Just How Beneficial is Your Business Tax and Accounting Service?
Most small business owners do not realize how far the scope of tax and accounting services can extend by their financial advisors and accountants. Most of the time, small business owners only rely on their accountants during tax season. While tax season is a considerable portion of accountants’ jobs, utilizing their full services and knowledge base is crucial if you want to see your business thrive.
Are Your Tax and Accounting Service Providers Keeping Your Records Accurate?
Accountants offer many important financial services year-round, one of which is bookkeeping. While bookkeeping may seem like a no-brainer, when it is done right, it has the power to change your business drastically for the better. As a business blossoms, financial pressure can take a toll on the owner. Poorly managed resources can lead to big trouble if not checked as soon as possible. Your accountant should help manage your books which can lead to the growth of your business and profit.
Good bookkeeping practices can:
- Help you save for a new workspace – renting or buying
- Ensure your business can afford a new hire when needed
- Guarantee the likelihood of expansion of products and services
Now, let’s take a look at accounts receivable. If your books are not accurately monitored, you might not be paid what you are owed. Some business owners implement late fees and other surcharges depending on the industry; those additional fees might make a big difference in their income. Without proper bookkeeping, you could risk missing out on funds you are regularly used to receiving.
Does Your Accountant Actively Research and Find Funding Opportunities?
A good accountant will help you steer through small business loans. They should be offering suggestions as to how to make your business more likely to be accepted when applying for loans and other funding opportunities. Your advisor will likely assist you not only in creating a solid business plan but in the execution of that plan as well. For example, simple savings and credit checks are good places to start recommended by most advisors.
What About Investments?
Does your accountant help you with investment opportunities as they arise? Maybe you’re interested in stocks. Do you feel you’re getting an adequate amount (if any) of information from your advisor? Most financial advisors have years of experience dealing with stocks and other vehicles of investment; there should be no issue in finding opportunities to make more money by investing, leading to more money in your pocket.
Does Your Accountant Offer Good Feedback?
Your advisor should be able to advise, simple as that. They should offer solutions to increase your profit margin. Additionally, you should expect your advisor to give you relevant information on the progress of your business in relation to other businesses in your area’s market. They should be able to assess areas in which you could improve your business model and increase profitability.
Victoria’s Premier Small Business Accountants
Bumgardner Morrison is the Crossroads number one choice for tax and accounting services. Our team is filled with the best CPAs and financial experts in the area. Our goal is to help make your business the most lucrative it can be while empowering peace of mind. Ready to get started? Fill out this form and let us help you take your business to the next level!