More often than not, small business owners in Seattle end up doing many tasks at once. While multitasking may seem like a necessary evil with limited resources, there is no point in cutting corners when operations, cash flow, and the financial health of your small business are at risk. Accounting and tax work is non-negotiable, and if you don’t have an in-house team of experts, you should seek help soon. Working with an accountant in Seattle is probably one of the most critical steps you can take, and here are some quick things to know.
Get your books in order
As long as you have a proper and detailed system to keep your accounting work in check, your books are likely to be clean and in order. For small businesses and growing startups, even having an accounting software solution is often enough. If you are unsure of where to start, consult a CPA, and they should be able to guide you through options, which include popular names like QuickBooks.
Avoid the tax season horror
If you haven’t paid enough attention to bookkeeping and other related things during the year, the chances are high that the tax season is likely to be hard to deal with. With a CPA or an accounting firm at the helm of affairs from the start of the year, you don’t have to worry about scrambling for information at the last minute. They know your company has performed, probably have already prepared financial reports for each quarter, and will ensure the returns are filed on time
Save on taxes
There are numerous tried and tested ways to bring down the final tax amount. Identifying deductions and other strategies is often the biggest challenge, and that’s where a CPA or accountant can help. They can focus on tax planning and not just filing your returns, ensuring you don’t miss out on the available ways to keep taxes in check, which can also help profitability and operations.
Keep a better check on cash flow
Eventually, cash flow matters the most for small businesses, which rely on the incoming money to run operations. Cash flow statements are valuable for getting detailed insight and finding discrepancies. Accounting teams can help get deep insights into how your company is performing and the areas that need attention. They can also spot concerns, such as internal fraud or issues that have been plaguing your operations.
Ongoing financial advice
One of the top reasons to have a CPA is to get valuable financial advice. If you think of hiring a CFO, the costs can be exponential, and you won’t be able to afford them in the long run, especially on a low budget. The best financial solutions, insights, and ideas can come from your accounting team, which is in sync with your financial affairs. They can ensure you have advice when you need to make major decisions.
Outsourcing is cheap
Even if you decide to hire an in-house accounting team, which should ideally include a CPA, an accountant, and a bookkeeper, the final amount you pay can be extremely high. Compared to that, an accounting firm can offer the same services, along with add-ons like payroll, for a much lower cost. You will mostly spend a fixed amount every month, which is way better than managing a team on the payroll.
Final word
If you are concerned about whether you will lose control by hiring an outsourced accountant in Seattle for your small business, you are mistaken. Instead, you get more time to focus on other things, expertise at your fingertips, and less stress related to financials.