Posted on: 14 December 2020Share
When you open a small business, you need to retain a number of outside contractors to ensure its success. In particular, you can benefit from hiring a certified public accountant to oversee your finances and bookwork.
This contractor can provide a number of valuable services that can underlie your success as a business owner. They can handle time-consuming yet important financial tasks that you cannot ignore or delay.
Keeping Your Books Current
As a small business owner, you rely on the accuracy of your books to tell you how much capital with which you have to work. You need to know what money is available in your bank account for spending and how much you have going out for bills like payroll and inventory.
However, you may not have the time to sit down and balance your books at the end of each day or week. You also cannot afford to let your books fall too far behind if you want to avoid going into debt.
Rather than free up time in your already hectic schedule, you can hand off your bookwork to an accountant. A licensed and well-trained accountant can deduct your expenditures, account for outstanding accounts receivable, and tell you exactly what you have to spend for your business.
Filing Your Taxes
An accountant can also file your taxes for you every quarter. You do not get the leeway as a small business owner to file once a year. You must file every three months to pay the IRS what you owe for payroll and small business taxes.
However, filling out your returns and figuring out what you owe may go beyond your capabilities and schedule. You simply cannot get them done in time to file them by the deadline.
You can hire an accountant to fill out and submit your returns for you. They can tell you exactly what you owe and get your returns submitted by the deadline. If necessary, your accountant can also file for an extension so you have more time to file and pay your tax balance.
These are a few financial tasks that an accountant can handle for small business owners like you. You can keep your bookwork updated so you always know what you have on hand to spend. You can also get your tax returns filed and submitted by the end of each quarter.
Contact a local business accountant to learn more.