How Can an Accountant Help Business?

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How Can an Accountant Help Business?

When you own a small to medium-sized business, you are very busy managing your growing company, attracting and retaining customers, and nurturing your brand. An Accountant can help you take a lot off your plate so you can focus on what really matters.

How Can an Accountant Help a Small Business or Solo Practice

As a small business owner, you may have hired an accounting firm to do your taxes, but accountants can help in a variety of other ways too. They are well versed in all the financial aspects of business and have a lot to offer, such as:

Financial Stability & Eliminating Errors

Money is often tight when a business is just starting out or in its first few years. That is why it is so essential to make sure you spend every dollar wisely and avoid making errors. A trusted accounting firm can take over your bookkeeping tasks to ensure everything is accurate and properly expensed. They can also help automate many of your routine financial chores.

Help with Financing and Loans

You may be surprised to learn that your accountant can also help if you need financing for your company. They may have connections with lenders, be able to help prepare your documents to submit to the bank, and help you choose the best avenue for business financing. They are backed by years of experience that you can depend on.

Contract Review

Many contracts have tax implications, and before you sign anything, you should have your accountant review the documents. They can advise you if a deal is a good long-term investment or when to stay away. 

Estate and Trust Planning

Planning for the future is something an accounting firm does best. They can help ensure that your assets are properly distributed upon your demise. 

Regulatory Reporting and Compliance

Many companies are subject to special statutes that require regular reporting and compliance. Accountants have experience helping their clients file reports and returns on time and accurately. 

Strategic Decisions – Virtual CFO

Growing your business takes solid strategic decisions. Accountants can act as virtual CFO and assist with substantial investment and growth opportunities so that you make the best decisions for your company. 

Tax Returns

Of course, accounting firms can also help you file your taxes on time and ensure you get all the deductions available to minimize your tax liability. 

Financial Reporting 

Financial reports show the pulse of your business at any given moment. If you don’t have a bookkeeper on staff, you can have your accountant prepare monthly financial reports so you can stay on top of emerging trends in spending or find areas for improvement. 

Who to Trust with Your Business

When you set out to hire an accounting firm, do your homework and find one that has longevity and a good reputation. Interactive Accountants have collectively over 100 years of experience and have helped many small businesses grow and flourish. Contact us today to see how we can help with your business.