Whether you’re in the start-up phase as a business owner or looking to grow your company, an accountant can be especially useful with strategic planning. For example, hiring an accountant ensures that you choose the right structure such as sole proprietor, limited liability company, or partnership right from the start. 

Your accountant can also assist with such tasks as opening a checking account for your business and teaching you how to perform financial functions to ensure that you comply with federal and state regulations.

Go Beyond Tax Preparation to Strategic Tax Planning

Perhaps you already work with an accounting service to prepare your annual business tax return. If so, you’re in good company. According to the Small Business Annual Accounting Report for 2019, nearly three-quarters of small businesses outsource this task. 

Did you also know that your accountant can help you with strategic tax planning throughout the year to reduce your tax burden or increase your refund? With tax law changing frequently, staying on top of potential deductions and credits throughout the year can save you a considerable amount of money at tax time.

Your Accountant Can Help Your Business Grow

Starting and launching a new small business is exciting and time-consuming. Once those initial activities settle down, you may already be thinking about how you can expand your business. If you have done any research at all, no one needs to tell you what a monumental task this is. Here are just some of the ways an accountant can assist you:

  • Provide detailed insights on improving cash flow, financing options, inventory management, and other essential business topics.
  • Give you advice on procuring property and purchasing large pieces of business equipment.
  • Help you prepare quarterly and annual revenue forecasts to determine how well your expansion plan fits into your estimated budget.
  • Assist you if you plan to sell your business, purchase another company, or merge with another company.

Opportunity to Outsource Your Payroll

Does the work involved in paying employees regularly and all the regulations that come along with that job get you down? Then you may want to consider joining the approximately 50 percent of other small business owners who already outsource payroll. 

Not only is this more convenient, it can save you considerable money in fines if you don’t comply with hundreds of payroll regulations at the federal, state, and local levels. With your accountant handling the preparation and distribution of employee paychecks as well as the regulations, you rarely need to give the matter a second thought.

Nolan Accounting Can Assist You with These Tasks and More

Accounting is just one of many services we offer to help small businesses thrive. We invite you to contact us today to learn more about business consulting, tax planning, and each of our other services.