Almost 80 percent of small businesses fail within the 18 months of being up and running. This oftentimes is due to poor financial management. To make matters worse it is reported that 53 percent of small businesses have opted to not use an accountant at all. This is a major contributing factor as to why so many small businesses fail. Without an accountant, it can be really challenging to know exactly where your business stands. Accountants can help you with your financials and save you the headache of trying to figure them out for yourself. Here are some reasons why your small business could benefit from an accountant:
No matter the type of industry your small business is in or the types of products/services you sell, a reputable finance broker can help your brand succeed by ensuring your finances are working for you rather than against you!
Ensure You Get all Your Tax Deductions
Every small business owner wants to make sure that they are getting maximum deductions on their taxes. Without an accountant it can be hard to know how exactly to do that. Usually, small business owners are scrambling to find ways to get their deductions, but by the end of the year, it is too late to get that figured out. However, with an accountant, they can easily identify possible deductions so that you can get maximum deductions. Cooper Norman wants to help you do just that. They know how hard you work as a small business owner, and they want to help you get maximum deductions on your taxes.
Save Your Time
As a small business owner, it may seem to be too expensive for you to invest in hiring an accountant to help with your finances. This, however, is typically not true. If you sat down to think of all the time that you must spend on your finances, and the potential mistakes that could be made because you are doing them yourself. As a business owner, your main priority should be on your business. You should not have to worry or stress about the finances. It is beneficial to invest in people who can help you run your business smoothly, rather than having to worry about everything yourself.
Avoid Getting Audited
One common mistake that small business owners make when filling out their taxes is making too many mistakes. The common mistakes that warrant audits include being too charitable or having an excessive number of write-offs. Hiring and using an accountant not only during tax season, but also year-round really helps you to know what exactly can be written off or can count as charitable deductions. This will help you avoid being audited, as there will not be so many red flags for the IRS to audit your business.
Although you as a small business owner have been doing your finances for your company,that is not always the best way to go. Many small businesses fail due to their finances and the lack of experience and knowledge in accounting. It is so beneficial to have a professional, experienced accountant that can counsel you and help you through any problems that you may have concerning financials in your small business.