Worrying about your cash flows, books and your taxes doesn’t have to be a concern. A good accountant does all of that for you. Things can easily spiral out of control when small business owners feel the stress over their business’ financial standing. With a professional accountant’s help, you can put your business in a position to produce accurate reports, save on taxes, and make sound strategic decisions. Many small business owners are unsure when hiring an account is necessary and today, we at Mark Dicus & Company would like to offer a few recommendations that points for a need.
Daily Duties of an Accountant
Based on books, financial reports and taxes, there are decisions that need to be made. To help you make sound strategic business decisions, an accountant’s job is to keep your financial records straight and use the financial reports. Where some businesses will hire an accountant for their business and keep it in-house, others will outsource the accounting and bookkeeping. Having an accountant run financial reports offers you the business intelligence needed to make important decisions, prepare taxes and maintain a current business plan.
Signs You Need an Accountant
You are likely considering an accountant as you read this article to help you better manage the books. There are several indicators that your business is ready to seek an accountant and these examples are listed below.
1) Starting Up a Business. This moment may have come to pass if you are already in business, but for those about to start a small business, hire an accountant to help get the books set up for success.
2) Business Form Change. You will want an accountant to spell out the tax ramification if you are looking to change the form of business Corporation, LLC, etc.
3) Planning to Open a Business. For some, this moment may have past as well, but hiring an accountant to help with the financial plan part of your business in addition to assisting with producing the entire business plan.
4) Compliance. You will need to hire an accountant, should your business be a tightly regulated industry when it comes to financial reporting, finances, or taxes.
5) Tax Season. Save on your tax bill and keep compliant with the IRS with an accountant.
6) Cash Flow Concerns. An accountant can provide advice and solutions in the event your business struggles to stay current on rent, cover payroll, pay vendors, and so on.
What to Look for in an Accountant
Equally as important as selecting a supplier or hiring an employee, choosing an accountant is a big decision. Matching your business, including fee structure, values, personality, and expertise is who you need out of an accountant. Be sure the firm or professional has experience in your business including industry, size, and market. A firm that includes bookkeeping, tax preparation and filing, financial reporting, and strategic advice is highly beneficial as well.
Accounting, Bookkeeping & More in Menominee Falls, Waukesha, West Allis, Racine & Greater Milwaukee, Wisconsin
When it comes to your small business, our experts have the expertise to help you with your accounting, bookkeeping, financial reporting, tax preparation and filing, strategic advice, and more. Call Mark Dicus & Company today to discuss your accounting needs.