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Small business owners are very busy attending to the day-to-day needs of their companies. Accounting matters are sometimes the last things they think about at the end of the day or month.
Accurate accounting is an absolute necessity for any business, and especially so for small operations where an overlooked accounts receivable can put a dent in operating capital. An overlooked accounts payable may mean paying a vendor an additional late fee. If your business’ accounts are out of line, this could spell trouble in many ways.
Tax time is even more of a headache, especially when it is time to file quarterly returns. Filing deadlines sometimes fall at exactly the wrong time, such as during a major sale or a big production run.
And let us be honest. Some people are better at accounting than others. If you dread facing those long columns of figures and feel sleepy whenever the words “income statement” are mentioned, finding someone else to handle the accounting details is a very attractive idea.
If you own a small business and your payroll does not include additional administrative staff, retaining an outside accounting firm makes good sense. Keep good day-to-day records, hand them over to your accountant when necessary and go back to running your business. It is that simple.
An accountant with a real physical presence is more comforting than an impersonal software accounting program. Accountants speak plain English. Software programs can be riddled with problems that can only be solved by consulting an incomprehensible manual. This is not exactly what you need when your business demands your immediate attention.
Of course, if you are relying on someone else to handle monetary matters, your accountant has to be very skilled and very trustworthy. If you ever run afoul of the IRS, you need an accountant who will stand beside you.
Small business owners may want to choose a single accounting firm that can handle all their needs. A firm with Certified Public Accountants (CPA), Enrolled Agents (EA) and accountants covers all your business’ tax and accounts requirements.
Even better, a quality accounting firm stays abreast of constantly changing federal and state tax laws and regulations. If there is a problem with any of your tax filings, an accountant will know how to deal with it, relieving you of the burden of sorting it out by yourself.
Choosing a well-rounded accounting firm for your home-based or small business can be challenging, especially if your options are limited or if your telephone book yellow pages are awash in accounting firm ads. You may have a hard time selecting the right one.
Selecting a nationwide and well-respected firm such as 1800 Accountant gives you access to experts who are knowledgeable in all areas of accounting and taxation.
It takes years to qualify as an accountant, which says something about the complexity of the job. Some accounting tasks are very simple, but many others are incredibly complicated.