When growing a small business, the truth is that there are many stages in which an accountant can be useful. Keep in mind that you may not need a full-time accountant. Hiring an accountant part-time, or outsourcing accountant services, can be beneficial if you only need a few hours’ worth of advice.
For example, an accountant's knowledge and experience in filing corporate taxes is worth their cost in labor. You’ll have peace of mind knowing your taxes are filed correctly and your time can be spent toward benefitting your business in other ways.
YOUR GRESHAM BUSINESS CAN USE THE ASSISTANCE OF AN ACCOUNTANT FOR THE FOLLOWING:
When you need advice on a business plan. An accountant can add important financials to the business plan of your Gresham business such as projections and other reports that will figure into strategy and growth. Knowing the numbers behind implementing your plan will make it more likely to succeed. Although making a business plan is done early on, hiring a professional accountant at an early stage of your business’s life will mean you have the benefit of their financial knowledge right from the start. This could ultimately save you time and money later in your business’s life.
When you need advice about your company’s legal structure. Different types of business have different types of legal structures and they can vary from state to state. You need to carefully consider which type best suits your business. Each one has its benefits and drawbacks. For example, as a sole proprietorship, you are self-employed as the owner and may be able to offset some of your living expenses against taxes. However, you could also be held personally liable for any business-related obligations. If your business fails to pay a supplier, defaults on a debt, or loses a lawsuit, the creditor could legally come after your house or other personal possessions. A limited liability company stricture, on the other hand, limits your business assets to those owned by the business so your personal assets are protected. Your accountant can explain these different business structures and help you figure out which structure is best for you.
When you need help with finances. Accounting can seem easy enough when your business is just starting out, but as it begins to grow it can quickly become complicated. If you feel that you’re in over your head and can’t keep your finances straight, it’s time to hire an accountant. An accountant can help you keep track of what you owe and what’s owed to you. He can manage payroll and cashflow and share the information with you. Cloud-based accounting software makes it even easier to share accounting information. Your accountant can help monitor the pulse of your business and be able to break down the finances in a way that is easy for you to understand.
When you’re ready to delegate. Many small business owners value the freedom and control that comes with managing a small business. Too much control, however, can lead to being overworked. Owning your own business may require you to delegate certain jobs to other people. You need to take on help to allow your business to grow. A good start is to delegate your company’s financial affairs to a good accountant. Handing over your company's finances to someone more experienced in accountancy than you are will allow you more time to concentrate on other aspects of your business.
Business & Accounting Solutions offers quality accounting services in Gresham. We offer a wide range of outsourced CFO services to our Gresham clients. We bring extensive knowledge and experience in bookkeeping and other accounting services. We are certified in cash flow, finance consulting, and more. Contact us or call at (503) 710-6213. Know someone in need of CFO services? Consider our referral program.