When you ask an entrepreneur what are the most challenging aspects of operating your own business, chances are the answer will relate to managing their finances.
It could be sourcing funds, preparing tax documents, running payroll, or getting lost in the minutiae of bookkeeping. Each of these tasks could make or break your business.
That’s why it’s important to look beyond simple bookkeeping and enlist the expertise of a Certified Public Accountant (CPA) who specializes in small business accounting, like the team at Steven Lissner & Company. From tax planning and regulatory compliance to comprehensive financial consultation, our experts explain why successful businesses rely on professional accounting services.
CPAs Understand the Complete Business Growth Cycle
A CPA is a master of financial planning, equipped to steward your business through each milestone in its growth cycle. For example, consider how an experienced CPA can guide you through the following important moments:
- The Launch Stage: A CPA can help determine the best business structure — LLC, Sole Proprietorship, S-Corp, and many more. They can also assist with setting up accounting software and instructing you on best bookkeeping practices.
- The Growth Stage: CPAs are familiar with maximizing deductions, avoiding audits, and minimizing tax liability.
- The Maturity Stage: CPAs monitor and comply with changes in tax law, navigate external audits, prevent internal fraud, and manage interactions with the IRS.
- The Transformation Stage: When your business is ready for franchising, merging with a competitor, or if you want to divest yourself from the company, it’s important an experienced CPA oversees these types of complex financial changes to ensure your finances and taxes are managed properly.
Launch your Small Business with Accounting Services
Launching a new business requires a lot of paperwork for the state and federal governments.
The fiscal decisions you make when launching your business carry long-term consequences, starting with the business structure.
The structure you choose affects how you pay your taxes as well as your liability, filing obligations, and a cascading slew of state and federal regulations you must follow. To make matters worse, it’s not an easy thing to change.
That’s why it’s important to get the advice of a CPA right from the start of your business.
CPAs will review your fiscal goals to identify the business structure and financial opportunities that best suit your business’s needs. A CPA will also assist you in applying for state licenses and establishing your EIN, among other business-specific filings.
Creating a Reliable Recordkeeping System
Many companies utilize QuickBooks, which is the industry standard for delivering customized accounting solutions to simplify your day-to-day financial ops.
Leverage QuickBooks to monitor invoices, track payroll and other business expenses, digitize receipts, build custom reports, and more. Set up sophisticated interactions with third-party apps like Salesforce, Microsoft Excel, Shopify, and PayPal. Or take things a step further and request that your accountant provide actionable insights based on monthly, quarterly, or annual data. The possibilities are seemingly endless.
Moreover, we’ll let you in on a well-kept industry secret: Successful integration with QuickBooks can mark the end of the launch phase grind and signal the beginning of your company’s growth stage. Here’s why:
With a QuickBooks pro in your corner, you’ll be able to automate repetitive processes that would otherwise occupy your time and lower your productivity. Save yourself the frustration of trial and error that happens when you try to set up accounting software on your own. A CPA has the experience to set up and show you an efficient process.
Tax Planning Happens Year-Round for Business Owners
The tiny financial decisions you make throughout the year have BIG consequences when tax time rolls around. That’s why it’s important to plan year-round for tax season.
Enlisting a CPA is important because they will be aware of the complicated and changing tax codes that could impact your tax filings. A CPA can help you maximize your business deductions, minimize your payouts to the IRS, avoid costly filing errors, and prevent audits.
Examples of Tax Savings
After reviewing your business setup and financial records, your account makes the following recommendations:
- By opening an HSA account for your employees and making regular contributions, you can lower your payroll tax liability and push your business into a lower tax bracket. Not to mention, overall employee satisfaction and productivity rise as a result.
- The CPA notices your business uses accrual accounting and you’ve been overlooking the opportunity to write off “bad” debts from delinquent customer accounts. In addition to identifying these deductions, your CPA generates an automated report that fires any time a future account meets this criterion.
With the suggested tweaks in place, you easily save thousands of hard-earned tax dollars when filing your tax returns, paying for the cost of the CPA services, and then some.
Introducing Our Small Business Accounting Specialists
At Steven Lissner & Company, our team of CPAs has 30+ years of experience in navigating small companies through the complete business growth cycle. Whether you’re launching a new business enterprise, devising a tax plan that maximizes your deductions, or designing streamlined processes that simplify day-to-day accounting tasks, our friendly CPAs understand how to meet your company’s unique needs while keeping an eye on the prize: profitability.
When it comes to tax planning services in New Jersey, our accountants work year-round to secure your largest refund possible. Using sophisticated tools and continually reviewing tax law changes ensures that you never miss a profit-saving deduction.
Our small business accounting solutions free up your busy schedule. Instead of spending hours pouring over payroll or googling how-to instructions for excel, your repetitive processes will operate smoothly in the background.
When you’re looking for “top accountants near me“, Steven Lissner & Company should be your first call! Learn how you can jumpstart your productivity today while saving thousands on your end-of-year taxes. Contact one of our devoted tax specialists to schedule a consultation!