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| How an accountant can save your business money in tax time |
Do you use an accountant to prepare taxes or financial
proposals? If you want to save a little money instead of hiring an accountant
DIY, then you can get more value out of your savings. In the T Sheets 2019
Season Debrief, 88% of small business owners with employees say hiring an
accountant has done well. About 89% of business owners (those who do not have a
job) say this.
Benefits of tax accounting
About 58% of small business owners and 47% of individual
entrepreneurs hired to help in the most recent tax return. More than half paid
less than $ 300 for bookkeeping services, and 44% said they needed two hours or
less to submit their documents to the accountant.
Those who did not use the accountant, on the other hand,
spent an average of 8.8 hours on developing and presenting their taxes. How
does it calculate? Well, if you pay $ 100 an hour for your business services,
you could spend about $ 900 a day developing and filing your taxes - or you
could pay $ 300 to pay for your career.
There are many ways that hiring an accountant can save
you tax time.
Accountants provide the most up-to-date tax information to
let you know what your tax deduction is and how to reduce your tax liability.
(This is especially important after-tax legislation changes.)
Accountants know that tax avoidance will prevent you from
getting into trouble and can also serve you in front of the IRS if you take the
test.
When they prepare your taxes, your accountants may differ in
your ways next year to save more money when you file taxes.
How an accountant can help you all year long
Accountants can do more to prepare taxes. In fact, they can
be vital partners at all stages of your business.
Pre-launch phase: When designing your business plan,
you can use an accountant to help you set up the financial sector of your plan
and make sure all the numbers are added. This is especially important if you
are trying to get a bank loan or get a foreign capital. Accountants can also
advise you to buy or rent equipment, how to price your products and services,
and other key decisions that will help you increase your initial investment.
Getting Started: If your business is down, the
accountant can help you set up your accounting system, determine whether cash
or bookkeeping is the best option for your business and choose the right
accounting software for your needs. Especially if you are in a specialized
field, an accountant can be invaluable in choosing field accounting software or
even adapting software to your needs.
Growth Stage: As your company grows, the accountant
can help you implement a payroll system, evaluate the financial impact of
different types of employee benefits, prepare financial statements, and discuss
them with you and advise on how to improve your cash give.
Exit Stage: You may not want to think about the day
you leave your business, but accountants can help you prepare for this. Hiring
an accountant who can advise you on retirement plans and personal investment
can help you nest eggs. They can also help you increase the value of your
business if the sale is part of your retirement plan.
With today's large number of modern accounting programs and
more on the advancement of artificial intelligence, it seems you don't need a
body and blood accountant. However, another study by T Sheets has shown that the
number of programs that accountants pay more importance to accountants.
About 10 respondents said they feel comfortable sharing
sensitive financial information with the accountant, for example, only 1% feel
comfortable sharing it with AI accounting software.
Most small business owners do not begin with financial or
accounting experience, but good money management is one of the most important
factors and whether your business is successful or not. Having an accountant onyour side can change everything. Isn't it worth the cost?
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