Why is an Accountant Necessary for Business Tax Filings?

During the first few years of business, many small business owners are looking for every way to save money. Finances are tight, and profit margins are slim, so it makes sense that business owners want to reduce annual expenses.

Even if you are focused on saving money, there are a few things that you should invest in to protect the interests of your company. One example is hiring a small business accountant to offer ongoing advice and help with tax preparation.

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The truth is that business taxes are more complicated compared with filing a personal tax return. So, you should consider the benefits of using an accounting team to help instead of attempting a do-it-yourself tax filing.

Here are a few reasons why working with an accountant is an investment:

Tax Laws and Regulations

Tax regulations and laws are constantly changing, making it difficult for a business owner to keep up with the changes each year. It is essential that you are working with someone who stays up-to-date with the moving target. Small business accountants work with many businesses like yours, so they make it their job to stay informed. You can tap into this expertise by hiring an accountant to help your company.

Reduce the Likelihood of an Audit

If your tax return is filed incorrectly, then it is possible that you might be facing an audit by the IRS. Business owners that do their tax preparation on their own have to shoulder the full responsibility of the audit.

On the other hand, an accountant can help you with reducing the likelihood of an audit happening. Preventive measures can be put in place to keep your business protected. At the same time, your accountant will stay by your side if an audit occurs.

Proper Deductions for Business Assets

Certain business assets can be used as tax deductions, but you need an experienced accountant to help you maximize your deductions in the right way. Your accountant will ask about any potential deductions that might be related to credit cards, physical assets, office equipment, property, and more. It can be complicated to understand the best way to take these deductions, so you should let an accountant handle the details for you.

At Easier Accounting, we are available to help with your business tax filings. We invite you to contact our team right away to learn more about the services that are available: (888) 620-0770

Mid-Year Financial Analysis: How are You Doing So Far?

It’s hard to believe that the year is already half-way over! How has your business been doing this year? Right now is a great time to assess the progress of your company and make adjustments if needed to finish the year in a stronger financial position.

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Progress Can Help You Improve

If you aren’t tracking your results, then you won’t have any information about the progress that has been made over the year. These reports can give insight into profitability, momentum, cash flow, and more. By tracking the financial results and sales numbers within your company, you will know exactly where the business stands. Additionally, you will be in a better position to make accurate decisions based on the current health of your company.

Every business owner wants to improve the results that they are achieving, and the only way to get better results is to know where you are starting from. Keep track of the numbers over the years so that you can ensure that your company is moving in the right direction.

Changing the Focus Mid-Year

When you analyze the mid-year results, what are you going to discover? It might be good news that you are on track with growth for the year. Or, you might find that your company is growing more than you had anticipated. The third outcome is that your growth has slowed, and you are behind the projections for the year.

Regardless of the outcome of the information, this point is an opportunity for you to make adjustments and changes if they are needed. If you are experiencing higher growth than what you originally anticipated, then it is essential to be sure that the cash flow will be available to support the extra inventory that will be required.

On the other hand, slower growth might change the decisions that you are making. It is essential that you look towards the future to put together the plan that will be best suited for your company.

If you don’t have experience with accounting or financial management, then there are many advantages to hiring an accountant to assist with the reporting and financial analysis. At Easier Accounting, we have the financial experience that you are searching for. Our team will gladly help with your accounting and bookkeeping needs throughout the year. We are happy to include a mid-year financial analysis in your accounting services. Contact us today to learn about all of the services that are offered: (888) 620-0770

What Type of Accountant do you need for Your Small Business?

Starting a small business can be hard, especially if you are a first-time business owner. As you are getting started, it is essential that you consider the professional services that can make the process easier. Since you don’t have experience with finances or accounting, you will see that there are many benefits to hiring a professional accountant to help.

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Accounting Experience Matters

Instead of hiring the first accountant that comes your way, take a moment to consider the types of services that you will need. Identifying the services for your company will make it easier for you to find an accountant with the right skill set to match.

For example, a new graduate without experience working for an accounting firm might not be the best choice if you want to be aggressive with your tax strategies. Instead, it is better to hire someone who has been in the industry for a while, so that they can use their experience to help you get the best outcome for your company.

Another reason that experience matters is that of the small nuances in tax law. An accountant with experience in the small business industry will have more related knowledge than an accountant who previously worked for a large corporation. Experience matters, so it is best to find someone who knows how to help in the right way.

Bookkeeper vs. Accountant

Do you need an accountant, or would bookkeeping services be enough? It is common for a small business owner to hire a bookkeeper, only to find that they were in need of full accounting services. There are many advantages to hiring an outsourcing company that can handle both the bookkeeping and the accounting services, such as tax preparation and filing.

By keeping these services with the same outsourcer, there will be more consistency for the year. The bookkeeping maintenance during the year can help you be better prepared for tax time. You will see that there are fewer surprises with your tax filing when you have someone who is helping throughout the year.

Here at Easier Accounting, we can help with all of the financial needs of your company. We know how to help you maximize cash flow and prepare for the future, and we invite you to contact us right away. Together, we will find the best plan to provide the services that will be best for your company. Call us today for more information: (888) 620-0770

Productivity Hacks for Small Business Owners

Productivity matters, especially when you are running a small business. Many business owners find that they are torn between different responsibilities, and they have a hard time keeping up with all of the tasks that need to be completed. Here are a few tips to help you improve your productivity throughout the week:

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Hire a Bookkeeper

There is no sense in spending your time on tasks such as bookkeeping and invoicing. These things can be outsourced to an online bookkeeping company, which will free up your time so that you can focus on other important things instead. In fact, it is actually more cost-effective to outsource your financial management to a professional bookkeeping service instead of handling it in-house. It can be expensive to maintain the salary and benefits for an employee, so talk with a bookkeeper instead of hiring an employee to help.

Manage Your Communication

Do you find that you are constantly interrupted throughout the day? It can be hard to get anything done if you have text messages, phone calls, and emails coming through all day long. Instead of responding to each of these messages as they come in, you might consider managing your communication so that you can have some productive time. For example, it is beneficial to put your phone on “airplane mode” so that you can’t be reached for an hour. During that time, see how much you can get accomplished when you aren’t being interrupted every few minutes.

Schedule Meetings in Advance

Instead of constantly rushing from one meeting to the next, look for ways that you can improve your meeting schedule to stay efficient with your time. As an example, it is important that you meet with your small business bookkeeper on a consistent basis to keep up with the financial details. You might choose to schedule a standing meeting once a month, and ask the bookkeeper to send the financial reports in advance so that you can read through the numbers at your convenience.

At Easier Accounting, we know that you have a lot of responsibilities when you are running a small business. We want to help by offering our bookkeeping and accounting services, which are beneficial to decrease your workload. For more information about the ways that bookkeeping can reduce your stress and improve the results of your company, we invite you to contact our team any time. We are here to answer your questions and help with anything that you need: (888) 620-0770