Have you just launched your own home improvement business? If you have a team put together to help build a successful client base, you’re off to a great start. Even if your business is starting off with a small number of employees and clients, it’s still important to properly manage and track all of your income. Do you have an expert overseeing all of your financial records and reports? While a general business manager or accounts receivable clerk is needed for the daily operations of your business, it’s important to have someone oversee these transactions and point out any discrepancies.
Hiring an accountant is the best way to find an issue before it becomes a wide-scale problem. Here are a few ways that your accountant can help you:
Show You How To Save Money
An accountant does much more than just crunch numbers and organize your accounts payable and receivable records. They can also show you ways to shave money off of your expenses and lower interest rates on your business loans. Set up an appointment with your accountant so that she can go over your entire financial portfolio.
While a financial advisor guides you on how and where to invest your money, your accountant can be a second set of eyes as to how exactly your money is being spent, especially with your investments. This can boost your overall business efficiency where money is concerned, and help spot any concerns or red flags. Communicating with your accountant should be easy. Salt Lake City accountants like Anderson Bradshaw LLC offer convenient online portals to make it easy to send over important investment paperwork and receipts in a prompt and secure manner.
Help Gear You Up For Tax Season
Does your business manager do your taxes? Maybe you just do them on your own because you feel your business is small. Not utilizing a certified accountant to do your taxes may be costing you a lot of money. Your accountant can prepare you for tax season by making sure that your taxes are done properly and paid on time. She may also have tips on how to utilize tax breaks that can help save you money by owing less to the state and IRS. Don’t wait until tax time. Contact your accountant now to prep ahead of the deadline.
Do Internal Audits
While you should be able to trust your employees 100 percent, there is always room for human error. But in reality, there is no room for error where your finances are concerned. At the end of the fiscal year, a wrong financial move or discrepancy can cost you a lot more than just dollars, it may cost you to lose your licenses or your business altogether. Ask your accountant about internal audits. They can be done quickly and sometimes anonymously, so you have two or more sets of eyes on all of your financial records.
Become A Liaison For Some Business Transactions
Do you have a huge acquisition or purchase coming up? Maybe you have your lawyer ready to help you handle the transaction, but your accountant may also be able to assist. She can closely examine the financial aspect of the transaction and look for clerical and numerical flaws in the proposal or purchase agreement. Do the proposed future payments really add up? She will be able to do a breakdown of the funds, including interest rates and fees, to determine if everything is worded properly. An accountant will also be able to examine all of the financial records and documents to ensure accuracy in future money distribution.
Finding the right accountant for you is vital to the overall function of your new company. Hire an accountant who will create a good plan of action for your business and who you can trust with your financial records.
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