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How Accounting Can Help Your Small Business
Succeed
At one point or another, you've probably worked
with a certified public accountant, if you are a
business owner. But did you know accountants can
do more than just your taxes and bookkeeping?
Since accounting is all about interpreting
information about an individual or company's
finances and operations, accountants can be a
key part of your financial advising team, helping
you navigate all the important decisions that
impact your finances.
Wondering what an accountant can do for you and
your business? Here are a few things that might
surprise you.
1. Assist you in the loan process Starting a
business often involves taking out a loan. A
small business accountant Scotsdalle can help you
present the purpose of the loan and consider
various options for financing.
Small business accountant Scotsdalle can help
business owners with the next phase of winning a
loan, once the client needs have been qualified,
From quantifying the current financial condition
and credit need to identifying repayment sources,
accountants help their clients gather all the
information and data necessary for a loan. With
this data, accountants can also work with
clients to craft compelling loan applications
that can improve the chances a bank will approve
the request.
2. Review your documents and contracts If you
are entering into an agreement with a possible
tax or accounting implications, it's probably a
good idea to have your accountant review the
document.
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"A Small Business Accountant can analyze the
agreement and let you know about the tax and
accounting consequences that will affect an
individual's or an organization's financial
prospects," says Dewey Martin, Professor
Emeritus from Husson University's School of
Accounting. The perspectives of small business
accountant help their client avoid negative
consequences associated with cash management,
financial planning, financial statements, and
insurance.
3. Help with estate and trust planning Since your
taxes can impact your estate, you may want to
work with an accountant to make sure more of
your hard-earned assets go to your heirs or
charity rather than the government.
Strategies can be provided by small business
accountant, which allows their clients to pass
assets to children or grandchildren before they
pass away, or provide strategies that will allow
non-profit organizations to benefit from a
client's generosity while minimizing the tax
ramifications.
4. Guide business succession planning Your small
business accountant Scottsdale can also help you
shape the future of your business, on top of
consulting everyday financial decisions. Martin
says. This includes making plans for succession
if you're looking to pass your business down to
the next generation of family members or to
employees.
5. Provide virtual CFO services If your business
isn't big enough to hire a CFO but you'd benefit
from tailored financial advice, you can
outsource.
You can outsource financial oversight and
expertise to accountants or financial
professionals without paying for their health
insurance and holiday pay, as business operations
become more and more virtual.
With online accounting software, video
conferencing, and electronic document sharing,
Sprout says your accountant can help you make
decisions regarding taxes, cash flow, strategy,
and a multitude of other things beyond simply
paying them to file a tax return every spring.
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6. Help you figure out how to grow If you own a
business, you know your company's success hinges
on hiring the right people at the right time.
Will Lopez, head of the accountant community at
Gusto, says accountants are perfectly positioned
to help clients figure out how to grow their
business with smart hiring.
Small business accountant can help small business
owners manage their greatest asset their
workforce, by providing them with people-focused
financial metrics each month, such as operating
profit per employee and average expense per
employee.