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Good Accountants And Small Business - One Can't Work Without The Other
Your accountant is one of the most important partners that you will have in helping your business become a success. And they do a heck of a lot more than file your taxes.
A good CPA will be your financial advisor and business planner, as well as one of your best networking contacts. They can help you avoid mistakes before they happen and put you in contact with the people who can help grow your business.
Here's five areas most accounting professional's excel in. Use them to your full advantage to help your small business.
Your Accountant Will Set Up Your Business Tax Structure Corporation, LLC, or a Sole Proprietorship. Which is the best corporate structure for your business? Most people have no idea. Many form the wrong structure because of lack of good advice. This decision can save you a small fortune in tax dollars as well as protecting your assets from litigation. A knowledgeable CPA will look at your situation and help you decide the best way to form your business. That leaves you free to build the business. Getting customers and making money is way easier without the back office headaches created when your business structure isn't appropriate for your circumstances.
Your Accountant's Advice Helps Grow And Manage Your Business Proper management structure, advertising budgets, profitability statements and more. Your accounting professional will provide you with the information you need to determine if your business is healthy or not. These kinds of statistics are a big help when trying to expand and manage your business. As an experienced business financial advisor, your CPA should have a wealth of experience dealing with businesses like yours, and will be able to help you determine the best path to a thriving enterprise.
Your Accountant As A Networking Contact Networking is a key element of running any successful small business. Your accountant can be one of your most important contacts. A CPA deals with a large number of businesses. This puts him or her in the position of knowing other good professionals you can use such as reliable lawyers or successful advertising partners. They can also be a good means of generating new business for your company. If you've developed a strong relationship with your accountant, when another client is looking for services that your company provides, your accountant will be sure to recommend you.
Your Accountant Will Give Personal Finance Advice Planning for and protecting your retirement. Deciding how much of a salary you can draw. Setting up trusts and planning for selling the business or passing it to your children. As a small business owner, your personal finances are irrevocably connected to your company's finances. This makes personal decisions about money, as well as filing taxes much more complex. Your accountant will be able to act as your personal financial advisor as well, with advice about everything mentioned and more.
When It's Time To Sell Or Franchise Your Business, Your Accountant Is Essential
If and when your company grows into a large entity, your accountant will still be there to help you. Your financial advisor will be able to give you advice about the technicalities of selling or franchising your company, including IRS guidelines, filing taxes, and evaluating assets. All of these issues become much more complex as your business gets larger and larger.
Selling or franchising a business can be a very complicated process. Any small mistake can be extremely costly, or even kill the deal. Having a certified accountant acting as your financial advisor will help you avoid any pitfalls that you wouldn't see on your own. This can mean the difference between success and failure when you're trying to move on to a new phase of your life.