From Taxes to Budgets: An Accounting Blog

Posted on: 24 May 2023

As a small business owner, you'll need to manage all your financial details like you would if you ran a larger company. If you are not experienced with accounting or just want to save time and energy by letting someone else do your accounting work for you, a knowledgeable accountant can be hired to assist you. When you hire an accountant who's experienced in small business finance management, you can receive ongoing support with the following tasks.

Business Plan Setup and Revisions

When you start a business, you should always have a solid business plan, and this plan should be reviewed frequently and revised as needed. An accountant can help you manage the financial side of your business plan so that you'll know where your business stands financially and how you should be spending your money. If you have a financial advisor, your accountant may collaborate with this professional to help you create and implement a business plan that will likely be the most beneficial for your company. 

Tax Preparation

Tax preparation is an essential part of running a business, and an accountant who's experienced in small business financial management can assist you with every detail. From filling out tax forms to claiming the right deductions, a seasoned accountant can oversee a wide range of responsibilities so that your tax information will be accurate and submitted on time. The most thorough small business accountants also stay up to date on the latest tax regulations. If your business is ever audited by the IRS, your accountant can assist you with the process.  

Payroll

In-house bookkeepers are usually responsible for payroll management, but a small business accounting professional can also oversee this responsibility. Your accountant will make sure that all employees on your payroll are paid on time and that the correct pay rates and paycheck deductions are taken into account. A knowledgeable accountant can also help resolve any payment disputes that sometimes arise between employers and employees.

Accounts Payable and Receivable

An accountant can determine how much money your business owes and who owes your business money at any given time. You might have forgotten about some of the money that your business owes to creditors or suppliers, and an accountant can make sure that your bills are paid. Clients may also have outstanding balances, and your accountant can inform you of any payment delinquencies and help you get the money that's owed to your business.

You don't have to manage your money matters on your own as a small business owner. An accountant who provides small business finance management services can handle many of the tasks that need to be done to keep your company financially afloat.    

For more info about small business financial management, contact a local company.