What can the RIGHT accountant do for YOUR small business?
Choosing the right accountant can change the structure and the growth of a small business owner. They have great resource of having to interact with so many different industries. It is vital that small business owners position themselves to leverage this relationship to get the maximum impact of aligning with a firm that can provide resources in the form of referrals that can assist their clients with getting to another level. This can be done through networking, business planning, tax planning. It is integral to make relationships that will assist in getting to the next level of growth.
- Accountants are a great source of referrals. An accountant may have one client who is seeking financing and another who is looking for a good investment; the accountant can put the two together. Accountants can also refer other professionals, such as attorneys, bankers or insurance brokers, to small business clients. They may even refer customers.
- A good accountant can take on the role of general business consultant. Your accountant is, based on various polls, the most trusted adviser of your business. An accountant will tell you why it makes good business sense or doesn’t make good business sense. Do you have a problem with cash flow, internal controls, inventory pricing? You’re going to go to the accountant and ask for his or her advice and help in correcting the problem.
- Accountants do much more than just prepare tax returns. Your accountant should be involved in the planning stage of your new business and can offer advice on choosing a business entity, setting up bookkeeping systems and negotiating leases. Once your business is operational, your accountant is still needed to prepare annual information returns, do quarterly reviews and offer advice. The role of “Accountant” has changed from someone who would take a report and prepare a tax return to someone who is the reviewer of the information and a general business advisor.
PERSONAL TAX PLANNING
- Often, personal tax issues are closely related to and affected by business tax issues. Your accountant should be able to set up your business, maintain your personal tax liability and help you set up your retirement planning. You will find that your small business affects your personal tax position in many ways. It is beneficial to know how it will affect you ahead of time.