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Bookkeeping Mistakes Made By Small Businesses: How To Avoid Them

Small and Medium-sized businesses are eager to grow, but they often miss the fundamentals like understanding the value of Bookkeeping which may undermine business procedures.

Accounting is often overlooked by business owners who consider it easy. Incorrect accounting and bookkeeping processes may adversely impact any company’s finances. Recurring bookkeeping errors can actually bankrupt your business.

Bookkeeping Mistakes

Keeping financial records is a very important part of running a business, big or small. Bookkeeping that is accurate and well-organized makes sure that your financial records are up-to-date and precise, which helps you make good decisions and compliance with legal policies.

There are however some mistakes that small businesses often make with their books. Here are some of these mistakes.

Failure To Keep Records

Some small businesses fail to keep accurate financial records, which can lead to confusion and errors. Record-keeping is an essential process in organizing your financial records. Adopt best practices and create a system for organizing and storing your financial documents. These relevant documents may include invoices, receipts, and bank statements. It is helpful to consider using accounting software to automate the process and centralize everything.

Irregular Reconciling of Accounts

Failure to reconcile your bank and credit card accounts on a regular basis can lead to inconsistencies and inaccuracies. Reconciliation entails matching your financial records with your bank and credit card statements. Reconcile your accounts on a regular basis and resolve any discrepancies quickly to avoid problems.

Combining Personal and Business-Related Finances

It is critical to separate your personal and business finances by avoiding using personal accounts for business transactions. This can complicate bookkeeping and make it difficult to accurately track expenses and income. You must establish a separate business bank account and use it solely for business transactions.

Inconsistent Categorization

It is critical to properly categorize your income and expenses for accurate financial reporting. Refrain from inconsistent or ambiguous categorization, as it can make evaluating of your company’s financial health a lot more difficult. It will be helpful to create a chart of accounts with distinct categories that correspond to your field of business and use it regularly.

Neglecting Cash Transactions

Small businesses often transact in cash, which can be overlooked easily and not properly recorded. To ensure that cash transactions are accurately accounted for, use cash registers, petty cash logs, or digital tools. Better yet, set up a system for keeping track of and documenting all cash transactions, including sales and expenses. 

Failure To Keep Track of Receivables and Payables

Failure to maintain track of unpaid invoices (accounts receivable) and bills to be paid (accounts payable) might jeopardize your cash flow and client-vendor relationships. Use accounting software with invoicing and payment tracking features to implement a structured strategy for monitoring and following up on both receivables and payables.

Mishandling Payroll 

Payroll can be complicated, and mistakes can have legal and financial ramifications. Keep up with advances in payroll requirements, calculate wages and taxes accurately, and make timely payments to employees and tax authorities. To ensure accuracy and compliance, consider adopting efficient payroll software or you can also outsource payroll duties. 

Failure To Keep Backup of Records

Financial records might be lost because of corrupted data, hardware failure, or other unanticipated factors. Back up your financial data on a regular basis and keep it secure. Cloud accounting software can back up your data automatically to add an extra degree of security. 

Neglect To Track and Remit Sales Taxes

If your company is obligated to collect sales taxes, it is critical that you track and remit them appropriately. Understand your sales tax duties, register with the proper tax authorities, and maintain accurate sales and tax collection records. To simplify the process, consider employing seamless sales tax automation software.

Doing-It-Yourself

This is a critical error that can have serious consequences for your company. Because bookkeeping is a complex process, it is best to seek professional help from a bookkeeper or accountant to set up and review your bookkeeping system on a regular basis. They can assist you in avoiding mistakes, providing financial insights, and ensuring tax compliance.

You can reduce the likelihood of these frequent errors and retain accurate financial records for your small business by being proactive and following appropriate bookkeeping practices with the help of expert bookkeepers and record-keepers.

How to Avoid Bookkeeping Errors

To avoid bookkeeping errors some proactive steps must be taken by small business owners. This may include familiarizing yourself with basic bookkeeping principles and practices to help you navigate your financial records effectively and make informed decisions. 

This can be further established by using a good bookkeeping system coupled with reliable accounting software. As a business owner, it is important to invest in a reputable accounting software solution that suits the needs of your business and reduces errors. 

In addition, it is important to reconcile accounts regularly to ensure your financial records match financial statements to help identify discrepancies and errors promptly.

Keep meticulous records by maintaining detailed records of all financial transactions and accept that it is always best to seek professional assistance from reliable bookkeepers and record-keepers who specializes in small business finances. 

By implementing these practices, small business owners can reduce the likelihood of committing bookkeeping errors while maintaining accurate financial records. 

The Bottomline

When you own a company, you put yourself in a position to take advantage of many different possibilities, including the chance to learn from your errors. When it comes to making mistakes, the key to success is to steer clear of those that are readily apparent and cut down on others as much as you possibly can. Remember that good bookkeeping and record-keeping practices contribute to informed decision-making and long-term business success.

Consider this list seriously and implement its suggestion so you will be well on your way to running your business in profitable ways and expanding it in all ways possible.

There is more that you can achieve with the most reliable team of professional bookkeepers and record-keepers. Visit us now and get started!

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Does a Small Business Need a Bookkeeper?

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Does Smallbiz Need Bookkeepers Or Record Keepers?

Both professional services are considered critical components of any accounting process that contribute to the achievement of any business objective.

Bookkeeping is a component of the accounting process in businesses and other organizations which keeps books or financial transactions, such as income and expenses. On the other hand, the creation, collection, and management of records, particularly those of a business or government nature, is the coverage of recordkeeping.

Bookkeepers vs Record-keepers

Though bookkeepers and record keepers may perform similar work, they definitely have different skill sets. Let us see how their role varies.

Bookkeeper Role

Bookkeepers are in charge of keeping track of financial transactions, making sure that accounts are balanced, and making financial statements. They use accounting software and systems to keep accurate records of purchases, sales, payments, and receipts. 

Bookkeepers also keep track of accounts payable and accounts receivable, manage payroll, and generate financial reports. They make sure that the financial records are correct, up-to-date, and in compliance with the laws and rules that apply.

Record-keeper Role

Record-keepers are responsible for keeping track of all kinds of business transactions, not just financial ones. They make and keep records about vital business records like those pertaining to their employees, customers, and sales.

Record keepers also have the task of organizing and preserving records in a way that makes them easy to locate and obtain when they are needed. To make sure that the records are correct, complete, and protected, they could utilize software to keep track of records or create and manually maintain documents. 

Bookkeeping and Record-Keeping Helping Small Businesses

Prevents Fraud & Mistakes From Happening. Bookkeepers and recordkeepers are both very important to small businesses because they help the owners know how their finances are faring. All financial transactions are recorded correctly and on time. This will help keep fraud from happening and keep small business owners from making mistakes.

Help Organize Financial Records. Bookkeepers and recordkeepers help small business owners organize their financial records and keep track of how much money the business owes to its suppliers and how much money its customers owe the business. Organized financial records are crucial for business growth and expansion.

Making Smart Financial Decisions. They help business owners make smart financial decisions, like where to cut costs or make more money. By looking at their balance sheets, income statements, and cash flow statements, they can easily see how financially stable the business is. This is important for making budgets for improvement and for filing taxes.

Comply With Tax laws and Rules. These experts offer reliable services that make it easier for small business owners to follow tax laws and rules. It is assumed that employees are paid correctly and on time and that tax laws are followed, so that audits and fines, which can be very expensive and cause a lot of trouble, don’t arise.

Make Financial Processes Easier. They make the process easier for small businesses, which can be helpful for a busy business owner. Keeping track of receipts, invoices, and bank statements on their own can take a lot of time for business owners.  It provides free time for small business owners to take care of other essential tasks like sales, marketing, and customer service.

In Summary!

It can be said that recordkeeping and bookkeeping functions are both valuable assets for any small business and even start-up. These reliable professionals like The Bookkeepers R Us provide expertise, organization, and financial insights, which can help small businesses to succeed and grow.

Bookkeeping and record-keeping expert services will help ensure that financial records are accurate, organized, accessible, and secure so every small business owner can arrive at informed decisions that will definitely give a competitive edge to the business. 

As a business owner, it is our goal to improve sales and increase profit margins. To achieve these you must work with the best bookkeepers and experienced record-keepers today! 

Get started! Call us now!

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Bookkeeping and recordkeeping are not only needed but are important in healthcare industries. These processes are critical aspects of managing their financials. Proper bookkeeping and record-keeping help healthcare institutions track their income, expenses, and other financial transactions while providing insights into the overall financial health of the organization.  We will be happy to serve! Visit us!

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The likelihood of business success can be increased by good record-keeping. It is possible to determine whether your firm is improving, which products are selling, or what changes you need to make by keeping accurate records of income, expenses, personnel, tax paperwork, and accounts.

A challenging component of making sure a firm operates well is record-keeping processes because it ensures that accurate and up-to-date financial records are maintained. 

This implies that all businesses, regardless of size, must maintain records to track their progress toward the attainment of business goals while saving time and money. Read more!

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SMBs foster healthy competition in markets while sustaining the local economy. This makes them a crucial component of the entrepreneurial ecosystem, which encourages innovation and economic growth. Find out how we can help them thrive! Read on!

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The assistance of record keepers is needed to help you record transactions and activities within your business. The information provided by record-keeping also serves as an asset that enhances efficiency, improves traceability, and assures that you are right on track as planned.

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How much is your Franchise Actually Worth?

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How to Choose the Right Accountant

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Small Business Problems that Requires Bookkeeping Services

Most business owners struggle with poor financial management, which inhibits them from making crucial business decisions and running a successful company. Not to mention that having unorganized books can also lead to risky consequences that may involve the company’s finances.

Bookkeeping may appear to be a challenging process, but you can rely on CPA firms like The Bookkeepers R Us, which offers efficient and cost effective bookkeeping services in California to help you record all business transactions.

With their assistance, you can plan for an optimal bookkeeping system to monitor your company’s overall financial health and maximize your time in expanding your business the way you envisioned.

But with countless business duties and concerns, how do you identify problems that need bookkeeping services? And what exactly are they? Read on to find out more!

#1 Poor Cash Flow Management

Whether you are a newly launched or a developing small business, keeping track of financial inflows and outflows can be difficult. It can also be challenging when it starts to cause financial concerns leading to inaccurate sales targets, excessive loans, and extremely high expenses.

The best way to address poor cash flow management is outsourcing the skills of a bookkeeper. Professional bookkeepers ensure that your cash flow is regularly monitored and that the focus is placed on productive activities that increase cash flow.

And once a positive cash flow has been established, it is best to avoid future financial issues. Fortunately, financial advisors of The Bookkeepers R Us provide innovative strategies to keep your business financially healthy and ensure your small business maintains sufficient funds for operations, renovations, and payroll.

#2 Combining Personal and Business Accounts

Merging personal and business financial accounts is one of the common mistakes small business owners make. In this case, there is a tendency to utilize your own money for business expenses or use company funds to pay for personal items.

Apart from that, mixing two accounts can result in major financial issues and losses. This includes the failure to maintain correct financial records and the inability to accurately estimate the generated profit of your business.

Moreover, being in this kind of financial setup can also hinder you from improving your business to its highest potential. To avoid this, consider using a separate banking account for your business and hire reliable bookkeepers from LA to track your company’s finances and provide you with the best financial guidance at every step.

#3 Unorganized Financial Reports

Inaccurate financial records are also one of the problems encountered by small business owners. It is commonly caused by irregular bookkeeping, missing data, or wrong financial input.

Having incorrect financial reports can result in serious and expensive consequences, such as losing investors, financial loss, and risk of fraud. It can also give you the impression that your company is profitable while, in reality, it is losing money.

In order to maintain organized financial reports, you can acquire affordable recordkeeping services in Los Angeles to obtain accurate and up-to-date accounts for all daily transactions. They also ensure to provide you with a better and more detailed picture of the financial health of your business.

#4 Not Using Appropriate Accounting Software

Even small businesses need to use accounting software to achieve optimal performance, such as Dear and Cin7 Inventory Management System. However, the failure to utilize the right accounting program can be time-consuming and result in poor decision-making.

With the assistance of an accounting software, you can perform basic invoicing and billing, track expenses, manage taxes, and prepare balance sheets easily. Its inventory control tools also prevent bookkeeping errors to ensure accurate and in-depth financial reports.

But even if technology simplifies the bookkeeping process, not all small business owners have the time or the expertise to use any accounting software. In this case, bookkeepers can help you.

You can readily outsource bookkeepers in Los Angeles, where The Bookkeepers R Us offers a diverse range of affordable services and uses quality cloud-based technologies suitable for every business’s demands and needs.

#5 Undervalued Time and Effort

As a business owner, it may seem easier and more natural to handle everything on your own, including bookkeeping. However, being too preoccupied with it may prevent you from making other important business decisions.

If bookkeeping is not also within your field of expertise, you are more inclined to make errors that may lead to expensive tax fines or lose a significant amount of time and effort.

Instead, hire competent and professional bookkeepers from The Bookkeepers R Us to accomplish your books quickly and effectively. Place your time and energy on running your business and let our reliable recordkeepers in LA manage your bookkeeping needs for you.

To Sum Up

One of the last things any small business owners want to deal with is major accounting problems that can negatively impact their company’s performance, growth, and success. But despite the inevitability of these issues, small business owners can still acquire responsive solutions and strategies from professional bookkeepers.

As one of the CPA firms with the best small business solutions in California, you can expect the team of The Bookkeepers R Us to provide you with high-quality bookkeeping strategies and advice to prevent your business from operating with a poor bookkeeping system.

Our diverse range of professional services guarantees to improve your company’s cash flows, manage your books accurately, allocate resources effectively, provide quality financial strategies, and utilize the best accounting software—all of these with the finest level of customer care.

To help you get started, hire bookkeepers and record keepers only from The Bookkeepers R Us now! Let our team of bookkeeping professionals place your business on the path to success! Call us now!

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5 Ways Record Keepers Help in Business Success

Record management is not a company’s primary task, but it is a procedure that must not be neglected or underestimated. However, business owners may sometimes find it too difficult or are too busy to handle it themselves.

In this case, the assistance of record keepers is needed to help you record transactions and activities within your business. The information provided by record-keeping also serves as an asset that enhances efficiency, improves traceability, and assures that you are right on track as planned.

But aside from these benefits, the most significant aspect of collaborating with record keepers is helping you plan and achieve business success! Read more to find out how.

Record Keepers Helping Businesses

#1 Monitor Business Progress

Is your company growing?  What is this month’s best-selling item? And which products need to be restocked? These are some of the most crucial questions to consider while evaluating your business’s success.

Record keepers can assist you in maintaining an accurate and up-to-date record of your company’s financial and inventory data, enabling you to track its growth.

A systematic process of producing essential documents such as inventory reports, sales records, and purchase orders enables you to determine which sections of your firm are operating well and which need improvement or adjustment.

In addition, the probability of achieving corporate success is contingent on an exceptional record management system. Therefore, you should not hesitate to hire record keepers to build effective financial strategies and track the success of your organization.

#2 Better Decision-Making

The success or failure of a business highly depends upon the decisions made by its business owners. For this reason, it is important to have relevant and reliable financial data that serves as a foundation for making crucial decisions.

Accessible and organized records permit business owners to decide ahead of the competition or make better, more informed choices. It also makes sure that you cannot ignore loopholes and oversights that can negatively impact your business and are instead able to implement critical decisions and solutions immediately.

However, despite having all the necessary records, business owners may still be unable to make the right choices on their own. In this case, The Bookkeepers R Us ensures growth, profitability, and success by providing the most innovative strategies for large enterprises and the even the most efficient solutions for small businesses in California.

#3 Better Workflows

Having unorganized and misfiled records can result in serious consequences that every business owner should avoid. Not only does it waste so much time and interfere with the process of running a business, but it can also lead to the loss of billable hours and valuable customers.

That is why it is important to invest in a well-designed filing system that easily facilitates the storing and retrieving of financial documents. With record keeping, you can conveniently access your daily business records whenever you need them.

Invest in digital recordkeeping services from The Bookkeepers R Us, the most affordable record-keeping service  in LA. Not only does it give you the option to access your records anywhere at any time, but it also allows you to create backups in case of accidental data loss.

Either way, hiring record keepers can save you from the strain of hustling at the last minute and, in turn, promotes better workflows and increases employee productivity to keep your business on the path to success.

#4 Regulatory Compliance

Companies must always ensure that their records comply with all applicable laws and regulations. Otherwise, it would result in paying expensive penalties or facing legal consequences.

The only way to ensure regulatory compliance is through record-keeping, which will help you keep track of income, expenses, and credit transactions. Having complete and accurate details of these records expedites the preparation of financial statements and makes audits hassle-free.

With reliable record keepers in Los Angeles, you can obtain well-planned tax documents that will help you prepare your tax returns on time and guarantee that the financial information and accounts you provide to the IRS are valid. Now, you have more time to focus on building plans to achieve business success!

#5 For Data Security

A business enterprise of any size needs a record management system that not only stores and organizes important documents, but also safeguards its data against loss and theft. Fortunately, you can have both when it comes to using record-keeping.

Record-keeping protects business contracts, employee information, and other files with sensitive content to avoid data breaches. It is also more effective when combined with a trusted retention records policy that guides business owners and employees on how to store and discard records properly.

In this way, bookkeeping professionals of The Bookkeepers R Us can develop the most suitable record management system for your organization while protecting the confidentiality and security of your records. They ensure that unauthorized users cannot access or alter any information that can interfere with business success.

Conclusion

As you can see, an exceptional record management system facilitates effective workflows, regulatory compliance, and better decision-making, which can help you achieve business growth and success.

And despite the difficulty of maintaining company records, their absence or miscalculation can put your firm at risk, such as information mismanagement, audit failures, and the inability to track cash flow.

You can outsource record keepers in Los Angeles to assist you and provide your firm with the highest quality service. The Bookkeepers R Us provides professional bookkeeping services in California, including accounting, finance, and tax requirements.

No need to let a mountain of paperwork impede your progress. As you plan for the success of your business, let us manage all of your record-keeping needs. Call Bookkeepers R Us immediately!

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How Can Bookkeeping Help You Run A Successful Business?

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How much is your Franchise Actually Worth?

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Why Accounting Matters to Your Business

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5 Reasons Why The Bookkeepers R Us is the Best CPA Firm in Los Angeles

Finding the right bookkeeping team can often be demanding and requires a significant amount of trust. Fortunately, you can readily outsource bookkeepers in Los Angeles with outstanding financial management skills.

The Bookkeepers R Us is one of the leading CPA firms in California. Composed of reliable accountants and bookkeeping professionals this team specializes in providing high-quality financial and consultancy services to all clients and enterprises.

Our financial experts also offer the most innovative strategies and financial solutions to entrepreneurs like you who are facing challenges in raising capital, managing workflow, and maintaining a budget in order to attain a successful business venture.

What does The Bookkeepers R Us offer that makes it the best CPA firm in Los Angeles? Read to learn more about our trustworthy and reliable team of experts.

Why The Bookkeepers R Us?

#1 A Team of Financial Experts

The Bookkeepers R Us is composed of fully qualified business specialists and certified public accountants with expertise in performing taxation and accounting services, financial analysis, legal advisory, and systems implementation.

Whether you are a newly launched business, a developing enterprise, or a well-established organization, our team of professionals is committed to utilizing their extensive intellectual assets and strong technical skills to provide responsive business solutions.

With The Bookkeepers R Us, you can rely upon our financial experts to provide outstanding, reliable services and business strategies that will assist you in achieving your business goals.

#2 Provides Accurate Financial Analysis

Financial analysis is the foundation of making crucial business decisions. While its inclusion allows you to manage cash flows and monitor your company’s financial health, its absence increases the risk of making wrong financial decisions.

Our team of CPAs and financial advisors specializes in providing accurate and in-depth analysis of your business, which serves as the basis for giving you the best and most beneficial financial advice.

The financial consultants of The Bookkeepers R Us also conduct reliable assessments to help you determine your company’s performance, sustainability, and growth. Even better, our team guarantees to assist you in envisioning long-term success for your business.

#3 Offers a Diverse Range of Financial Services

The Bookkeepers R Us offers a complete range of accounting, tax, and bookkeeping services in California. Our expert team of accountants and financial consultants is always ready to address all your business needs and help you generate more sales to acquire a higher ROI (Return on Investment).

It is in our best interest to assist all clients in organizing financial records and books of account, as well as creating efficient internal accounting procedures. You can also expect our CPAs to be equipped with trustworthy cloud-based technologies to build an effective accounting system suitable for your business.

Check out The Bookkeepers R Us to learn more, and explore the services that offer big and small business solutions here in California!

#4 A Cost-Effective Service

As one of the reliable bookkeepers in Los Angeles, The Bookkeepers R Us is known for its affordable tax and accounting services. It is one of the firm’s dedicated tasks to reduce costs while increasing revenue in numerous industry associations.

With business-oriented financial experts and certified public accountants, your company can avoid expensive noncompliance fees from taxes, evaluate cost savings, manage cash flow, and develop the most effective way of maximizing profit.

Entrust all the accounting, tax, and financial work to one of the most reliable and affordable record-keeping in Los Angeles, and focus on what matters to you the most.

#5 Value Customer Importance

The Bookkeepers R Us is committed to serving every individual, business, and organization with the highest quality of customer service. It is the utmost priority of the team to deliver client satisfaction as you run your company.

Our accounting professionals adhere to the strictest ethical and professional standards. As a result, they are active and credible members of regulatory committees, industry associations, and educational programs.

While you benefit from the most efficient accounting and bookkeeping strategies that will boost the profitability of your company, The Bookkeepers R Us will provide you with the finest level of assistance and customer care.

The Bottom Line

As a reputable and trustworthy CPA firm, it is our utmost duty to make your life easier and help your organization reach its fullest potential by offering a range of dependable, affordable, and useful financial solutions.

Let experienced accountants handle the legwork for you as you obtain accurate financial analysis, legal counsel, efficient tax planning, and a better internal control system. All to result in long-term business success!

Our team of professional financial experts are always ready to provide trustworthy services accompanied by the best level of customer care that promotes clients’ success. We value your dedication in operating your business.

Now is the time to put your vision into action by establishing priorities and directing your business towards definite success.

Hire trustworthy bookkeepers and the most reliable record keepers in Los Angeles! Call us now!

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When Should You Hire a CPA?

There are critical times when your small business requires the services of a CPA (Certified Public Accountant), from selecting a company structure that allows you to save the most money on taxes to offering advice on a significant business move.

As a small business owner, you may find it challenging to determine when to outsource tasks and when to manage them yourself. This is especially true if you’re looking for a certified public accountant (CPA), if you’ve recently established your business or if it’s grown beyond expectations.

While you can easily handle day-to-day accounting on your own, especially if you have decent accounting software or a bookkeeper, there are times when the knowledge of a CPA may help you make wise business decisions, avoid costly mistakes, and save you time.

When to Hire a CPA

#1 When Your Business is Starting Off

Accountants can assist a small business at different stages of growth. To get your business off to a good financial start you need to consult a CPA. Your accounting and tax reporting responsibilities will be determined by how you register and run your business for the rest of your career.

A CPA may evaluate your business plan, ensure its financial viability, and assist you in preparing a budget to carry it out. If you intend to manage your day-to-day bookkeeping at first, a CPA will also point you in the direction of the best software choices for your specific business plan.

#2  When Filing Taxes or Being Audited

Whether you run a sole proprietorship or a corporation it is a given fact that tax season is a business burden. It is full of risky and expensive mistakes when done incorrectly. Long before the deadline for filing, business owners need to have a second pair of eyes to review their tax forms.

You can assign your tax-related tasks to an accountant, tax preparer, or a CPA who can perform both of these functions in order to spare yourself the hassle. CPAs handle both personal and business taxes, and they are skilled at navigating tax season, reducing your responsibilities, and protecting your company in the event of an error or tax audit. Also, it is best to hire an accountant before an audit happens, especially if you can find one who would provide audit insurance.

It is essential to be reminded that not all accountants prepare taxes so before outsourcing a professional be sure to find out whether tax services and protections are provided.

#3  When You Apply for a Loan, Grant, or Other Funding

Even for business owners with a track record of profitable operations, applying for a business loan and other forms of funding can be difficult. Establishing credibility is the first challenge, which is particularly challenging for new firms and startups. However, a CPA can help you in staying on top of things and navigate the rough waters.

They will assist you in evaluating various strategies for establishing business credit and directing you to low-risk options. Even better, a CPA can help you in narrowing the field of loan options to those that are best suited to your budget such as choosing between a microloan or a standard term loan.

#4 When You Require Assistance with Financial Planning and Analysis

Planning and analysis are two areas where accountants thrive. One of the main advantages of employing an accountant is having access to their depth of financial knowledge.

This is especially true if you work with a CPA who has experience in your field or industry. You can involve them in any financial decision or goal, such as buying property, merging with a rival business, or cutting operating expenses.

#5 When You Need to Save Time

Managing your time can be challenging, especially when you’re facing many deadlines, clients, and complex client tasks.

If daily duties like tracking expenses, verifying transactions, data entry or processing receipts are taking up your time, a bookkeeper could be the right fit for the job. However, if you require a front-line professional to analyze your company’s operations, trends, costs, and revenue on a regular basis, it may be time to hire a CPA.

Time is an important resource, and hiring an accountant may simply come down to how much time your business can save.

The Bottom Line

As you can see, accountants can assist you at every level of your company’s growth. The right accountant should make your life easier so you can focus on what you love.

There is no exact science to knowing when to hire an accountant. However, there are some clear cases where it makes sense to use their skill set. When starting or growing your business, creating a financial plan, evaluating business reports, or applying for funding, consult with an accountant.

Understand your financial situation and make your money work for you and your business. Outsource experts from The Bookkeepers R Us and get those stress off your shoulders! Call us!