Your small business's book work is critical to maintaining your financial security. You need to know what kind of money that you have on hand at any given moment. You also need to file your taxes and pay what you owe to the IRS on time each quarter.
However, as a small business owner, you may not have the time or skill to maintain your own books. You can instead hand off the most critical financial tasks for your company to experienced certified public accountants.
Keeping Track of Your Books
When you hire one of the certified public accountants in your area, you can hand off the upkeep of your books to them. Your CPA can figure out what kind of money that you have going into your business each day. They can also keep track of how much money that you are spending.
You can know what your cash flow looks like and how much money that you can afford to spend on necessities like payroll, inventory, and utilities. You can also know what invoices have been paid and what vendors or customers still owe you money. You can avoid going into debt because of not having updated books on hand to which you can refer.
Filing Your Taxes
Certified public accountants can also help your business file its taxes on time. As a small business owner, you are obligated to pay your payroll and business taxes every three months. Keeping this deadline, however, can be challenging when you are busy and focused on daily tasks like supervising employees or taking care of customers.
To ensure that your small business taxes get filed and paid on time, you can hand them off to a CPA. Your accountant can file your returns, tell you what exemptions that you can use to lower your tax burden, and inform you of how much that you owe to the IRS and state every three months. Certified public accountants are licensed and trained to represent small business owners in IRS audits. You can rely on your own CPA to act as your intermediary and advocate to avoid being heavily fined and unfairly penalized.
Certified public accountants can provide valuable services to small business owners like you. They can keep up your book work, track expenses and revenue, and file your taxes and represent you in audits. To learn more, contact services like John M Vlasac & Company.