Regardless of whether you own a small or large business, you have a lot on your plate. Every aspect of the business is ultimately your responsibility, and unfortunately, this includes tax and financial compliance. Even thinking about taxes can give you a pounding headache.
Some business owners mistakenly believe they have the financial aspect of their company under control. However, this is often a misguided belief. So, how do you know when it’s time to schedule a professional accounting consultation? We’ll take a look at a few examples to see if any apply to your situation.
Your Business Is Expanding
Congratulations! Your business is growing—however, this also means you need a growth plan in place. You can spend time researching and creating a financial plan to support the business’s growth, or you can let a professional accountant handle the details for you instead.
Along with financial planning and reporting, a professional certified accountant (CPA) can also help with budgeting. This way you know your planned expansion is both feasible and sustainable. You may also encounter some tax planning compliance issues along the way, and the accountant can handle any issues as they pop up.
During Tax Season
Quarterly and annual tax seasons can make you wish you never started a business. Forgetting to dot all of the figurative ‘I’s’ can mean you’re out of compliance, and suddenly, your business is hit with hefty fines and penalties.
Even after taking a couple of classes online or in person can still leave you scratching your head during tax season. The problem only worsens when the business has multiple investments or sources of income.
Consulting with a professional accountant can alleviate the stress and worry that is common during tax time. Best of all, your accountant can find tax deductions and credits that can end up saving you potentially hundreds of dollars. These savings more than make up for the costs of hiring a tax accountant.
When You Apply For A Business Loan
There’s enough stress and paperwork associated with applying for a business loan, and the last thing you want to worry about is additional financial requirements. Did you know applying for a business loan must be reported during tax season? There is even a right and a wrong way to fill out the required paperwork. Along with handling loan reporting to the appropriate oversight/tax agencies, a professional accountant can also help ensure you receive approval from the lender.
A professional accountant will help you prepare the necessary paperwork, including any required financial projections. With assistance in person and from the accountant’s cloud computing services, you can easily put together the documents necessary for supporting your loan application. You will have everything in order in no time, so all that’s left to do is wait for the lender’s response.
When You Are Planning On Modifying Your Business
To consistently stay relevant, businesses must constantly evolve to meet new challenges and opportunities. To successfully modify your business, you must be familiar with the required legalities, which involve the financial and tax aspects associated with any change to your business model.
Once again, you can try to familiarize yourself with the various codes. However, you also have a business to run. Your attention is necessary during any changes, which means there’s little time for you to start learning tax law. A professional accountant will help you navigate various legal and financial requirements, including ensuring your business complies with tax and financial reporting requirements.
You’re Starting A Business
Starting a business is exciting, but the potential stress can also give you an ulcer. Opening a new business is a little more complicated than finding a location, hanging an open sign, and hiring competent staff.
You will also need guidance on financial matters to ensure your new enterprise is sustainable and successful. Opening a business is expensive, and the costs will quickly add up. You also need to keep track of multiple financial reports, which can easily become overwhelming in time.
Partnering early with a professional accountant here will help you stay on track and keep your finances in order. Some of the aspects a certified accountant can handle include creating a business model, complying with all tax codes, setting up a financial plan, and creating an effective accounting system.
There’s Never A Bad Time To Meet With A Professional Accountant
From the very conception of your business to your eventual retirement, scheduling regular consultations with a professional accountant is something that should always be on your calendar.
A professional accountant will ensure your business is always compliant with the latest tax codes leaving you plenty of time to concentrate on growing a successful business.