Why Accounting Pros Are Important Small Business Hires

Why Accounting Pros Are Important Small Business HiresWhy Accounting Pros Are Important Small Business HiresFinancial integrity is everything when you have a small geschftliches miteinander, whether youre just starting out or youve been operating for years. Yet the temptation is great for an owner or office manager to think theres no need to hire accounting professionals. You can handle all the accounting functions yourself. After all, isnt that what QuickBooks is for?The truth is, there may be more effective ways to handle this crucial aspect of your business. In other words It might be time to hire an accountant.Many small businesses may balk at the expense of hiring an accounting professional, but the investment can actually save money for your business and, in the end, pay for itself.How can accounting professionals help your small business?When you hire skilled accounting professionals, you create some insurance against ineffective or even faulty financial management. For each s tage of development your small business is in, the right accountant can be a lifesaver.When a business is in the startup phase, an accountant canAdvise on what type of company to fasson (such as an LLC, C corporation or S corporation)Guide the financial section of your business planHelp you make decisions about how to maximize profit if your personal finances are tied to the companys successWhen a business is operational, an accountantManages day-to-day financial transaction recording and ensures it is compliant with the lawFinds cost savings with vendors, employees and office operationsManages tax preparation, including all forms for employees and contractors, payroll tax withholdings and financial reportsOversees payrollPlans for changes in business expenses to ensure that additional costs do not cause financial hardshipCan design a financial safety net in case of a catastrophic event such as the death or disability of one of the business ownersDuring a growth period, an accountan tAdvises on how to handle financial growth by providing financial reports and insights on opportunitySafeguards your small business against audit or helps work through the process if the company is audited by the IRSHelps with planning expansion, opening new locations or even selling the businessIf your business is in financial difficulty, your accountant canIdentify problem areasWrite new plans to bring finances under controlWork with creditors to set up payment plans, remove liens and reduce interest chargesDoes you need someone full time?In some cases, relying on temporary professionals for particular accounting projects, such as tax preparation, may make more sense for businesses with a small number of employees. A staffing agency focused on placing temporary finance and accounting professionals can help you during especially busy periods.Many small companies find that dedicated accountants - either as temporary, temp-to-hire or full time solutions - can find cost savings thro ughout the business and advise on budget planning, taxes and relevant laws and regulations.Ultimately, most small business owners realize compensation for one employee is well worth the expense. An accredited expert can manage a companys finances far more profitably than even the most passionate amateur. The right accountant could be the best new hire your small business makes.