Small business owners are typically focused on keeping overhead as low as possible, and there is true benefit in doing so. Professional chartered accountants are most commonly contracted by small business owners to provide tax services during tax season, but the reality is that accounting firms offer exceptional services that can benefit small business owners year-round. If you are not using your certified professional accountant for the following services, you may be missing out on using a prime resource to the fullest potential for the benefit of your business.
Regular Bookkeeping Tasks
As a small business owner, one of your regular tasks involves bookkeeping. This includes monitoring accounts payable and accounts receivable, paying bills on time and more. These tasks can affect your bottom line as well as your business credit rating, so their importance should not be overlooked. If you are struggling with bookkeeping or if this task is taking up too much of your valuable time, you may benefit by outsourcing the work to a CPA that specializes in this area.
Budget Preparation and Maintenance
Accounting firms are true financial specialists, and they can easily help you to create an exceptional budget for your small business. More than that, they can assist you in improving your budget so that you reduce overhead and can help you to achieve financial goals. For example, they can rearrange spending so that you invest more heavily in marketing and advertising. If you need to hire more staff members to assist in business growth, they may be able to free up financial resources so that you can afford to pay their salaries. They can also assist you in budget maintenance so that you stick to the financial plan you have established.
Maximizing Tax Deductions
For most people, tax deductions most frequently come to mind during tax season. Deductions help you to reduce your annual tax burden. However, you have the opportunity to take advantage of tax deductions throughout the year with many decisions you make for your small business. Your CPA is an excellent resource to turn to in order to learn more about tax deductions. This professional’s advice can guide you into making great financial decisions that ultimately reduce your tax liability each year.
If you already have a CPA who you enjoy working with for tax season, talk to that professional about year-round services available. If you do not have an accounting firm that you use regularly, take time to look for one that specializes in small business tax services. This is one of the best steps you can take to improve the financial health of your business in the years to come.