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Should a Small Business Owner Secure an Accountant?

July 27, 2016

There are several reasons why a small business owner would hire the services of a tax accountant. This is especially essential as the small business goes through various stages of development. The small business owner may need help with business planning, bookkeeping, and tax audits. In comparison to the peace of mind that this provides, the extra expense to having a tax accountant is worth it in the long run.

The Affordability
Some business owners may shy away from using a tax accountant. It is possible that the expense may be their primary reason. However, it is important to have a tax accountant handy because you never know when you will need one. If you are working on a tight budget, you can hire a Denver accountant for a specific task as opposed to full time service. Many of them will work within your budget, providing the necessary services that will get you by.

The Benefits
However, when considering whether you should use the services of a tax specialist, you should bear in mind the value that you will receive. There are several benefits such as:
  • The time you will save
  • Peace of mind
  • Work that is free of errors
  • Other services that you can take advantage of
Yes, some accountants offer more than just doing your taxes. You will save yourself a great deal because in business, a professional accountant is always a plus and not a negative.

Other Services
As mentioned, some accountants offer other services such as writing your business plan and doing your bookkeeping. These days, accounting software is used to accomplish the task of keeping your books accurate. You can ask for financial projections and estimated tax payments from your accountant. A business plan provides a blueprint to where you would like to see the growth of your business in future years. The estimated tax payments gives you an idea of how much taxes you will owe at any given period. Both of these services will save you time and money, both long term and short term.

The Business Structure
An accountant will assist you in choosing and filing the kind of structure you want for your business. This could include:
  • Sole Proprietorship
  • Limited Liability
  • Corporation
  • Partnership
You will be guided as to which structure will benefit your particular business. You will get an explanation of the legalities involved in each of these business structures to reduce liability.

Financial Direction

If you took on your own business accounting, it could really get out of control, especially if you do not have the kind of extensive knowledge that is required. When it takes time to file your taxes, you may get into a panic of whether you are doing it the right way or not. In addition, the tax laws change every year and most accountants stay abreast of these things. When you give this responsibility to a tax accountant, it relieves you of the burden and it gives you more confidence. Your revenue will be monitored on a continuous basis so that you are aware of your financial standing at all times.

If you are looking for a relief from handling your own taxes, it is time to consider a Denver tax specialist like Bloch, Rothman and Associates. Contact us at 303-321-7160 today.