Posted on: 24 March 2016Share
If you have a small business, it is your responsibility to pay employees, purchase inventory, grow your business, and pay taxes. While many businesses do this on your own, you may want to hire an accountant. Here are small services that an accountant can provide you.
Filing Your Taxes
The taxes are one of the least enjoyable parts about managing a business. Even if you believe your taxes are simple to do yourself, it is a good idea to get them prepared by an accountant. First of all, the accountant stays up-to-date on new IRS rules and regulations, so they are able to get them filed accurately and help you get the most deductions possible. This also avoids error and potential auditing of your business. If you do need an audit, the accountant is already familiar with your finances and business, so they can help guide you through it. The accountant will also be able to help you estimate your quarterly taxes so you can get them paid on time.
If you have any employees, you will also need to prepare their payroll. This doesn't just mean calculating their hours and writing them a check, but determining how much to take out of their paycheck for their own taxes, factoring in health insurance premiums, and garnishing their wages if you get a legal letter mentioning that you need to do so. This can add up to be a lot of work, and the last thing you want to do is make an error that keeps an employee from being paid a full paycheck or putting your business in jeopardy. An accountant will already know the proper way to get payroll ready, so they are a great asset.
Overseeing the Growth of Your Business
Your accountant not only has gone to school for finance, but business as well. They are able to start with you when you first get your business going, then help you grow your business. This person is going to help manage the financial side of your business, becoming somewhat of a financial advisor, accountant, tax preparer, bookkeeper, and payroll assistant all in one. They can help avoid audits, work on inventory management, give you advice on business financing, and help with finding equipment or property you want to lease. If you want to change the legal structure of your business, the accountant can help you with that as well.