Set your business up for success from day one
Every solid business starts with an incredible idea. Perhaps you have one right now; something that no one else could ever conceive. This is a start, but as the old saying goes, “ideas are worthless without execution”. If you want to be able to really capitalize on what you’re developing, you need to work out a practical plan. And an accountant can help you set that up.
Money makes the world go round
Odds are that you’re very knowledgeable in a certain field. Perhaps you have an engineering degree and want to start a manufacturing firm. Think of all the materials, infrastructure and talent that you need to assemble to get that done. You can’t get what you need to make your dreams come true without proper money management. Cash flow is the key to getting everything paid up so you can start making even more money.
Let a pro handle the money issues for you
Did you know that it can be a full-time job just managing the books for your small business? You need to keep careful records of all of your expenditures and income. Even a single missed entry could lead to many problems for your business down the line. Think about your plan right now, do you have room on the payroll for a full-time accountant? Do you know from where your primary income is coming? How much liquid assets do you have to keep in order to maintain a viable and versatile business?
You might wonder if it’s truly necessary to have a professional cover the financial side of things for you. As your business grows, many things start to take up your time. You’ve got to deal with labor and staff management, hiring, sourcing materials and much more. Having an accountant on your team saves you the hassle of doing it for yourself. Mismanaged funds can land you in hot water, not only with your suppliers and customers, but also with your staff and the government.
Set up a plan for success
Did you known that you can even have an accountant help you formulate a business plan? Accountants have training that they use to predict obstacles or problems well before they become an issue. Ask yourself a few questions. Do I know everything about my local, state and federal tax regulations? Am I knowledgeable enough to find every deduction that I’m entitled to receive? Do I have training to identify any potential problems in my bookkeeping?
It’s not just the tax stuff that an accountant can help you with. Keeping track of everything, from payroll to billing invoices and more, the right person can get the job done without any headaches. A responsible accountant prepares regular reports to help you stay up to date on the state of your business’ finances. Once you have this in hand you can see where you need to implement changes to shore up your firm’s weaknesses as well as where you’re going strong.
What about just running everything from software?
It’s tempting to put down 50 bucks for accounting software. It’s cheap, easy to use, and takes less time than doing it manually. Software is just software, though. A human accountant can do something that no program can. They can argue on your behalf to the IRS if you find yourself in hot water. Tax pros know the ins and outs of the law. As you fill out your tax forms they ask you more questions than an accounting software program does and can find you many more deductions.
The other benefit of a human accountant is, well, accountability. You’re responsible for your own filings if you take care of them yourself. With a trained tax prep specialist or accountant you have the peace of mind that someone qualified is taking care of your money.
Should you hire a permanent accountant or a temporary service?
Keeping a full-time accountant on staff is expensive. Besides their salary you also have to pay worker’s comp, Social Security and other issues. If you don’t need constant book tracking, you can opt for a part-time worker. You save on wages and have more time for other aspects of running your business.
There’s a third option to ponder. You don’t need to keep someone on your staff for managing the books. Consider enlisting the services of a dedicated accounting firm. When you go to a third party you don’t have to add a person to your payroll. This saves overall on your staffing costs. You can hire them for only what you need. Suppose you’re good enough with finances to where you can manage the day to day operations, billing, sales, and payments. An accounting firmis available for whatever you need, whether it’s just finding every deduction on your tax filing or handling all those payments that you tend to forget, including running your entire payroll.
Get on the right track with LBS Tax
LBS Tax is one of Arizona’s premiere accounting services. Our staff is trained and experienced in almost all facets of small business and personal financial solutions. Each member of the team is courteous and professional. We explain any issues that you face using plain English. From pre-starup to after you’re established, LBS Tax has a solution for every step of the way. Our services scale and we offer plans to fit multiple budget levels.
Our motto is “We know taxes so you don’t have to!”. This expertise extends beyond business affairs. We can help you with your personal issues, everything from simple filings to bankruptcy, delinquent tax returns and much more. Make an appointment by calling us or using the contact form and get your business off to a strong start today. The consultation is free and informative. You have nothing to lose except for fear and uncertainty.