When you own a small business, the money matters never end. You have your accounts payable, accounts receivable, sales figures, annual statements, payroll, projections, cash flow and taxes, to name a few considerations.
When you’re trying to handle every aspect of the business yourself, details can get overlooked, especially as your business grows and your finances get more complex. Chances are, unless you own an accounting business, your business’s financial picture will stretch the limits of your expertise fairly quickly.
Accounting isn’t just about taxes. It’s also record-keeping, analyzing, financial planning and forecasting, and complying with state and federal regulations. To reap all the possible benefits of good accounting practices, you need to set up a strong accounting system, keep it thoroughly up to date with all relevant data and effectively use that data to understand the financial state of your company as the business changes and grows.
In some areas, it can be worth your while to get an accountant on board because they have knowledge and areas of expertise you and your bookkeeper may not. If your tax situation turns into an audit situation, for example, you’ll want an accountant on that — probably a certified public accountant (CPA). CPAs are state-certified to possess up-to-date knowledge of tax codes and processes and any applicable legislation — the kind of knowledge that can improve your tax picture overall.
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