Is Bookkeeping the Worst Part of Business Ownership? Don’t Let it Cost You Everything

If you are one of the 40 percent of business owners that thinks accounting work is the worst part of owning a business, and you are spending over 80 hours a year trying to manage your own books, conserve your valuable time and outsource the work to small business accountants. Having an accountant doesn’t just save you time, but the accountant can make your business more profitable.

About 80 percent of entrepreneurs fail within 18 months of opening for business, and this is avoidable. The accountants are going to input your financial data, manage your bookkeeping and payroll, total the amount of money going out for expenses, and look at your profits. You will get financial statements at the end of each month, quarter, and as needed, to determine where you need to save money, and to see how profitable your business really is.

Small business accountants can help you reach profit goals by reducing spending, they can set a budget and payment schedule to pay off debts and gain equity, and they help business owners save money to invest back into the business. They work to keep your documents error free, and you don’t have to learn or buy the computer programs to manage your own books. You also get financial guidance and advice from a professional. All of these things are favorable, but it’s during tax time that the true value of an accountant is appreciated.

If you aren’t taking out the right amount of taxes, you make an accounting error, or you file incorrectly when you go to submit your tax documents, you can get audited. A tax audit caused by submission errors will cost money in legal fees, and it will take time to compile the financial information requested by the IRS. It can also put you at a higher risk for an audit in the future.

Small business accountants and tax preparers have your financial information compiled for the year, they know what expenses are deductible, and they attend annual conferences to stay up to date with filing changes. Throughout the year they will let you know if you need to donate, spend money on the business, or stop hiring for a more beneficial tax return.

The majority of business owners are already spending around $1,000-$5,000 for their small business accounting needs. Why not use this money more wisely, and let small business accountants at Goodaccountants.com handle your business finances to save time and improve financial success.

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