes.” It isn’t so much that you “need” an accountant, but using local Charleston accountants for your financial information can help take your business to the next level. Even for those who are satisfied with their size and scope, there is always room for improvement when it comes to organizing and maximizing your financial health.
Help With Payroll
If you are a company that has employees, then it is always an excellent idea to hire an accountant to deal with payroll. Paying people on time and the right amount is not only imperative to be compliant with current laws; it is also a critical part of establishing a good rapport with your work staff. Not paying someone the right amount or on time can really harm your employees, and in some instances, it can come with substantial fines and penalties. It isn’t just about taking one thing off your plate so you can focus on the big picture; it is about making sure it is all done correctly the first time and every time.
Make Your Financial Information Available
Most small businesses approach their financial data by simply balancing what is coming in versus what is going out. Or they keep track merely to file their taxes at the end of the year. Having financial information available at a moment's notice is a great way to plan for your organization’s big picture. When we make your financial data available via reports and analysis, you can use it to guide your future decisions. Charleston accountants can help by organizing your data and making it available via the cloud, which means anyone making decisions for your company has the information they need to make the most informed choice.
Taxes, Taxes, Taxes
One of the most intimidating things most small businesses face is year-end taxes. If you are using a shoebox for all of your receipts and then hiring someone once a year to reconcile, then there is a good chance that you will be missing the opportunity to find tax savings, reimbursement items, and other tax incentives that will benefit your business. Using an account all year long instead of just at tax time will ensure that you can file on time.
And it will also be a great way to gauge what you can write off and what you can’t. Things like purchasing new equipment or investing in new software before the end of the year are all about timing to get the maximum tax write-off. But if you don’t have a trusted professional to work with, the chances are good you are missing out on a lot of tax savings.
Many small business owners ask me all the time whether having an accountant is necessary. My answer to them is “Yes” - not just because I want their business, but because I believe that the services that we provide ensure that they are compliant with new and ever-changing tax laws. And I know that when you hire us, we can help you with the big picture of your company’s financials, save you money and headaches, and find all the avenues available to save your bottom line. Contact our office today and let’s see how we can revamp your system to be more profitable across the board.