Statistics tell us that nearly 80% of small businesses will fail in the first 18 months after opening. One of the most common reasons for failure is financial management – or lack thereof. Yet many business owners opt to go without an accountant in Charleston, believing they can beat the odds. Currently, up to 53% of small business owners don’t have an accountant at all. Making matters worse, of those, 27% say that they use a system of pen and paper, which is tantamount to shoving receipts into a shoebox. Accountants are about more than just filing taxes; they offer a wealth of advantages for your small business. These are just five reasons your small business needs us now!
Taking Advantage of All of the Deductions Possible
As we just finished the crunch of tax season, one thing is clear: many of those who came to us in the final hours did not take advantage of all of the deductions they could have. And unfortunately, now that we are at the end of tax time, it is too late. An accountant in Charleston can help you identify many ways you can use deductions throughout the year to gain tax breaks when the taxman comes around. If you didn’t consider things like out-of-pocket expenses, home office write-offs, and depreciation, that costs you big time!
The Dreaded Audit!
Another great reason to hire an accountant throughout the year is to avoid the dreaded audit. Most business owners assume that hiring us in the final hour will help them fix all the issues they have, but we can’t. An audit is easy to avoid if you have someone guiding you along the way. With so many reasons that you can be audited, hiring an accountant means having someone who is always looking out for you.
Saving Energy and Time
Most small businesses see hiring an accountant in Charleston as throwing money out the window when they can do it themselves, and wrongly assume that it is a luxury they can’t afford. If you think you are wasting money by hiring an accountant, consider all of the time that you spend managing (or mismanaging) your finances throughout the year. The benefits that we provide in reduced headaches, time, and your energy – well, it pays for itself. Your focus should be on the big-picture of doing what you do best: running your company. Not getting muddled up trying to figure out the tax code – that is our job.
Making Informed and Real-Time Decisions
As a business owner, it can be very difficult to make decisions like whether you need to hire more employees or if making a business purchase is a good idea. When you hire an accountant, they not only have the answers; they can save you the stress of worrying about whether you are making the right decision. An accountant can literally “do the math” to figure out the best course of action is for your company’s financial wealth using quantitative data, not guesses.
Anticipating and Planning for the Future
One of the main reasons you need an accountant is to get the best advice about how to manage growth for the future. By pulling info from reports and data analysis, an accountant can guide you about when you should buy inventory and how you can stay competitive in the current economic atmosphere. You are already bogged down in the daily grind; an accountant can help you make informed decisions to get where you want to be!
As we put another tax season behind us, many small businesses are considering whether they should have hired an accountant to manage their finances. We have never heard any of our clients say they wish they had not hired us, so the answer is definitely “Yes, you should.” At Current Accounting, we help you focus on what you do best because we do what we do best. Contact us today to begin putting your financial health back on track for the tax season ahead!