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Starting Your Business Right: Clues You Should Be Using Professional Accountant

Starting_Your_Business_Right-_Clues_You_Should_Be_Using_Professional_Accountant

Staring a business can be extremely rewarding both personally and financially. However, it can also be confusing and risky, even in a robust business environment like Southern Utah. If you want to succeed long-term, it’s usually wise to get a little help from someone with experience. This is especially true when it comes to keeping your finances in order.

Most successful business owners get some good advice along the way. That doesn’t necessarily mean hiring employees, but it may mean finding a professional accountant or CPA. Accountants can clarify the regulations and financial nuances of opening a business. They can also ensure proper tax filing, track expenses and income, and basically keep you running in the black.

If you aren’t sure you need an accountant or are reluctant to retain one, these five conditions could be trying to tell you that it’s time to hire a professional.

  1. You’re writing a business plan. This is where a lot of people should hire an accountant, but do not. Your business plan needs to be financially sound and realistic, based on accurate projections and proper setup. Professional accountants have financial knowledge and insights that can save you time, money, and future legal troubles.
  2. You’re making money. Though it may take a while, when you start turning a profit it could be the perfect time to hire an accountant. As a matter of fact, according to Kiplinger’s, the more money you make, the higher your chances of being audited. In fact, just owning a business increases your risk. Wouldn’t you rather have an accountant you trust before you get audited?
  3. You’re confused about structure. The way you set up your business will have big implications for your future. Should you be a sole proprietor, LC, DBA, or LLC? Speak to an accountant about your goals, worries, and tax preferences. They can help you avoid unnecessary liabilities, and enjoy the greatest tax benefits from owning a business.
  4. You feel disorganized. Keeping track of expenses, invoicing, financial statements, tax deductions, and more can really throw a wrench in your plans for independence. If you’re beginning to feel overwhelmed, uneasy, or ready to delegate, it’s time to get some help. An accountant can stay on top of your finances and keep you up to date on what’s going on, without you having to babysit.
  5. You need cash flow. Most startups struggle with cash flow. Perhaps you need to find the leaks in your financial planning. Maybe you’re considering a business loan or overdraft. Before taking action, speak to an accountant. They can improve financial management for better cash flow. When getting a loan, they can provide essential data and help you decide which terms and conditions are best for you.

In general, any time you’re faced with decisions, experiencing growth, or have to deal with government regulations (hint: taxes), it’s best to have a professional accountant on your side. With help from an accountant, you can focus on the ideas and vision that brought you here, knowing you’re in good shape for future growth in Southern Utah and beyond.

 

Tax and Accounting Services in Saint George

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Any honest business owner wants to safely reduce their tax liability while keeping a close eye on their finances. Here in Southern Utah, there are plenty of tax services available to local businesses. If you’re a business owner or have a more complicated tax profile, you would do well to consider hiring a professional accountant to help you.

While weighing your options, you might wonder about what accounting firms have to offer. You may be surprised at the variety of tax, business, and financial services you can outsource to a reliable firm. In most cases, if you need help in a particular area, there is a Southern Utah accountant ready to help you. But chances are, they can also provide services you haven’t even thought of.

From obvious areas like tax returns and bookkeeping, to services you didn’t even know you needed, a professional accountant can help you keep track of all of the following and more:

Individual, Business, and Non-Profit Tax Preparation

If your tax return is getting hairy, or you just feel better knowing it’s in capable hands, then individual tax preparation from an accounting firm is for you. You don’t have to own a business to let an accountant do your taxes, and no matter what type of return you file, you’ll be sure to reduce your liability as much as possible.

Sales and Use or Heavy Highway Use Tax Returns

Do you know how much sales tax to collect? Are you sure you’re up to speed on the latest in federal, state, and local tax codes? Letting a professional accountant take care of these for you can put your mind at ease.

Business Consulting, Startup Planning, and Restructuring

Accountants are a lot more than “bean counters.” They can also provide sound financial advice when you’re starting a business or considering making some changes. They can help you reduce risk, improve liquidity, and keep things running in the black.

Payroll Services

Need help with payroll but aren’t sure you need to hire another employee? Most often, using a third party service like a professional accountant to handle your payroll can save you significant money over hiring and training someone in-house.

Revenue Recognition Strategies

Deciding when income becomes revenue is one of the most important parts of running your business. A professional accountant can provide accurate, ethical revenue recognition to keep you out of trouble, while keeping your stress level to a minimum.

Trust Accounting Services

Few things can put your mind at ease like trust accounting services. If you want to make sure your estate is handled properly and with the lowest tax liability, hiring an accountant to set everything up for you is an absolute must.

The services offered by professional accountants and accounting firms in Southern Utah may vary, but finding someone you trust is the most important piece of the puzzle. No matter what your current situation, if there is any question whether you’re handling things properly, it’s imperative to have a qualified professional on your side.

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