By Bert Seither, Director of Operations at Corporate Tax Network
About the author: Bert Seither is the Director of Operations at Corporate Tax Network, a national accounting and business development firm. For nearly 10 years, Seither has assisted small business owners to help put their companies on a path to prosperity.
If you happen to be the proud owner of a small business, it’s no secret that your to-do list of ongoing priorities can grow with each passing day, putting you in a position where you’ll feel as if you’re always behind. This is why having an accounting professional at your beck and call to assist you can be tremendously beneficial.
In general, almost any small business owner conducting any kind of trade can benefit significantly from having an accounting professional to help with the financial aspects of the company. However, some small businesses may need this assistance more than others. For instance, a company that operates with multiple employees can require a great deal of additional attention in terms of payroll, bookkeeping, and other tasks. Unless you are adept at compensating employees or handling the wide-ranging duties of keeping your financial records in good standing, an accountant can provide you with the ability to take these responsibilities off your jam-packed plate and put them into the hands of a highly-specialized financial expert who has dealt with countless businesses and likes doing this work. The same goes for frequent travelers, those with day jobs, and those with lots of other responsibilities on their shoulders. In reality, these business owners just don’t have the time to focus on their finances.
Since business taxes come with unique requirements compared to personal taxes, accountants who are experienced in this area can simplify these tax-filing responsibilities where you’ll hardly have to fret about them. Filing separate business returns and quarterly taxes throughout the year are often two of the special requirements of small business ownership. Remember that April 15th is not the only date to highlight on your calendar when managing a company. There are several deadlines to be met, and missing one could cost you dearly through IRS penalties. Plus, there are countless tax deductions you can claim for business expenses. To ensure you keep more of your small business income, using an accountant may be able to save you thousands of dollars via claiming deductions or credits. This money can then be put back into the business to promote future growth.
In the grand scheme of things, the majority of newly crowned small business owners have very limited experience in terms of business financial and accounting matters. This is certainly no fault of their own, unless they work in a related field to this. It’s also another reason that giving these tasks to an accounting professional is the best road to take in order to simplify your life – and to see even more money in your business bank account at year’s end.