Whether you have a small business or you are starting up a business on a limited budget, you must have been looking for ways to cut down your business expenses. Well you are not the only one who is struggling to do that. At some point of time you might also have considered handling your accounting department all by yourself instead of hiring an accounting professional. In case you have sufficient knowledge on accounting or have an accounting background, this might be a good idea to reduce costs. However, only knowledge or understanding accounting would not help you much here as experience is equally important in handling your own accounting system. Lack of experience in accounting can seriously harm your business in long run.
If you are a small business owner and still unaware of the importance of a professional accountant in your business, here is a list of things that an accountant Mississauga can do for your business.
At the initial stage of your business
When you step into the world of business, you need to pass through multiple steps to strengthen the base or foundation of your business. At this initial stage, an accountant can help you by doing the following
- Understanding the best business structure based on the situation
- Helping you make a financial analysis of your business plan
- Assisting you with the suitable type of accounting software that your business may need
- Offering useful assistance and advice on opening a business bank account
- Advising on ways to keep the record of your regular financial transactions during various business activities
- Ensuring that your accounting system fulfills the government rules and requirements
- Making you understand the need of keeping personal and business expenses separately
Regular business operation
Once your business takes a successful start, you need to maintain the accounting system that your accountant has helped you build up. Here also your accountant can help you in many ways by
- Explaining your financial statements so that you can be aware of what is coming in and going out of your business
- Supervising company payroll and payment processes
- Giving you useful advice on estimated tax payments you should make throughout the year
- Helping you determine when and to whom you need to send W2 and 1099 forms
- Compiling and submitting your taxes, financial reports, and other necessary paperwork to the IRS.
- Closing out your books and making financial reports at the end of the year.
Business growth stage
When your business finally reaches to the growth stage, your accountant can help you in many ways to manage the entire process. Apart from this an accountant also does the following
- Help you identify areas for growth by offering insight on cash flow patterns, inventory management, costing and business financing.
- Offers advice on property, equipment leasing and purchase.
- Help you save yourself from getting audited by the IRS.
- Help you prepare for an audit and guide you through out the process, if needed.
- Make useful financial forecasts to help you make better decisions in your business.
- Work with you to frame up a business budget that will help you achieve your business objectives.
When it comes to your business finances, the first thing you need to do is to identify the time to adopt professional accounting services and find an efficient accountant who can help you maintain the fiscal health of your company.