Did you know most, over two thirds, of all small businesses fail within the first eighteen months? Why do you suppose they failed? Were they just not good at their jobs? Did the economy take a sudden and incredible dive? Most often the answer is that the business was not managed well financially, from the start. That’s not to say it’s the same for all businesses, but that’s the most common reason.
And, knowing that, so many small businesses still rely on internet software to manage their financials and to do their taxes. Now, it’s important to document everything, to document every penny that either comes or goes out of your business, but, it’s equally important to have guidance on how, in the scheme of things, those pennies are being spent.
If you have a small business deductions on your taxes count. You need them. And you need to maximize every single deduction. At the end of the tax year, you don’t want any money left on the table. Equally important is the accountant, when a business gets audited. And businesses with extensive write-offs are likely targets.
It’s not that you’ve done anything wrong, it’s that the IRS needs to make sure you’re doing everything right. And, while an accountant doesn’t “get you out of the audit”, you can be assured that he or she knows the ins and outs of your yearly finances, and can help you through the process.
Maybe the most important reason of all to hire an accountant is that they take some of the work off your hands. If you’re running a small business, you’re going to be busy running a small business. The time they take off your hands may be equal to the cost of hiring an accountant. You, the business owner, can maintain focus and determination in your daily goals, while your accountant ensures that some of the financial details are handled appropriately and professionally.
If you would like to speak with someone about setting yourself up with an accountant, for your small business, then call Practical Taxes today.
Practical Taxes is a full service accounting firm in Billings, Montana. We can help you get the most from your taxes, and make sure that you will get the maximum refund every year. But we don’t just do taxes! We can help with your bookkeeping, payroll, bank reconciliation, budgeting, and more. Give us a call at 406-894-2090 to learn more.