From Our Partners at 1-800Accountant
The business world is brutal. One in five new businesses fail within their first year of operation, and half of all small businesses fail in five years or less. There are many obstacles to overcome, from complicated business laws and the challenges of cash flow to the struggle to find an audience.
Frankly, the odds aren't in your favor if you're a new small business owner trying to carve out a niche for your company. The good news is that you don't have to do it alone.
Some companies use bookkeeping software to help them stay organized and work efficiently with financial planning and recordkeeping. However, there's no substitute for enlisting the help of an actual human being to guide your business.
A unique idea for a product or service and a plan to provide it isn't enough to build a business. A thousand different pieces go into putting a company together and keeping it afloat. Many businesses hire an accountant to help them manage their taxes and finances.
You could take care of your small business accounting, but that means taking on all of the responsibilities of an accountant for your business.
Most businesses go without hiring an accountant, and many companies don't use their accountant as much as they could. However, for those that do hire an accountant, statistics show that the majority of small businesses are satisfied with their service, and over 80 percent see their accountants as trusted financial advisors.
Businesses rely on their accountant for help with everything from payroll consulting to tax preparation and tech support.
A professional business accountant brings a wealth of experience and expertise. They'll be able to do more than you could ever do on your own.
It's always worthwhile to hear from a second perspective when planning the future of your business as well. A supportive accountant can offer guidance and proactive advice for every important financial task and business decision.
Accountants provide invaluable support from the very beginning. If you're still putting together the business plan for your next venture, you might consider seeking guidance from an accountant on the most appropriate business entity structure for your company.
The simple choice of making your small business a limited liability company (LLC), a sole proprietorship or an S- or C-Corporation will have tremendous consequences on your liability and financial planning later on. An accountant can help you pick the right business entity. Your business entity choice includes essential tax considerations for a small business.
One of the most common and important reasons to hire an accountant is for assistance with tax planning. Making payments and filing your small business tax return are essential but time-consuming tasks. A tax professional can do it expertly and efficiently, leaving you with more time to do the work that matters most to you.
Getting tax advice from a professional can also save you money. You lose money for your company when you rush through the process and miss out on tax credits and deductions that reduce your taxable income.
There's no one as qualified as a professional accountant to give you financial advice for your small business. Healthy and sustainable growth for a company requires putting in the work and running the numbers so that you have the right funding and staff prepared when you need them.
Consulting with a financial planner about your company strategy will help you mitigate risk and stay on track to realize your vision.
Efficient and reliable bookkeeping is the core of any good business. If you don't maintain an accurate balance sheet with records of all of your inflows and outflows, you're not going to end up with the money you need at the moment you need it.
With professional assistance, you can set up an effective system in advance to keep your company in sync and prepare for whatever challenges and opportunities come your way. Both proper accounting and bookkeeping are essential in small businesses.
Human accounting assistance can help you save time and money on even the most basic and routine company processes. How much time do you spend on managing payroll? Imagine what you could do with that time if you could trust someone else to handle payroll processing correctly and efficiently.
What do you need to realize your entrepreneurial dream? Accounting is a huge part of the work that goes into sustaining a business. As a small business owner, you get to decide who your accountant is going to be and what kind of expertise they'll have.
A successful business requires creativity and vision, but it also requires someone to crunch the numbers, maintain records and ensure all the right paperwork gets done. Consider partnering with an accountant to get your taxes in order and keep them that way.
Whether you're doing things on your own, hiring an accountant, or outsourcing as much of it as possible, you need to make a plan and ensure it gets done. Your business is counting on you.
Content does not constitute tax or accounting advice from Web.com Group or any of its affiliated entities.