8 Important Accounting Services That Will Help Your Small Business Succeed
Every small business owner starts his/her enterprise with a desire to succeed. However, success doesn’t come overnight nor is it easy to achieve. As renowned architect Frank Lloyd Wright said, “I know the price of success: dedication, hard work and an unremitting devotion to the things you want to see happen.” Achieving success doesn’t mean doing everything yourself. Especially important to long-enduring business success is securing expert accountant help.
What is Success?
Success can mean many things. It certainly includes meeting financial goals—positive cash flow, profitability, return on investment, funds to grow and extend the business. Success can involve doing what you love, achieving personal fulfillment and happiness. It can mean making a difference and contributing to the human condition. Whatever the goals, financial aspects are critical to success. That’s where accountant help becomes very important.
What Accounting Services Do
Accountant help goes beyond simple bookkeeping. An expert accounting service can provide valuable assistance to a startup, from advice on legal structure to identifying startup operating costs, forecasting revenue and identifying lending services. Accountant help can result in running a business smoothly, with competence and confidence. Specifically, accountant help can include:
- Assistance with business strategy including creating goals and establishing performance metrics to focus on.
- Developing a smart and specific budget so that the business doesn’t try to function using vague numbers or informal estimates.
- Accounting for accounts receivable, accounts payable and dealing with invoices, including unpaid invoices and collections.
- Helping to manage inventories so that there is a wise determination about running out of stock versus holding excess inventories.
- Managing cash flow, cash flow trends and dealing with debt management.
- Handling payroll preparation and the complex aspects of withholdings, payroll taxes, insurance requirements and government paperwork.
- Assistance with loan applications.
- Dealing with the huge and daunting area of taxes including:
- Examining ways to lower tax exposure.
- Helping to deal with old tax debts.
- Installing reliable record keeping.
- Helping to avoid audits.
- Completing and filing tax returns on time.
The benefits of expert accountant help include making your business much more efficient functionally as well as in terms of costs. You can get reliable records and develop a process of effective financial reporting review with key performance indicators. And the power of technology used by a professional accounting service provides the reliability and efficiency of good systems.
How to Hire an Accounting Service
Securing expert accountant help isn’t far from your fingertips. Start by defining your accounting service needs in terms of how much assistance you need to start with and envisioning how your needs will grow over time. Determine how you will work with and communicate with them. Next, secure some recommendations from friends and your current financial institutions. Then:
- Review their capabilities and industries where they are experienced.
- Look at their reviews and recommendations.
- Interview your candidate(s) to ensure a match with your personality and your business standards. How will they work? How will they handle important issues? How comfortable do you feel with them?
- Inquire about their availability and get a good sense of their cost structure.
Get Expert Financial Assistance That You Can Rely On
Contact Doerhoff & Associates, CPA, based in Jefferson City, MO for professional financial, accounting, and financial statement assistance that you can count on. Doerhoff & Associates has one goal in mind, to provide comprehensive business accounting services designed specifically for your success.