- Created: Sunday, 20 May 2012 22:34
- Published: Sunday, 20 May 2012 22:34
When you are operating as a small business, most small business owners like getting the help from an accountant to prepare their taxes, but that is all. However, as a small business, accountants aren't just for taxes. If you are having trouble with the following issues, you might consider an accountant's help in the matters.
1. Choosing a business entity: This is most important in starting up your company. You want to make sure you choose the right type of entity whether it be a sole proprietorship, partnership, C corporation, S corporation or limited liability company. Accountants have the experience in helping you decide what is best for you.
2. Bookkeeping: You want to be confident in the recording of financial information that is done to your books once you send your information for taxes to your accountant so getting up to speed by getting training with an accountant or hiring an experienced bookkkeeper will eliminate problems once tax time comes.
3. Payroll: Should you be doing payroll? Are you required to? These are some of the things an accountant can answer for you to get you on the right track with your employees and yourself as a business owner.
4. Business valuation: Do you know how your company is doing as compared to your competitors? Have you ever done a ratio analysis on your company's financial numbers? An accountant is also useful in helping with helping to steer you to valuing your company and analyzing it for you.
5. Upgrading and updating: As your business grows, you may require more specialized accounting systems for your business. An accountant can help you determine what is the best system for you.