Hire an Accountant to Keep Your Business Finances in Order
Posted on: 17 April 2015Share
A business owner has to make sure he or she keeps their finances in order. This can be difficult to do if you are not experienced in this area, and if anything is done wrong, it can mess up your business. Below is how an accountant can help you make sure your business runs smoothly, so you can deal with other things, such as getting more customers.
Keep Up with Expenses
A company has many expenses from payroll to buying office equipment. You may be so busy that you do not realize how much you are actually spending each month. An accountant can help you manage this money, and you can know where your money is going. You may be spending way too much on things like office supplies, or too much for office equipment that you really do not need.
The accountant can help your business cut these costs. Being an outsider allows them to see things from a different perspective. Because they can track your expenses, they can see where your money goes, and then help you learn how to cut back on things. For example, you may be paying too much for your phone bill, or some employees are working overtime when they could delegate work out to someone else instead.
Help with Taxes
At the end of the year when it is time to do your taxes, an accountant is invaluable to your company. He or she will go over all of your paperwork to make sure it is filled out correctly before you file anything. If you are ever audited, he or she can offer you great advice and help you deal with the auditor.
He or she understands the tax rules and can make sure you stay in compliance with them. They can also find where you can save money when figuring out your taxes, such as deductions you can take that you do not know about.
Help with a Payroll Service
You likely have someone in your office that does your payroll, or you may do it yourself. If you would like someone outside to do it, the accountant can set you up with a payroll service. You have to take the right amount of fees from your employee's check, such as Medicare, Social Security, and a portion of other fees and taxes. It is important that you record these transactions in case you have an audit.
A payroll service can handle all of this for you. The only thing you have to do is give the company the employees' name, how many hours they worked, and any other things that should be taken out of their check. Once the service determines each paycheck, they will submit the money to your bank or however you have it set up.
Talk with the company you hire, one like Waggoner Frutiger & Daub CPA's, to see if they can offer you other services. Some companies will handle retirement, track days off for vacation, sick days, and more.