Taking the chance on a small business idea is both thrilling and terrifying. There is always a lot of work to do and a lot at stake, making it that much more important that your small business’s bookkeeping and accounting are being handled properly. With so much riding on the success of your business, you will likely be tempted to handle all of the financial data yourself. It’s your business and your dream, and the financial aspect of paying a professional accountant likely also affects your decision. However, there are several reasons why you should consider passing on doing your own accounting and hiring a professional.
They Have the Skill
A professional accountant has the skillset and experience necessary to really look closely at your finances and keep everything neat and organized. This not only makes it easier for you to understand where your money is coming and going, but they can also use the data to find the weak areas of your business and give advice on changes you can make for better success. Their skills benefit you and your business, making it easier for you to find ways to promote growth.
It’s Their Priority
When you’re running a small business, you’re probably running yourself ragged with all of the jobs you do on a daily basis. With so much on your plate, adding accounting to the mix can be a big mistake. If you don’t like doing it, or you’re exhausted by the time you get around to it, you’re much more likely to make mistakes without noticing. As your books get messier and messier, you’ll lose track of the health of your business, and you’ll have a huge mess to clean up to get back on track. A professional accountant isn’t doing all those other jobs—their focus is solely on your business finances, ensuring that the data lines up and makes sense. They’re also highly motivated to make sure your business is successful because you are their client. They rely on your patronage for a portion of their own income, so offering quality service and advice that keeps your business going strong is in their best interest.
One of the most common pitfalls of small business accounting that is not handled by a professional accountant is incorrect taxation. The tax laws surrounding businesses can be confusing, and it’s not unusual for these laws to change regularly. A professional will have all of the latest information and know exactly how to handle your business taxes so that you don’t end up in trouble with the IRS or have to pay exorbitant back taxes due to incorrect tax documents.
Trust the Professionals at the Harding Group
Unlike other accounting firms, The Harding Group, located in Annapolis, MD, will never charge you for consultations and strive for open communication with our clients.
Are you interested in business advising, tax preparation, bookkeeping and accounting, payroll services, training + support for QuickBooks, or retirement planning? We have the necessary expertise and years of proven results to help.
We gladly serve clients in Annapolis, Anne Arundel County, Baltimore, Severna Park, and Columbia. If you are ready to take the stress out of tax time, contact us online or give us a call at (410) 573-9991 for a free consultation. Follow us on Facebook, Twitter, YouTube, and LinkedIn for more tax tips.