4Ways Accountants Can Help Small Businesses With More Than Tax Filing

Saving money is sometimes hard when you’re running your own business, and it can be easy to think that by not hiring a tax professional to handle your accounting, you’ll save money. However, the opposite is almost always true, since a lack of accounting knowledge and time to devote to the many accounting tasks associated with running a business, often results in a loss of money.

Helping with more than just taxes

Modern accountants are able to provide their clients with a wide range of services that encompass much more than tax filing and bookkeeping, although these might be the first services that spring to mind when you think of accountants. Able to offer financial and advisory services, too, with their help, your business could improve profitability and scale up with ease. You could even seek their support with accounts payable and accounts receivable, employee benefits and HR, and even software recommendations and business consulting.

With many companies offering their services remotely, too, you can benefit from all of their wisdom and experience, without the cost of a salary and everything associated with that, such as health insurance and retirement plans.

If you’ve yet to invest in an accountant, here are 4ways in which they could help your small business:

1. Guide you towards the right business structure

The type of business structure you choose can have a significant impact not just on how much you’re required to pay in taxes, but what paperwork you have to file, and your personal liability. For guidance on choosing the right structure from the outset, or if you want to change to a different structure, it’s important to have professional guidance so that you fully understand the tax consequences and any other implications of your decision.

2. Help you with budgeting and forecasting

Success as a small business can only come from accurate projections related to cashflow, and from finding ways to optimize cashflow with insightful analysis of your business’s spending, coupled with a rebalancing of the budget and debts. An accountant can help you with all of this.

3. Process payroll

Even a business with a small number of employees must get payroll right, and if they don’t, hefty fines and potential liabilities can easily be incurred. Complicated and often highly challenging, don’t risk your entire business by struggling to process payroll alone; seek help from an accounting professional instead.

4. Assist with tax planning

With several different tax strategies to choose from, picking the right one that will provide you with the most benefits, isn’t always straightforward. With an accounting professional at your side, however, they will help you lower your tax liabilities and ultimately, save you money.

If you’re contemplating hiring an accounting professional to assist you with your tax filing, you’ll be making a sensible choice, as there are so many other valuable ways that they can assist you professionally, that your investment is sure to be a worthy one with fantastic returns.

At Heyer Inc, we proactively assist our individual and small business clients in meeting their goals. Our key area of focus is ensuring that our clients remain compliant with federal and state tax laws by providing them with high quality accounting and tax services Miami. If you are looking for an individual accountant in Miami, heyer inc would be a right option.