Whether you’re starting a new business or have been in the game for some time, you cannot go wrong by seeking out the services of an expert accountant for your financial and tax needs. Let’s take a look at five common signs that your small business might benefit from accounting assistance in Sacramento, CA:
- You’ve started a new business: From the time your business is born, you can bet you will have financial questions about everything from bookkeeping to filing your taxes. You may even need assistance creating an organized business structure or need advice choosing the best financial options for you. This is where an accountant comes in, as having an experienced accountant on your side can only improve your chances of success.
- Your focus needs to be elsewhere: Many small business owners start out taking on multiple responsibilities. It could be due to a lack of funds to pay employees, or perhaps you are more comfortable keeping things in your control, but ultimately, you cannot operate an efficient business when you’re running in all directions. Or let’s say that your bookkeeping skills are good, yet it takes up too much of your time. All these reasons warrant hiring accounting assistance in Sacramento, CA to take the task of crunching numbers off your plate. Remember, fewer duties for you means you can free up time to focus on improving and growing your business.
- You don’t understand accounting: Running a business can be scary. If you don’t actually know what the definition of “accounting” is, or if financial reports and statements leave you scratching your head, then you’re better off hiring an accountant now to help you through everything financial. We’ve always been told to learn from our mistakes, but if you make mistakes with your business taxes, you can plan on the IRS knocking at your door. Avoid this by hiring a third-party firm.
- Your tax knowledge is very limited: If your tax knowledge is limited, you can rest easy knowing an accountant’s job is to always be up on everything there is to know about the financial aspects of your small business. Because you are not an expert—and there are so many different tax laws to remember—you may unintentionally file your taxes wrong, either with the wrong numbers or the wrong forms, and this can lead to costly fines and penalties. An accountant will make sure all tax regulations are followed and that you take every deduction and tax credit you qualify for. They can even file for you!
- You’re getting audited: From big errors to many smaller incorrect records, you can bet that the government is going to catch mistakes on your business taxes and send the IRS after you to collect what is owed to them. To avoid audit red flags, your bookkeeping must be free of mistakes. Should you find yourself in an audit situation, bring in an accountant to go through your records and accounts so they can write up a report with the missing information.
Need small business accounting assistance in Sacramento, CA? Contact the team at Yoder & Co., CPA today to learn more about the many types of financial services we can provide.