If you have a start-up business, bringing in an accountant can provide so many benefits. The most obvious, of course, is having an expert deal with the mountains of paperwork, not to mention the red tape and all. Yes, a good accounting will be able to do more for you than simply balancing your books.
Here are the most important benefits an accountant can provide your start-up business:
As a business owner and not an accountant, your time is your money. If you hire an accountant, you buy time to spend more on your business. Compare your per-hour rate to the cost of this accounting expert. If you are paid $150 hourly and an accounted charges $150 per month, that will be $150 well spent because there’s no way you can do all of your accounting responsibilities monthly in just one hour.
So many deadlines to keep track of, not to mention your clients’ deadlines. Remember, if you end up missing any of those dates, you will be fined and penalized by the IRS, which will be even more costly for you. Learn more about Philadelphia accounting, go here.
High-Value Information Source
The American tax code is not designed for individuals but rather for businesses, which are job creators. Moreover, the tax code is convoluted by itself, and it is completely safe to say that even if you do have a business, you will not be able to maximize your tax benefits unless you truly understand this code. And take note that the code is always evolving – what you understand now may be different next year. But there’s no doubt about one thing – taxes are not what you’re in business for. Find out for further details on Philadelphia tax planning right here.
Personal expenses are hard enough to track. What more when you add a business into the mix? Unless, of course, if you have an accountant who helps you monitor your cash flow and separate your personal and business finances. The IRS is actually quite tough on businessmen who mix the two. There’s a chance you’d trigger an audit, and the burden of proof in terms of establishing that the questionable expenses are indeed business-related, is all on you.
Business Growth Support
No business owner doesn’t want growth for his business. But the problem is when you love you business too much that your emotions get in the way of making rational and profitable decisions. We all know where there can lead, which is why hiring an accountant with a dispassionate view of your business, is usually a smart step.
Finally, when you hire an accountant, you don’t only have someone who will manage your books. It means that you will be getting other kinds of professional help in other areas too, such as business incorporation, financial reports, business deductions, and the rest. But of course, because accountants are not created the same, you need a bit of research to know who’s best for you.