As a small business owner you have to make important decisions all day, every day. Partnering with a professional accountant on an ongoing basis can help you make better decisions faster.
Helping Small Businesses Succeed By:
1) Choosing the Best Entity Type
Accountants know the pros and cons to Sole Proprietorships, LLC’s, Corporations, and Partnerships. Consulting an accountant before creating your business is best, saving you from expensive mistakes and future entity changes.
2) Building a Business Plan
You know your niche, but do you understand how accounting and tax come into play? It’s easy to overlook things you don’t know. Small business accountants can review your business plan and point out discrepancies or missing information, helping you rework your ideas so you don’t find yourself in debt and out of business after a year.
3) Finding the Best Small Business Accounting Software
QuickBooks is great, offering different plans and packages, but each business is different. What does your business actually need? Alone you may decide on an expensive plan to cover payroll and inventory, but a quick consultation with your accountant could lead you to a different solution.
4) Finding the Best Professionals
Good accountants have extensive professional networks that cover banking, investing, law, and more. Every small business will need a business bank account, and your accountant should have contacts when you need to set up an account, exchange financial information, and receive loans. If you run your small business long enough you may find yourself looking for investing help, legal advice, or business valuations. Your answer should start with a call to your accountant.
5) Complying with State & Federal Regulations
Everyone wants to stay out of trouble, but the complicated, ever-changing laws make that difficult. Accountants are constantly reading about the new tax laws and forms to comply with, something you don’t have time to do. Check out Minnesota’s 2021 draft forms and instructions and see for yourself.
6) Analyzing & Explaining Financial Statements
Accountants help you read the numbers. Discuss what you care about, and your accountant can show you the numbers or ratios that represent what matters to you. Accountants can also highlight numbers you otherwise might not notice that appear to be red flags, helping you stay out of trouble.
7) Processing Payroll
Payroll is time-consuming and expensive, and it only gets more so as you grow. Accountants can take this work off your plate and establish systems that only require your periodic authorization.
8) Deciding When to Hire/Fire Staff
Speaking of numbers and payroll, this is often the largest expense for a small business. Accountants watch your margins and advise when those costs get out of control, when sales have stagnated and more people are needed to grow, or when you just need to talk about hard staffing decisions.
Tip: Cheap HR Services
You’re probably not an HR professional, but there are affordable solutions! For as little as $15/month, you can sign up for outsourced HR support and get those tough answers when you need them. Check out our EZ Payroll page to learn more.
9) Filing Tax Returns & Forms
If you’ve done anything in business there’s probably a tax form for it. Accountants can help you file your quarterly payroll tax returns and annual income tax returns, but they can also help you with the more obscure situations you’d otherwise miss. For instance, applying for a change in accounting method requires completion of Form 3115, while electing to be taxed as an S-Corp requires Form 2553.
10) Buying & Selling Businesses
Whether you’re growing or closing, always consult your accountant first. Seemingly simple decisions, such as whether it will be an asset or stock deal, can drastically affect the outcome. If you don’t fully understand the differences you can almost guarantee the other party will take advantage of you.
Still Curious? Check out our post exploring differences between CPA’s, accountants, and bookkeepers to find out which is best for your small business.
Working with Haworth & Company, Ltd.
You’ll get all of the above and more working with our team of trusted CPA’s, accountants, bookkeepers, and payroll specialists. We’re not a traditional firm that asks for your information after the year is over to complete a tax return. Our monthly program has been helping small businesses save money, cut costs, and receive great advice throughout the year. Contact us today and help us learn more about your business, your needs, and how we can help you succeed.