Have you hired an accountant to help with your small business taxes and bookkeeping yet? If so, good for you.
If not, you really ought to hire an accountant as soon as possible. Hiring an accountant might be the #1 best thing you can do for your business.
2011 was the first year I did my taxes with the help of an accountant, and even though I’m “just” a solo freelancer and my business is relatively simple compared to larger businesses that have employees, inventory, depreciating equipment, and other tax-related minutiae, I am SO GLAD that I finally got around to hiring an accountant.
Here are a few reasons why (almost) every small business owner needs to hire an accountant:
- Hiring an accountant saves you money: Many small business owners are reluctant to spend money on anything that doesn’t seem immediately related to finding more customers and making bigger profits. But here’s the thing: no matter how much your accountant charges you, chances are that they’ll be saving you more money than they cost. Hiring an accountant can save you thousands of dollars on taxes. An accountant can help you set up your business to file taxes as an S-Corporation, which can help you avoid a lot of federal self-employment taxes that you’d have to pay as a sole proprietor. An experienced business accountant can make sure you get all the deductions and tax credits that you’re entitled to. They know the ins and outs of the IRS and the tax code far better than you can. No matter how complex your tax situation might look to you, your accountant has seen it before and can get you through it without a lot of stress.
- Hiring an accountant saves you time: How much is your time worth as a business owner? Every hour you spend fretting about taxes and trying to fill out the fields on TurboTax is an hour that could have been spent meeting customers, closing deals, developing new products, or improving your business. Working with a small business accountant can save you thousands of dollars worth of time – because in business, time is money. Every hour that your accountant saves you is an hour of your valuable time that can be put to better use doing what you do best for your business. Do what you do best, and outsource the rest. Accounting should be the first task you put on your “outsource list.”
IMPORTANT CAVEAT: Of course, just because you hire an accountant doesn’t mean you can ignore the financial details of your business. You still are accountable to the IRS for the financial accuracy of your business statements and tax filings. But an accountant can work with you as your trusted partner and counselor to deal with all the details along the way.
- Hiring an accountant gives you peace of mind: Sure, you could try to do your accounting by yourself, but unless you’re a CPA, doing your own small business taxes is a bad idea. Small business owners have too many other things to worry about, and most small businesses’ taxes are too complicated to do by yourself. Hiring an accountant gives you the reassurance of knowing that a professional is making sure that your taxes are done right and by the book.
Ready to hire an accountant for your small business? CorpNet is proud to partner with the Corporate Tax Network, offering services in tax preparation, bookkeeping and small business financial decision making support in all 50 states. You can get a free consultation by contacting the Corporate Tax Network through their website.
Ready to start a business and start focusing on what you do best? Talk to CorpNet for a free business consultation on how to incorporate a business. CorpNet’s free tools, advice and guidance can help you choose a business structure, form an LLC, set up an S-Corporation or other corporate entity to protect your assets and attain the corporate tax benefits and financial advantages of doing business as a corporation.