Just like every small business is different, their use of an accountant might be different two. However, an accountant is invaluable to a small business for many reasons. Small business owners have to work overtime to get their business up and running. Having an accountant with you every step of the way can make all the difference in the world. Mark Dicus & Company is here to talk about the different roles that accountants can play when they are working for small business owners.
The Role of an Accountant for a Small Business
As mentioned above, every business is different, but here are some of the roles that an accountant might play in assisting small business owners.
– Bookkeeping: Keeping track of all your business transactions and making sure that they are all categorized properly can help you stay on top of your finances. It can also be extremely helpful when tax season rolls around.
– Financial Analysis: It can be hard to make heads or tails of your financial reports sometimes. When you have an accountant working for you, they can put the financial reports into terms that are easy for you to understand. You will have a better idea of where your business stands and will look more appealing to prospective investors.
– Tax Prep: One of the number one reasons why small business owners need an accountant working with them is for tax prep and planning. It doesn’t matter if you file quarterly taxes or do it at year-end, having an accountant can be incredibly valuable. They can help you lower your taxable income which reduces your tax liability. When your accountant is preparing and filing your taxes, you can rest assured that they are done properly with as little risk as possible of an audit.
– Compliance: Another vital role that an accountant will play in helping you run your business is ensuring that you are maintaining state and federal compliance. If you fall out of compliance with the government, you are much more likely to be scrutinized by the IRS and run the risk of being fined.
– Business Planning: Because your accountant has such a complete picture of your financial standing as a business, he/she will be in a favorable position to help you with your business forecasting. They will be able to provide you with some consulting on wise moves and investments to make. They will also make sure that you’re doing pro-active with your tax savings so that you are paying as little as possible when tax season rolls around.
Tax Preparation, Filing, Planning & More in Salt Lake City, St. George, West Valley City, Provo, Orem, West Jordan & Greater Cedar City, Utah
If you are looking for the right accountant to assist you in running a successful business, look no further. Mark Dicus & Company is here to help you keep all of your financial records organized and assist you in tax prep and planning. We perform all the accounting services that you could possibly be interested in. Call us today!