Whether you do direct marketing or sales for a popular product brand or have a skill that you provide for local clients, your small business is important to you. Equally important are the profits and expenses your business accumulates over time, but these profits and expenses can make things confusing during tax season or cause you to lose track of how much money your company is actually making. A small-business accountant can help you keep your finances in order and keep your financial records accurate, even if your home business doesn't look like a traditional brick-and-mortar company. Here are two reasons to hire an accounting company for your business needs.
Self-employment taxes can be confusing and very detailed, and you may not know what you can write off as expenses and what you have to pay on at the end of the year. Since you do not pay into social security and other state and federal taxes throughout the year, you must file taxes appropriately and on time to avoid penalties. Your accountant understands IRS laws on both a federal and state levels and will help keep your finances organized so you file taxes on time and get the most deductions you can to favorably offset anything you owe at the end of the year.
You might be surprised how quickly your profits seem to disappear. Balancing what you put into your business versus what you get out of it is mind boggling at times. If you have employees, you have wages to pay out as well as other expenses for things such as marketing, supplies, inventory, shipping, and more. You may be under the false impression that you have more income that you really do based on what clients owe you rather than what they have actually paid, which can cause your finances to become imbalanced fast. When it comes to keeping your accounts positive and helping you stay on track with spending, an accountant can be a blessing for your small business.
You hope that you have a home business that is so successful you have an income you can rely on. To protect your assets and your income, hiring a small-business accounting firm can be a wise investment for you. Whether you hire an accountant just to do your taxes or need someone to balance your books every month, an accountant such as Teri J Henderson, CPA, P.A. can keep your finances balanced and help keep surprises from taking your business down.Share