You started your own business because you wanted to pursue your passions, reach new levels of financial prosperity, and because you wanted to spend more time working on your latest great idea! You probably didn’t start a business because you wanted to be a full-time accountant. That’s what full-service business accountants are for! When you spend more time balancing books and worrying about taxes than you do growing your business, it’s time to look for a business accountant to handle it for you. Here are 5 reasons you need a business accountant:
1. Easily Manage Payroll
As businesses grow, hiring more employees to handle growing demands, so will the time needed to track hours worked by employees and roll out payroll promptly. Additionally, you will need to manage payroll deductions, taxes, and more. A full-service business accountant can help make this process as simple and accurate as possible.
2. Never Miss Out on Deductions
Every business owner knows that some expenses qualify as tax deductions, but how do you know if you are getting everything that you qualify for? Additionally, filing too many deductions could get you in trouble with the IRS with penalties and back-taxes owed. A professional business accountant can help you make these decisions to ensure that you never miss out on a deduction that you qualify for.
3. Expert Consulting to Help You Plan for the Future
Not only can a business accountant help you manage the money you have now, but they can also help you plan for the financial future of your business. By using proven wealth strategies, an accountant can help you make the best financial decisions possible so that you can continue to grow your business.
4. Monthly and Quarterly Bookkeeping Made Easy
As a business owner, you will find that balancing your books at the end of each month and fiscal quarter is more time-consuming than you might have initially thought! Outsourcing your bookkeeping to a company that handles business accounting from start to finish will make this process as easy and pain-free as possible. Accurate bookkeeping will ensure that you can stay on top of quarterly sales-tax filings and can help you make more accurate business decisions based on your business’ quarterly performance.
5. Avoid an Audit
One of the most important reasons to use a business accountant is to avoid errors on your tax filings that could result in an audit from the IRS. Some of the most common reasons for an audit include making many mistakes on tax forms, being too generous with your tax deductions, or being suspiciously charitable with donations. While you may not have done anything intending to mislead the Internal Revenue Service, the risk of being audited when handling your taxes is more likely. It is always best to have a professional accountant handle your finances.
Looking for a full-service business accountant? Contact ProVision Wealth to find out how our team of experienced wealth strategists can help you manage and grow your business through sound financial strategies.