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A visiting blog by Chelsea Lamb
Starting a business can be tough, even if you feel you’re prepared. There are so many aspects to look at from day to day that it’s easy for things to slip through the cracks, especially when it comes to your finances. Invoices, payment system errors, and tax info can cause major headaches if they aren’t taken care of right away; even the employees you hire can affect your financial well-being.
That’s why it’s critical to have a professional accounting service on your team. Many small business owners believe these are only for larger companies, but working with an entity like Adjuvancy can help you avoid issues both large and small and stay on the right side of your financial plan. Read on for more on how utilizing a pro accounting service is beneficial for small businesses.
They can help you avoid major issues at tax time.
Even for small businesses that have a simple financial structure, tax time can be tricky. For one thing, you’ll likely want to form an LLC, or Limited Liability Company, to protect your business and keep it separate from your personal finances. This will ensure that any debts or lawsuits won’t affect you, and LLCs also create less paperwork for your business than a corporation would, allowing for a more streamlined way of running things. However, a Virginia LLC taxes the individuals who own shares in the company rather than the company as a whole, so you’ll need extremely detailed accounting records to ensure there are no issues come tax time. Keep in mind there are other business structures that may be a better fit for your company, including S Corps, C Corps, and Partnerships. Your accountant can help you identify the right set-up for your small business.
Your company will also be responsible for unemployment tax for employees, an annual state business registration fee, and sales and use tax for any products you sell. When you’re just starting out in business, these taxes and fees can be confusing or overwhelming, so it’s important to have a professional’s guidance as you start the process, especially since they can also help you find tax write-offs.
Save your precious time
As a small business owner, your time is precious. Hiring a professional accounting service will not only ensure that your taxes are in order, but it will also help you save time so you can focus on other tasks. As many small business owners tend to try to juggle everything themselves, they often put themselves at risk for burnout and stress, not to mention less free time to spend with family and friends. Do yourself a favor and let a pro take over your accounting needs so you can check that task off your list.
Keep your finances in check
Because you’re so busy running your business and constantly tackling everyday challenges, you’re much more likely to miss expenses that can be pared down to save money, or a customer who hasn’t paid an invoice. Even the smallest financial issues can become monumental over time, so it’s a great idea to have an accountant who can watch your back and catch those little problems before they wreak havoc, as well as help you figure out a projection for your future cash flow.
Get organized
One of the reasons an accountant will notice those little issues is because they have the skills to stay organized and keep your books in good shape, which means you never have to fear being audited or having to search through your records for a particular transaction. It’s also important to keep things neat and accessible on your end, especially if you run a home-based business.
If you have employees, it will be much easier to keep everyone on the same page if your accounting records are organized and easy to access. Not only that, a company like Adjuvancy can offer seminars and support on how to keep going even when your business hits a rough spot.
Having a professional accountant can benefit your business all throughout the year, in more ways than one. With targeted services and a company that offers support and financial advice, you can build a professional relationship that will help your own business grow and flourish.
Have a question for Adjuvancy? Call 703-548-1343 or email (info@adjuvancy.com) today to find out more about the services offered
Who is Chelsea Lamb?
Chelsea Lamb has spent the last eight years honing her tech skills and is the resident tech specialist and co-founder of BusinessPop.net. Her goal is to demystify some of the technical aspects of business ownership and entrepreneurship.
