When you manage your own small business, it can be tricky to keep everything straight. From procuring new inventory and paying employees to managing complex business deals, business owners are busy, and it's crucial to be on your A-game to stay organized. Professional business accountants can help you to keep track of everything, but sometimes owners don't realize how badly they need an accountant on their team. Here are three signs you need professional business accounting services.
1. You Want to Save Money on Taxes
When you own a business, taxes can be significant. Avoid paying any more taxes than you need to by working with an accountant. From managing quarterly tax filings to year-end returns, having a pro on your team can help.
During their day, accountants can take care of everything from tracking inventory and invoices to managing correspondence with the IRS so your company can keep all of their books in check.
2. You Have Interested Investors
Investors can help you to grow your business, but it can be tricky to work out the financing deals. Since many investors require a percentage of equity stake in your company or a fixed return on certain products, it's important to have an accountant on your team who can help you to work out the fine print.
Business accountants can help you to split up everything from assets and liabilities to managing owner's equity. Whether you are wanting to sell a stake in your business to reduce your workload or build capital, making the right financial moves can be very helpful in the long run.
3. You Are Hiring
If you are thinking about working with new employees, you may need to add them to payroll. Managing company payroll can be a big job, especially if you have people who work on different projects and are paid at different rates. By having an accountant, you can get fast, easy help with everything from putting a pay raise through to ironing out worker's compensation benefits if anyone gets hurt at work.
When you are ready to work with a financial planner and accountant, remember to check for credentials and to do your research about their employment history. Consider running a background check to look for any kind of fraud or other criminal issues in their past, and be open and honest about what you would expect your accounting team to manage before taking on new employees. By hiring the right accountant, you can keep your books straight and enjoy less stress.